GUIDELINES FOR SUCCESSFUL ENTREPRENEURSHIPMarch 16, 2019
Running a family is no piece of cake and so is starting a business from scratch. It requires a lot of hard work, determination, commitment, intelligence, and creativity to emerge successfully. It also involves a lot of research and analytical underground work in combination with learning important lessons through trial and error methods when you embark on your entrepreneurial journey. You also cannot ignore the fact that most of the women entrepreneur face specific challenges at the time of starting their business as the industries today are still dominated by the men and still there exists the perception that women start a business merely as a hobby rather than a serious business endeavor.
To change the mindset of the society and also to ensure that you reap profits and success in your business venture you need to keep in mind a few basic principles.
If you have a thought that has been there for quite some time at the back of your mind, then the only way you can begin is only formulating a business plan. List down the goals, mission statement, highlights and the purpose of starting the business venture. Pen down the unique factors that set your business apart from the rest of the crowd and also have a rough financial plan drafted out.
Irrespective of whether you wish to start a small or large scale business you need to decide on what you are passionate about and at the same time choose a business the blends well with your personal life. For instance, starting on the business that needs frequent traveling may not exactly suit you if you have a family and a kid to take care of. Think wisely and choose a business that works for you.
Have faith and confidence in yourself first. Trust your instincts as it really motivates you to move forward in your journey.
It a common myth that at the time of launching businesses there exists a whole load of legal rules to be fulfilled. Get one thing clear and straight, put in all your brains and focus on having an excellent business idea. Gear yourself with the required management skills to make your business run smoothly. Remove the fear factor associated with the legal aspects. It would eventually fall in place. There are many more important things than the legal aspects of a business. So relax and leave behind the legalities.
You have your business goal, the time needed to achieve your goal and the next thing you do is work towards it. Aren’t you missing on something important? You need systems in place to reach your goals. You need to allocate the time required along with the tools to reach your destination. Have a roadmap with milestones at regular intervals along with effective working systems in place.
Carry out a thorough analysis of the financial options available to you. When deciding on investors or bankers remember to approach lenders who have been working preferably with women business owners. Network and build relationships with other women entrepreneurs and gather information as to who can offer financial assistance.