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Looking for a Few Good Entrepreneurs

July 13, 2011

I have always been jealous of true entrepreneurs. Someone who can come up with a clever and new idea has always been amazing to me. Now, with the advent of the Internet and the help of social media, anyone can become an entrepreneur…or can they?

HCC Students, review the following websites below and answer for yourself in a 2-4 paragraph response to the following:

From the two websites, name three important rules of success for entrepreneurs and why you think these are important in developing a small business? Include any additional ideas you may have for new entrepreneurs.

http://www.learningfrombigboys.com

http://www.entrepreneur.com/

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48 Comments
  1. Entreprenaurs must understand what customers need ,want ,and how much they are willing to pay for it. They must also think outside the box by using visual advertisement like video demos to educate their customers about whatever products they are selling.
    Entreprenaurs must also read what customers are saying about their product and services on social sights and use it to their advantage in boosting their business.

    • Good ideas, Faustina. How else can understanding what out customers want help us as business professionals?

    • Jordan Oneal permalink

      I agree with the statment made about entreprenaurs must understand the custorm needs and needs to be able to think outside the box, those will help your business with keep your custorms happy also coming back which will to bring your business more revenue.

  2. david rawls permalink

    When it comes to being an entrepreneur, there are many different skills that you must have a firm grasp of. In order to be successful, entrepreneurs use a combination of creativeness and effective communication. But these two skills alone, will not be enough to consider yourself an entrepreneur. In order to become a successful entrepreneur you must, find problems to solve before creating solutions, set businesses or people up with other businesses or people that they will get along with, and you must realize that time is your scarcest resource.
    To be a great entrepreneur you dont need to think of completely new products, a good entrepreneur will look at that product, find something he or she doesnt like about it and come up with a solution that you believe people with like more. Another vital step to being a great entrepreneur lies with finding businesses other businesses that will be able to collaborate in an effective way, with little or no disputes. The last crucial factor of being an entrepreneur is being able to realize that money is not your scarcest resource, that the time you invest in your ideas is something that you can never get back, so you must use it wisely.

    • Great points, David. Collaboration can be key a great way to meet new entreprenuers and to capitalize on reviving old ideas. Thank you!

  3. Austin Gartmond permalink

    Becoming an entrepreneur and starting up your own business is not as easy as it may seem. It takes lots of sweat and tears to ultimately get to where you would like to be. After reading different articles on entrepreneurship, I came up with three important rules of success. Not being afraid to ask for help, keeping growth in check, and saying “Thank You”, are all very important rules in starting a successful business. Though they may seem minute, they are very vital.

    Asking for help isn’t as bad as people may think. People must realize that somewhere down the line, they will need assistance in starting or running a small business. That helping hand may be the very thing that keeps your business afloat. Whether it be something as small as asking for help constructing a website for your business or as big as helping finance your small business, sometimes you have to bite the bullet and ask for the betterment of your business.

    Secondly, keeping growth in check deals with having slow and steady growth versus fast and explosive growth. It may sound a little ridiculous, but the slow and steady growth comes with a sense of security. While the the fast and explosive growth has the potential to be very risky. The type of business that you can tend to before your after your normal job is the ideal business for a great long-run growth.

    Last but not least, saying “Thank You”. Crazy huh? It’s not as crazy as it sounds; but just sending a thank you card to your customers makes a big impact on your clientele. Very commonly, companies send out bills or notices informing customers that a payment is due. How often have you received something thanking you for your business? This is just a simple gesture that would really make the customers fill valued.

    • Austin, excellent post. There is nothing crazy about saying “Thank you!” Check out The Thank You Economy by Gary Vaynerchuk.

