Thinking about starting a small business?
You can be an entrepreneur if only you will take a self-inventory of your gifts or ask trusted friends to tell you what they perceive to be your strengths/gifts/talents/
I recommend that you check out these 5 signs that you have the entrepreneurial spirit because first hand, you need to do self-inventory before starting out.
For example, I did my self-inventory before starting small business (research material provision to final year students) while in the University.
Always, growth is usually outside your comfort zone. In the midst of discomfort (I’m not saying place of mental deprivation), by discomfort I meant a place where your creativity comes alive.
With your gifts or hobby, starting a small business can be easy (building your business around your passion) and looking for people who will complement you may follow. Just help your area of weakness and start strong.
If you want to be a good business person you should be comfortable working with more skilled person and never dim their light because of your own deep-seated insecurities.
7 Tips to Know When Starting a Small Business
These 7 tips are meant to help start on the right foot and give you a clear sense of direction on what’s important for you to succeed.
Be passionate about what business you want to do
Passion could be you being like Michael Dell building computer in his dorm room while in college while his friends were partying.
All successful people are passionate about their idea. Without passion, you will never do great things. You can learn to discover your passion in 5 steps here.
You need to be skilled
Skills are often called competencies. A skill or competency refers to something that you have learned to do. Skills are more important than a degree. So, you need to be skilled at what you want to build your business around.
Marketing and sales are priceless
The heart of your business success lies in its marketing. Most aspects of your business depend on successful marketing.
The overall marketing umbrella covers advertising, public relations, promotions and sales. If you cannot sell don’t go into business except you can find a competent marketing professionals.
Every start up need one of its co-founder to know marketing. There are online courses on sales and marketing. One important skill an entrepreneur need is the ability to sell.
Strategy is good but execution is better
The idea is not important as the timing. The timing to launch an idea is very important. Get good strategy and execute the ideas with a sense of urgency.
Treat your suppliers well
Treat your suppliers like they’re your customers.
Suppliers play such a vital role in a small business that they should be referred to more than just another business relationship but instead more like a business partner.
Without the goods or services that suppliers provide, an entrepreneur or small business owner would be hard-pressed to run their business efficiently.
They will help you when you don’t have money to make purchase. Build a strong relationship with them and you’ll realize you’re building a great asset.
Treat your customers well
Without good customer service, your business will eventually fail. Your business is your creation, but your customers are what make your business thrive. Without them, you will have no business.
Treating customers with the utmost respect is crucial, especially early on. Good business owners know how to develop effective personal qualities to win more customers over without appearing superficial.
Words of mouth is still the best form of advertising. If you treat a customer well, he will return, if you treat him bad he will tell the world, and that’s bad for business.
It is very important. Learn today and EARN tomorrow. Warren Buffet reads 500 pages paper day. He is a wonderful example of successful entrepreneurs out there who have taken reading as part of his life.
In the Information Age, those people who are the most serious about devouring information are those with the greatest shot of making it big.
For small-business owners who haven’t yet reached the top five of the Fortune 500, reading should be a part of you. Read books that answer your business challenges and open your eyes to opportunities.
Starting a business may be delightful but not knowing what to do may get you stuck. We are surrounded by businesses. Some have come to stay while others are gone. Get it right and succeed or start with the wrong foot and fail.
Successful businesses around the world today (businesses that have stand the test of time) all have one thing in common; they understand the basics of starting a successful business.
You may start small but don’t end small. You can build locally but think globally. Learn how to sell on the internet and you could be the next business success story.