Business and Marketing » start up

18 entrepreneur characteristic

Business — Sun, 19 Jul 2009 14:11:39 +0000

Most of the peoples nowadays are so keen to start a business or become an entrepreneur, but most of them don’t ever get started or fail after few weeks in the business just because there is no research or business planning were carried out in advanced. To become a successful entrepreneur, there are 18 characteristics that you should evaluate yourself.

1. Strategic thinking – Think out of a box and always carry out research on the targeted niche.

2. Global market perspective – Know the market.

3. Treat give opportunities – Opportunities always come with risk.

4. Industry awareness – Know your competitors.

5. Entrepreneurship skills – Equip yourself with great skills in starting a business.

6. Management skill – Time management, people management, financial management……learn to manage well.

7. Entrepreneurship savvy – You know yourself better than me.

8. Process expert – If you are starting your business from scratch or even buy a developed business, you should know every single process on the business flow.

9. Decision making – Small decision lead to a big change!

10. Leadership skill – You are not running the business alone, you should know how to lead your staff effectively.

11. Self awareness – Be alert at all time.

12. Personal effectiveness – Be responsive to any decision made, learn to be more efficient.

13. Resourceful – Keep learning and improve yourself along the way.

14. Influencing skill – Be confident and influence people with your great idea.

15. Communication – Always communicate with peoples, either your staff, customer or supplier. Good communication lead to a better efficient in business flow.

16. Creativity – Think out of a box, try to be more creative either in giving solution to your customer or developing your business process flow.

17. Courage -Again, be confidence and believe the decision you made to lead you to success.

18. Persistence – Always focus on the objective, and continuously work towards the target, you will find success in one day.

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Is your home a good place for business?

Business — Fri, 17 Jul 2009 13:41:40 +0000

Do you think that your home is a good place for starting a business? You have to evaluate carefully with this question because not every home is suitable for business. The first priority concern that you have to find out is the zoning law, where many peoples who intend to start a home based business might not know that their country is prohibiting home based business venture to be conducted, you have to check it out before you really invest the money into the business venture.

i) Location and space
Other than the zoning regulation, you have to consider the location of your house and the space available for your house. If you are intend to start a car repair business, you would need to convert your home garage into a workshop, it will be a concern if your house is with limited space when you have two or three cars waiting for you to repair. The location also play an important role, if you are staying in a small village where there is no proper address indication, and it will also become a consideration point for the customer to send their car to the town even the price is slightly higher.

ii) Neighborhood
Lets take the car repair service as an example again, i am sure there will be knocking and hammering on the car which would generate noisy sound, would this sound bothering your neighbor? Consider this seriously, if they make a complaint to the local authority, your home based business venture might be in problem.

iii) Security and safety
Is dangerous chemical required to be used with the work? Is the tools or equipments are sefely used according to the manual? Is the waste produced affecting the environment? If customer data is to be collected, how to ensure the data is securely kept? All these issued has to be considered.

All these issue must be seriously considered before you start your home based business, you may not want to invest a huge amount of money before you get all these issues cleared and put your business venture in a full stop at the end of the day.

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Pros and cons of buying existing home based business

Business — Thu, 07 May 2009 11:24:29 +0000

There are pros and cons for buying an existing home based business, just because the business is generating revenue or it has been properly set up with its customer pool, vendor and working procedures. But on the other hand, the home based business may not even able to generate revenue to pay for the monthly expenses, wages or top up the inventory. Buying an existing home based business save the owner a lot of time in setting up, the business owner only need to concentrate in keeping the existing customer and attract new customers by the means of advertising and promoting.

Pros:
i) You could save a lot of time in setting up the business.

ii) Business flows are being set up.

iii) You are not building the brand from scratch.

iv) Save time in searching for supplier or vendor.

v) Save time in finding customer to keep the business rolling, but, to expand and in order for the business to move forward, you have to find new customer.

Cons:
i) You have to spend more money than develop the home based business yourself. You probably have to pay for the trademark and copyright cost, development cost, management system cost and so on.

ii) You need more time in maintaining the home based business because you are not the founder and you are not starting the business from scratch, it take time to know everything about the business.

iii) Difficulties in serving existing customer where their behavior and requirement is not known. In many home based business, the customer flow away because or poor customer service.