  4. Chris Schairer permalink

    Three important rules of entrepreneurs are having a business plan already laid out before starting the business itself, start a business that you have either prior experience in or knowledge of the product or business you are trying to start, and learn from your mistakes. First off, have a business plan already laid out that you can explain in full and have nothing that you cannot explain. Therefore, when you take it to a place for financial backing you can explain everything to the company or bank and leave them with no doubt that is would be wise to invest in your idea or business.
    It also helps that when you decide to take that first step and become an entrepreneur that you have prior experience or knowledge in the such field that you decide to gone into business. This will help you be giving yourself an upper hand. Knowing more about something, prior failure or successes will always give you an edge on your competition as long as you learn from your past and put what you have learn into work. The last important rule of many, since there is no real right or wrong way to start your own business, is learn from your mistake and the mistake or other entrepreneurs. By learning from the mistake, you have made in other businesses or other jobs that you use to have you can use them to your advantage. Also by learning from other business owners mistake you can have a road that has already be tried and tested instead of going down a road that has never been traveled.

    • Learning from mistakes is crucial, great point, Chris. A business plan can also be the means by which you measure your mistakes. Thank you.

  5. Malcolm Dallas-Challenger permalink

    One of the most important rules to becoming a good entrepreneurs is to do your homework. You will need to know things like what the customer needs are, what kind of prices customers like, and where certain type of customers live. You will also need to do you homework to find out how much money will be needed to start your business. You will need to know if some type of licensing of some sort is needed and aspect like that.

    Another rule is to have good management skills. You will need good time management skills. Good money management skills. You will need good people management skills. You will also need to have patience. Your business making huge amounts of profits will not happen over night. it will take awhile till your business reaches your financial expectations.

    • Malcom,
      Great points on management. Finance is very important and managing those controls are crucial to the success of business. Well done, thank you.

  6. Atheer Alharbi permalink

    An entrepreneur is someone who has the skills to build and develop his own business. And to be an entrepreneur is not an easy thing to do as you thought. There are a lot of steps to do before you start your way. Nowadays , many people chose to work for themselves, we can see that there are a lot of people around us start doing their own business from ground zero with probably only a dollar in their pocket .There are too many rules of success for entrepreneurs. And the three rules that I believe that they are the most important rules of success for entrepreneurs and it also for developing a small business.
    First, A Powerful Sales Technique, means what you really need to do is think of what it is that you can sell or provide as a limited edition or on an exclusive basis,to build your small business. Second, Learning from the Social Media Mistakes. Companies have been using Twitter and Facebook as marketing channels to run their campaigns. Some of them have benefited from the using it and others not, they destroyed the public’s opinion of their company. So you should be careful and learn from the Social Media Mistakes. Third, Social Media Strategy, which is mean you need to have a healthy amount of time, money and talent.Becaouse you will introduce your business to the whole world , so you should try to make it perfect .
    Finally, many entrepreneurs have become famous and known forever by their great works. And I think if anyone wants to be an entrepreneur and be famous, he or she must to adhere these rules first and don’t give up no matter what happen.

    • Atheer, great response. Social media can be challenging, but well worth learning the skills to work with customers. Thank you!

  7. Dainela permalink

    Successful entrepreneurs are those who risk their time and money to begin or run a business by finding a need and knowing how to fill it. There are many ways to achieve your goals when setting up a business. For instance, good management because you can have the best ideas or products in the market but if you don’t have someone that knows how to control and manage the financial situation the future for your business will be going out of the business. The advantages of a good management are limitless they are the leaders who keep your employees motivated to work more efficiency, and provide a example of responsibility, trustworthy and hard work. This does not mean that entrepreneurs can’t be great managers but you always are going to need someone that is reliable to you and your business.
    Secondly, technology is a key point when you are starting a company. Many new entrepreneurs begin their business in a computer and then take it to the next level. Internet is the most used service in the world and if you want to keep update it and find what really people like and dislike is there. The most important thing is know how use the tools that are given too you. For example, if you just start your business use the internet to advertise your products. Also do your research before anything see what people like to buy in the area that you are put it in your business. A good entrepreneur know how to find a need and take the risk of providing a service to satisfy that need of the people.
    Last but no least, is how you deliver your product to customers. In today’s business good service is one of the most important part of a company and also how you empower your employees. Customers and employees go hand by hand because if you trust, respect and treat as a family the people that work for you, they will pass that to your clients and as a result you would have a great quality service.It can be as simple as saying “good work”and recognizing that person effort to improve in their job. In addition, you have to be realistic find something that is ” DICEE, Kawasaki says, Deep, Intelligent, Complete, Empowering and Elegant.”

