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    1. MafiaDave is offline

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      #1

      Essential Things To Keep In Mind Before You Start A Business

      You have a good job, a decent paycheck, and excellent career prospects. Nevertheless, something inside you says not all this is enough. You long to be a top-notch entrepreneur. You want to self-actualize by realizing your full entrepreneurial potential. After all, there are umpteen winning stories of famous entrepreneurs who have started enterprises with humble beginnings and ended up being multimillionaires. Can these stories come true for you? Maybe not entirely, but if you have the willingness and entrepreneurial spirit, success may just be round the corner. All that you need is to make the right start.

      Here are some key guiding principles that can help you make a beginning in starting a business.

      Knowing Your Potential

      First, decide whether entrepreneurship is the right path for you. Starting a business is fraught with risks. A novice entrepreneur must understand that occasional failures are part of any business venture. Therefore, to succeed eventually, a newbie must have a psyche that has an adequate risk appetite. If you cannot stomach risks, stay away from starting a business and stick to your job instead, but if you plan to go ahead, do it by all means. However, take note not to take unnecessary risks. Build success on good qualities.

      In summary, a person who handles a good business

      Is a good self-starter – You have to be proactive in conceiving your own ideas, organizing your time, and visualizing the processes that go with initiating a business venture.

      Is a person who gets along marvelously – A business environment is heterogeneous. You do not choose the persons you are dealing with. An entrepreneur has to be flexible in dealing with all sorts of people, and that includes customers, traders, government officials, lawyers, bankers, and consultants.

      Is a person with emotional stamina - An enterprise is not a 9 to 5 job. You need to be ready to work for more than 12 hours a day for weeks on end. After all, it is your own business, and you would not like to be the weak link that spoils the show.

      Is a well-organized person – Business is all about having a good interdisciplinary approach. In an enterprise, you need a sound plan, a well-knit infrastructure, a good knowledge of financials, and most of all, well-honed skills in your own field.

      Is a person who strikes a balance – It will do you no good if your entire life is engrossed in business activities. You need to strike a balance between your entrepreneurial life and you personal family life.

      Getting Started

      Getting started on a venture entails many activities. It is quite possible that you will not be familiar with all procedures. Hence, it is a good idea to have a mentor to start with. A mentor is a person who is hardened with experience in your field of venture and is willing to help you. There are permits and licenses to be obtained, funds are to be procured for the short and long term, an appropriate location is to be selected, and the basic infrastructure has to be procured. Ideas from an old hand in these matters will help a lot.

      However, remember the most important action that needs your attention is naming your business. Naming is not just about thinking up a trendy title that will impress your target customers. State laws may dictate that the sole proprietor should have his own name as his business name. However, a newbie can apply for a trade name if the law permits.

      Protect your know-how in the initial stages. Your know-how and your unique business ideas are the key assets. Protecting these legally will help in safeguarding your business from undesirable stalkers.

      Managing Your Business

      Day-to-day management of business is all about applying good management skills combined with your field expertise. On a day-to-day basis, an entrepreneur gets busy with the following issues:

      • Marketing
      • Deciding prices
      • Solving employee problems
      • Troubleshooting breakdowns
      • Getting to grips with any legal issues
      • Forecasting future growth
      • Maintaining statutory standards

      In addition to the above, continuous analysis of your product with upgraded technology is also necessary to stay afloat in this competitive world.

      Quitting Your Business

      Quitting may sound odd to you at this stage when you are upbeat on starting your new enterprise. Nevertheless, you will have to plan your exit strategy to buffer the impact of any adverse future eventualities. The time to exit your business will depend on many factors, the size and complexity of your business being the chief of them. Typically, getting out of your enterprise will entail the following procedures:

      • Coming to an agreement and obtaining an authorization to dissolve your trade.
      • Designating a new owner or leader.
      • Reconciling your assets and inventory.
      • Deciding an appropriate date for notices and announcements.
      • Closing of operations.
      • Disposing and transferring assets.
      • Closing bank accounts.

      All said and done, success comes to those who have the passion and believe in the power of positive thinking. Once an entrepreneur has the ability to adapt, he or she can be confident, and that is the greatest indicator of survival in business. Leadership is one important trait that has survived the test of time. A person with a certain magnetism and charisma and with a burning desire to create a strong and stable business that is beneficial to all stakeholders will stand out in the end.
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    2. Thank you for this post:

      JennH (11 Jun 2012), 1711 (16 Nov 2012)

    3. JSManning is offline

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      #2
      Positive thinking cannot be stressed enough. It's like it has a power of its own, especially when going through the rough spots. You can have everything else mentioned, but without a belief in positive thinking, it's going to be a lot more difficult to build a successful business and could be the determining factor in success or failure.
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