Entrepreneurship is defined as making your own rules, along with tons of independence and having a true zeal for what you do. Before you invest on time or money in your business idea, follow these steps to plan your path for triumph:
Design a Prototype:
Before you plough money into, publicize or barter, start with a business plan. You have probably already identified a passion or skill that you think can bring commercial value to the world. Now it’s time to considerately plan how that value can be created, packaged and sold. Your blueprint should outline Specific, Measurable, Achievable, Relevant, Time-Bound goals for your business to achieve over a five-year period. These include measurable revenue related goals, for example, a certain profit margin by year three, as well as logistical action items such applying for a business license. Now that you have got a basic plan, it’s time to see how it knots with your reality .
Identify Your Fortitude, Flaws, Opportunities and Risks
Know your F.F.O.R and put it into a formal report:
- Fotitude: What skills, such as design, coding, salesmanship do you possess? Take full inventory of your strengths to start thinking about how you can leverage them towards a profitable business.
- Flaws: What are your limitations? Do you have children who restrict your schedule? Technological hurdles that will limit your productivity? Putting limitations down on paper will help you approach your business plan with a realistic mindset.
- Opportunities: Depending on your business, there might be opportunities lingering right outside your door. For example, if you’d like to create an internet-based business, check the cost and speed of the provider in your area.
Figure out Your Plan
To create a successful business, you must choose something that has earning potential and is based on your knowledge and interest. You’ve already started to objectify your business plan and your F.F.O.R. by writing them down. Now it’s time to get perspective from potential customers by sharing your written plans to people who can give you constructive feedback.
Look for trusted acquaintances who have an understanding of your skills and your industry. Avoid individuals who might just tell you what you want to hear. Let any criticism help you learn and grow. Revise your blueprint and your F.F.O.R as needed. Nobody gets their own business off the ground and running smoothly right away.