    • Corina permalink

      Dainela, I’m absolutely impressed by your response. You truly covered the main points in what we should classify a “Successful Entrepreneur” should be. I believe that having the right management skills is the main key because without the proper knowledge on how to control the ideal business you desire there is absolutly no hope . Once you have that the risk shouldn’t be a issue.

  8. Brian Borzelliere permalink

    Brian Borzelliere- To have any level of success in starting a new small business, the entrepreneur must have a solid business plan in place. In addition and equally important, is having a product or service that consumers want or cannot do without. Finally, once those two things are in place, the entrepreneur must decide on the price of their products. When implementing an overall strategy, the entrepreneur must consider how much money he is willing to risk/spend on marketing his business, research and development, and hiring capable workers to name a few. Another consideration might be outsourcing large-scale jobs to bigger companies and remaining small. Also, hiring a salesperson to attract new customers or doing that yourself is a solution.
    My second important rule for a successful small business start up is having a product that fills a need or something consumers cannot do without. One strategy mentioned is getting operational right away by producing a certain number of units and selling them immediately. This raises cash revenues and gives the business owner a template of what profit margins he has and how enthusiastic the public responded to his offering. Depending on how much time and money the entrepreneur has invested, staying small if the product was a hit is a big decision. The articles float the idea of financing to get additional capital, and bringing in investors to raise money.
    Price is an important factor that entrepreneurs must consider in developing a small business. The goal of all business owners is to sell enough products and make a profit. To accomplish those goals, ample market research must be done in advance. Going to competitors in your immediate area to get their prices for similar products is vital. The article suggests two strategies on pricing your product. If you’re advertising a high-quality product, pricing it too low might be detrimental. The other strategy is based on your estimates of turning a profit from selling a certain number of units.
    There are a myriad of choices and decisions to make for entrepreneurs when they endeavor to start up a small business. These three strategies are major factors in determining success for a new business.

  9. Jackie Randolph permalink

    Starting a business can be very difficult, but with the access we all have to the internet we can follow many guidelines that have already been made from previous entrepreneurs. So I have compiled a list of three important rules for success for entrepreneurs where I explain why they are also important when developing a small business.

    The first and one of the most important rules is to know what you want your business to do. Basically, you need to know what you want to sell or what service you want to provide and who your target customers are. Without knowing these two things, you simply do not have a business.

    Another helpful rule is to find good people to help you grow your business. This means whether you want to find investors to invest in your company or finding a business partner who maybe has a skill you do not have and will collaborate well with your business. It is hard to start a business alone, so not having to be by yourself in this process may reduce your stress as well as help your business grow and prosper.

    The last important rule for success is learning from other’s previous mistakes so you can prevent yourself from making the same ones. Basically, just do your homework! Research other businesses that have a similar product and see what they may have done right or wrong.

    • Lashun Washington permalink

      I agree that starting a bussiness is a challenge. Knowing your bussiness is key. After working for a fortune 500 Home Health Agency for 7 years climbing myself from a home health aide to their marketing, recruting, and human resource manager for several branches I felt as though the company took more interest in money over the quality care they often advertised.

      I took my time and got myself licensed to become the best home health agency in the world that would provide quality care for alll my clients.

      i started off providing services for the elderly and found that persons with disabilities needed the love from my company as well. After getting into the world of medwavier i realized the the level of care out weighed the price I could pay a caregiver to provide quality care. if though this was hard enough to manage medwavier took a big pay cut. as a matter of fact we have taken 6 paycuts in the last year. i have been forced to take on more clients on my own schedule just to stay a float.

