Entrepreneurship – Bare Essentials
Date: 5-Dec-2013 Post in: Entrepreneur
By: Raj Dhonota
You’re an aspiring young businessman. You have vision, drive, determination and you’re willing to do what’s needed to overtake the competition. But do you have what it takes to pull through hard times when your profits are less than satisfactory? Some of these traits can help your entrepreneurship thrive.
- Let’s face it: you’re not just in it for the money. If you have taken the painstaking task of investing in a business and boldly taking risks, especially at start-up, chances are you’re really passionate about what you do. You’re doing it because there’s a certain degree of personal satisfaction attached to it. It’s probably safe to assume that your success as an entrepreneur has a lot to do with how passionate you are about your vision. So, if you’re in it just for the money, most likely you won’t get to enjoy long-term gains or success.
- You must believe in what you do; try not to fall in the trap of getting sidetracked or give in to naysayers who say you can’t do it or don’t take you seriously just because you “don’t work out of an office”. Don’t let them rain in on your parade; believe in your business and never give up. It’s also reassuring to know in recent years, more than a handful of people working from home have found ways to make a rather handsome living, and have experienced phenomenal growth in the process.
- Managing money wisely is the lifeline of your business. The money that you receive from customers choosing to employ your services or use you product, and, the money you spend on work supplies, wages, overheads etc. has to be managed wisely. You ought to have enough money left to make generous profits as well as promote and market your business.
- It can take just a moment to win over or lose a prospective customer. Chances are if you fail to make a memorable impression the first time around, folks won’t feel so compelled to try you out a second time. Take into account, creative imagination, and even the tiniest detail when creating and projecting a positive image for your business.
It’s easy to get away with just selling a product or service. The real work goes underway once you start retaining customers; do frequent follow ups and everybody stays happy!