Entrepreneurship is of utter significance while dealing with small-scale business. In terms of entrepreneurship, mostly people would like to think about larger companies like Heinz. Yet, initially, large scale businesses even had to start from the scratch. Either they were started by a singe individual or a small group of people.
Role of entrepreneurship in small businesses
- Preparation to take the risks
- Thriving for greater achievements
- Not put off by the initial failures
- Huge self-motivation
- Determined to stay ahead
- Being energetic and enthusiastic
- Capability to motivate people
Let us get deeper.
It all starts with the planning. Plan is the true essence of an entrepreneurship. It could not only lead to healthy profits, but also would attract rich investors. However, you got to start the planning from market research. Know about your target market. Understand the possibility and the standing of your competitors. Go through systematic recording and information of your focus area. The plan should include the details of the business idea, expected sales as well as the cost of running the business.
You have to set up the ownership plan. You could not just become an entrepreneur without ownership plans. You could have been a sole trader, yet it would have been too hard to get successful being a sole trader. You could have prepared a partnership business or a private company.
Now that you are set up with almost everything, you got to prepare a start up financing. Let us look how the start-up financing could be arranged.
- Your own funds
- Bank loans or loans from financial agencies or sponsors
- Any kind of mortgage
- Trade credit and purchase agreement.
Finally, you got to come up with an effective marketing plan. An effective marketing plan involves the “Four Ps”.
However, please feel free to check out the link below (to purchase the book) and to know more about Leadership, Entrepreneurship and Work Life Balance.
30 Minutes Success Strategy for a Better Work Life Balance – Ruth Dorsainville