Identifying The Type Of Business

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business mentors

How to start up a business

Identifying The Type Of Business

There are many different reasons why people start their own business, such as unemployment, unsatisfactory working conditions, a need for challenge, to enter the markets with new ideas and competition as well as earning an income .The successful entrepreneur should have the following qualities of hard working, optimistic and disciplined. You need to believe in yourself, your product or service and strive to succeed no matter what the challenges are. Financial success and profit is largely dependent on how much effort you put into your business and how well it is managed
A helpful starting point is to identify your strength’s and weaknesses and which types of business venture you would like to do or are likely to excel and succeed in.
Do you have a qualification in a particular field.
Have you done previous work or part time jobs that you were quite good at.
Have you previously worked or done you apprenticeship
What kind of skills or attributes do people compliment you on
What were your duties when you were employed
Where do your responsibilities in training or supervising lie.
Can any of your hobbies be developed into a business or business ideas
Can you adapt what you enjoy doing into a business
Do you like working with people
Is their a service or business product that no one has thought about yet, can it be manufactured or provided into the business market
Does your family or friends support you in your venture and are they aware of the effects that it might have on their lives.

What To Strive For
The ideal entrepreneur should
Be positive and willing to succeed
Be courage’s to attempt new ideas and plans
Be able to map out goals and strive to achieve them
Be a hard worker
Be well organised and disciplined
Be aware of competitors
Be able to make critical decisions quickly
Be able to identify problem areas, risks and changes in competition and make alternative arrangements to these changes and see these points as a challenge Be in good health and be able to handle stress well
Be able to work well on their own
Have leadership qualities – so that they can manage and lead their staff , communicate their ideas and delegate the necessary tasks .

Mentoring
It is always good to have people that you can turn to for advice such as family, professionals or other entrepreneurs . Be willing to take advice and criticism and use it to benefit your business. There are a number of financial institutions that are available to help the entrepreneur complete their business plans offer finance as well as sound business advice. Their must be a demand for your potential business and it should be profitable. Make a portfolio of your work , if applicable , by taking drawings , sketches , photos and plans of your product or services into a display file in order to market and show to prospective investors or clients .

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