      I’ve learned that even when you know your market you have to reajust when the market changes.

      I also think it is important that you stay on top of your market because it always changes. I’m in school now to my RN so I can revamp the company and be able to expand my services to get contracts with some of the big Insurance companies.I’ve learned that you have to go big and have several different types of clients so that the bottom line has a profit at the end of the year. So profit does matter. even if you provide the best product or services you have to pay attention to the bottom line to stay in bussiness.

      Marketing is important. I think if you market youself as a company who provides quality care you have to make good on your word.

      I aso think it’s important to offer more than one product. My company teaches CPR classes as well.

  10. Reno Wolfgang permalink

    Right now to start a successful long term business you need to..
    A) Learn a language other that English. Most of the English speaking nations are sinking ships, so if you want to do something that will last, your best bet is to go overseas. But to also understand that the whole world is in economic decline and you’re going to have a hard time anywhere in the world.
    or
    B) Start a company that produces things that people NEED, because when more and more people are cutting back on spending that’s the only safe place to be, people NEED food, they NEED energy, and the NEED a place to live, so anything beyond that is just stuff that’s nice to have.

    • Jennifer Rumel permalink

      I agree with Wolfgang, learning multiple languages is vital to a successful business. The world is so much smaller with communication services, i.e. the internet, social media, and cell phone, that if you are not integrated with the global economy then you will be left behind. a person fined what makes you happy and fined a way to make money with it. The second point that Wolfgang mentioned about creating a product to meet the “need.” It is not always the case for an entrepreneur, look at the person who made silly band; they made millions in a short amount of time. Sometimes an entrepreneur talent is creating a business or product that the consumer does not know he or she needs.

  11. Tyrone Burroughs permalink

    Entrepreneurs today must understand the customer, the person they are targeting. Entrepreneurs have to know if their price is right for that demographic, they must know the right location where that demographic can easily have access to their place of business. One last thing an entrepreneur must do is follow their plan.

    Following your business plan is important in owning a business; you must know whats next in the growth of your business and you must stay on top of your plan. A business owner must know how much their taget demographic are willing to spend for that product or service because if it’s priced wrong it could ruin you sells. Finally an entreprenuer simply has to be easy to access.

  12. frank granados permalink

    Starting a business is not as easy as most people think. A lot of planning has to go into starting a business. You have to project how much spending is going to cost like overhead. With proper planning it could be done. Also project were you want to be in five or ten years what will you do if your business fails.
    Another important part is know your costumer. What do they like. Also marketing get the name of the business out there. Having a good product or service could be what keeps the business a float. Doing all this will not ensure that your business will survive but it will give you a better chance of making it.

  13. james britton permalink

    One of the most important things about being an entrepreneur is establishing a customer base. In doing this one needs to consider both the intelligence level and personal desires of the individuals in the customer base that you are trying to attract. Why is knowledge of these factors so essential? For one the intelligence level of your customer will directly determine the most effective communication method when dealing with your customers. The second factor is relevant due to the fact that humans function on a principle that I will classify as “Economy of Happiness.” The functionality of this principle would be that humans will always expend what they believe to be the least amount of resources to get the level of fulfillment that satiates there personal desire. This translates directly to entrepreneurship due to the fact that a business’s primary goal is to make profit through the fulfillment of the aforementioned desires.

    • antonio duhart permalink

      I agree with what she saying. You need to know your business knowledge. To start a business is to make profit and become sucessful.

    • Andrew Coxon permalink

      Interesting…customer intelligence is not something I had considered as a factor of communication, but I can certainly see the impact it could have. Some people may not understand irony or satire, and some people may not appreciate slapstick or grandstanding.

  14. Emmanuel G. permalink

    There a three main coponents needed to succesfully run a business, Communication, creativity, And goals. Anyone who is not afraid to go out and ask question to better ehance their business will benefit and the long run. Not being afraid to go out there and find out what the peoople like will be helpful. Thinking outside the box is another great way to ameliorate a business. Planning and goals are required for a succesful business.

  15. Arielle H. permalink

    For an entrepreneur, it is important that they know how to explain what their business is. In other words, they must be clear and concise in their explanations. In order for an entrepreneur to do this they must have successfully found their niche – by doing so they automatically increase their chances of maintaining their business.

    There are multiple things an entrepreneur must take into consideration before beginning their business. A few of the things I think are most important include: the quality of the people hired, the ability to communicate, and the amount of endurance one has. The quality of the people hired as the ability to make or break your business; bad blood more often than not equals bad results. The ability to communicate is also very important because the entrepreneur will be always be in contact with someone; the better the communication skills, the better the chances of having a successful business. Lastly, when the market is lagging, it is imperative that the entrepreneur works their hardest during this period. Slacking or taking time off will most assuredly result in a decrease of revenue and production.

  16. Shelly Rauh permalink

    Becoming an entrepreneur and developing a small business is around the clock Job. Even when you sleep you dream up new ways in your sub conscience state of mind of improving your business. I believe the three important rules for success is:
    Number 1: Believe in yourself and in your business idea. Be confident in your product and/or service and how it can change the lives of your target market. Selling yourself is just as important as your product. Be proud and know your business inside and out. It is essential to know what your customers are in need of. Do your research!
    Number 2: Plan and know your business plan, your finances, and the government rules and regulations. Knowing all your goals helps you prepare for the future, Knowing your finances and your monthly expenses, helps you determine how much money you need to make, and knowing the governments rules and regulations can help save you money, time and headaches.
    Number 3: Have the time and the resources to work for your business. Starting a business may take up to 60-70 hours a week to start. Having to separate family and business is hard and heart breaking. Be prepared to miss a game or a parent/ teachers meeting. Hopefully when you do get your business up and running those days will end. Managing skills become a huge factor and knowing those little secrets can go a long way. Managing time is an essential part and wasting time is like money going down the drain.

    • Jeremy permalink

      I strongly agree with all of those rules. If you don’t believe in yourself it will be hard to be successful. Also you will need to know how to plan and have the time and resources. That is because that’s what makes for a successful business.

  17. Christina Fitzpatrick permalink

    To be a successful entrepreneur there are a few things you must consider and follow by. For instants having you whole plan set up such as what is you main focus who is it towards and what will you do if it does not go as you plan. Then you also have to keep in mind who will you put your trust in to because you can not just trust any one with your business when you have so much on the line.
    Third is how to manage your finances. Its not as easy as just taking the money you earn and put it in your bank, you have to portion it out to many different things such as payroll and supplies and any repairs and taxes. If you do not have really good skills in accounting you will need someone to do it for you.

    • Dino Berberovic permalink

      I couldn’t agree with you more. That is the key to starting your small business. Trust I think is one of the most important things you need in starting a business. You also need to make sure you plan for the good and bad because you never know what can happen in business.

  18. Sam Hecksher permalink

    There are numerous important “rules” to the success of an entrepreneurs start up on developing a small business. First and foremost you need a solid thought out idea that you can develop a business plan for. Without a realistic plan that you can work torwards, you lack direction and may become extremely overwhelmed with all the steps it can take to reach your goal. Most important rule in doing so is having the proper finances to support your business. Wether it’s from personal savings, investors, or loans, a smart business owner will put forth the financial risk in order to create a profit as the end result. Another evident rule to success is knowing the precise demegraphing that you are marketing torwards before developing your business. This is going to lead you to the right location to start your business, as well as the customers to persue that will help lead your business in a prosperous direction. Creativity can also contribte a great deal in succeeding. These days you have to be able to think out of the box, even when dealing with a simple concept. Competition is huge, being aware of that and willing to make adjustments when needed is the ultimate key to a businesses success.

    • Kenny D. Mateus permalink

      I agree that the solid thought out plan is a great function, but if someone can break your sheet of metal you have to melt it down completely to rebuild it. maybe make a slightly less solid plan, like jello, mmmm… Jello :) lol Its easily manueverable, somewhat solid, but when you slice through it with the spoon it can still kind of reconnect after it melts slightly. Basically, one should have a backup ideal to it, or be flexible. The other two rules offer the very ground that the business can be built on, but when your jumping the gun, taking the risk, sometimes you may not have all the time to work the entire thing out because the location you want may very well be sold to the competitor who will sell something better, you want to block him out as fast as possible yet as carefully as possible. Gotta remember that the business succeeeds with the people as well, your income will be brought by the risk you take and the motivation you give to your local consumers. But if you can solidly bring everything together, I guess that would make the best entrepreneur, so I guess that’s got me beat.

  19. O. Green permalink

    Starting and maintaining a business takes a lot of hard work and determination. There are many rules to success of a business, but my top three would be carefully planning, financing, and a support network.
    Carefully planning, understanding, and research would be first on my list. Create goals, strategies, and an action plan to achieve your goals for a business. You should list details on who you will serve, who will be your target customer/clients, and be clear and focused.
    Financing, loans, and investors would be second on my list. Depending on the type of business, will determine a different amount of money needed to launch your business. You may be your only or first investor, so having proper set up of your financing is very important.
    Lastly, I would say that having a support network is extremely important, such as advertising and shareholders. Getting the word out about your business should definitely be a top priority in being successful. By utilizing all your options and planning you will have success.

  20. monea jones permalink

    As an entrepreneur,starting a business requires much time and research. knowing things such as,the quality of your people can make or break you and that expanding the scope of business helps bottom line and decline in sales is very important to a small business who wants to stay in business and also thrive. Building credibility is the first and most important because starting a business without having any credibility is okay but you need to get out there and get yourself know by establishing yourself and letting the consumers know that even though you are new to the business pool your product is one that they will need and enjoy. Second is be innovative, but keep it simple. innovation means eliminating the unnecessary so that the necessary can speak. And lastly have a solid financial system that you can understand and that helps you make good informed decisions.

    • Phillip Vick permalink

      I agree with you 100%. Having credibility will build trust, respect, and friendship which makes the work environment a better place and the work team will be able to work together to gain the success of the business. Innovativeness is a key for a business so that you catch people’s eye and get them to think in their mind wow this business might be something to look into. Lastly, probably the most important thing that isn’t a personal thing is the understanding of the financial system is the only real way to success. You can have the most amazing team of workers in the world working for a business but if none of them have any idea of what to do with the money and how to help the business grow, then the whole thing will end up in a loss

  21. Jennifer Rumel permalink

    How a Craftsman Turned His Handiwork into a Cutting-Edge Business
    How to Improve Customer Satisfaction Using a People-Centric Approach

    In response to the blog topics above, I gathered that the rules to success are maintaining customer satisfaction and loyalty is vital for an entrepreneur who wants to start a business. Without this element, there would be no cash flow and essentially no business. Another important tool for a successful entrepreneur is that he or she should create a business where their natural talents will flourish and grow. In other words, a person fined what makes you happy and fined a way to make money with it.
    -Jennifer Rumel

  22. etaylor23 permalink

    As an entrepreneur it’s not just about coming up with an idea, making a buisness out of it and hoping the buisness take sail and be successful. No their is more to it. As you create this bright idea you have to make sure whoever is going to be supporting your buisness they are going to be satisfied. You will have to know what the people want, like, need, dislike and all the above. I’m not saying everyone will be happy with the choices you have made, that is why being a successful entrepreneur you have to always be ready to find solutions to make your buisness more successful. Ask around don’t be afraid to ask the people about your product. Maybe they can inform you on what you can do to make your products or business more on the outstanding level. Like i have mentioned before you cant just come up with something and expect everyone to be happy it doesn’t work like that. Check blogs to see what the people are sayin, ask questions, be more advertising so the people communicate back to you. You have to have feedback in order to be a great. Yes it’s your buisness but the people are distributing more to it. your name is on the headline but where would you go with the buisness without any consumers? exactly. Entrepreneurs have alot to take on. Everyday their learning something new, improving more and establishing more.

  23. Three important rules of success for entrepreneurs would be in my opinion would be the ability to communicate like Abraham Lincoln’s said. And the reason why I said the ability to communicate because in a small business you have to be a good talker to make people want to come to your business. You have to sale your business. Another important rule of success for entrepreneurs would be being different. Not having the same thing that another person might have. A quote from Steve “Better be a pirate than to join the navy”.

    Also with being different you have to think different. The third important rules of success for entrepreneurs would be entrepreneurs Look for the next big thing. Find a set of ideas that need to be quickly and decisively acted on. Being entrepreneurs you have to follow your heart and just take it. So these are the three important rules of success for being entrepreneurs for me; ability to communicate, being different, and being a entrepreneurs.

  24. Jeremy permalink

    The three rules I think lead to success for entrepreneurs are being passionate, being a problem solver, and taking controlled risks. I think being passionate is one of the more important rules, because you have to have something that is driving you toward being a successful entrepreneur. If you are not passionate about what you are doing then it does not really matter as much as it does if you cared about it. My second rule would be being a problem solver. Being able to make quick and smart decisions is also very important. You will need this skill if you want to keep your business running smooth and efficient, because you will run in to problems day to day and you will need to think on your feet. My third and final rule would be to take controlled risks. When I say a controlled risk I mean, you still have to take big risks, but don’t sink your whole life savings in to one project. You need to calculate the risk and then take the risk. Do not be afraid of failing because if you are you will never take the risk and you will never reap the benefits of taking the risk.

  25. Cara Hayes permalink

    When starting a business there are many important rules you have to follow or maintain in order for you to have a successful business. I think the three most important are to expect the worst, but hope for the best, having a business plan and not to take on more work then you are capable of handling. The first rule is important because the first time starting up a business will most likely not do as well as you expected (or is may even fail completely), but you can’t let that discourage you in the least bit! Keeping your head up, learning from your mistakes and moving on is the best way to handle a loss of business. The second rule is important because having a business plans keeps you organized and on the right path. If you don’t have a good plan behind you then you can easily start off great, but then end up out of business because you have ran out of resources and money, which are two of the most important keys in having your own business. The last rule is important because if you take on more work than you can handle this could affect you in many ways. Having a lot of business is great but taking on too much can take a toll on you physically and mentally causing much stress and affect your working ability which ends up hurting you can your business. Therefore I think if you make these three rules key in starting your business you can be successful.

  26. Jacob Reppart permalink

    For any entrepreneur, making it in the business world takes more than just blind ambition to be successful. To be an effective business and stay afloat in these troubling times, some basic rules should be adhered to in order to remain in practice.

    In this day of technology and easier startup, many people believe that the fact of having a great idea is enough of a business plan, and that if the idea is good enough; the path to success will pave itself. Although this mindset of a laissez faire business model may be appealing as it is more relaxed and easier, a major pitfall many entrepreneurs have is that they don’t have a solid business plan or strategy to market and build up their business. Even without knowing exactly the path your business should take, a general direction is always encouraged to help plan and better secure a new business to stay on track.

    In this day in age, social integration of a business can have very beneficial effects. Most businesses already know this fact and have the desire to be a part of this culture, but do not do it effectively. Many entrepreneurs, when emerging into the world of social media, blindly represent their brand on every popular site they could think of, in hopes to be popular on many fronts. If starting a business, this would not be the most effective way of marketing through this medium, as it is strenuous on resources, time, and energy and doesn’t provide the desired results as a smarter plan would. Only using social sites that are similar to one’s business and with effective marketing campaigns in each will surely create a great customer base, attract new clientele, and put one’s brand out there. Some examples on how to correctly go about this may include:

    – Restaurant: Facebook Page, