Entrepreneurship

Ready, Set, Go!

Starting a business takes a lot of work and time, not to mention stable funding. An entrepreneur does their homework, researches the market, and decides their product/service idea should be launched. What now?

  In class discussion these past few weeks, I've discovered that initiating and obtaining quality factors play a large part in stability of a business.

My take away from class discussion:

• Drive for Success ( Persistence )

Throwing in the towel is not an option. Using wisdom and fundamental business tactics from the start to finish line are crucial. Most entrepreneurs failed at some point, don't quit. Apply wisdom, integrity, and Persistence and move forward.

• Ethics & Mission Statement

What does the business and owner stand for? How will the business function/operate?  How a business is represented and what principles are in place are important.  When structuring a business plan, ensuring integrity is at the top of the list, can be key to stability.

• Education & Research

Before launch, doing research of market and trends are valuable. Knowing how the product/service can contribute within a given market or community can highlight how to structure. This may include properly training employees for service, demographics (location), and cost for startup and maintaining long-term.

• Funding

Every entrepreneur understands this one. In order to launch, operate, sale, and profit, funding has to be positioned. Saving, investing, and loans seem to be the most acquired and used. An entrepreneur can do their homework and look for the best option when funding their business. For long-term, an entrepreneur will want to reserve some funding to cover unexpected cost and in order to efficiently cover business function ( Internal & External).

• Action

Now that the business plan, mission statement, persistence, and funding are in place, the entrepreneur wants to market and share his/her new business.

Simple sharing by conversation may be one step. Utilizing opportunity through online sources can be effective. Other ideas may be meeting up with other business owners or communities to brainstorm or promote. There are effective, low-cost strategies that can market well and bring consumer interest/awareness.

Ready for Takeoff...

Although there is no cookie cutter approach, applying specific factors may help the business move forward. Strong ethics, quality business approach/operation and obtaining proper funding, an entrepreneur can launch successfully and most likely obtain stability within their field.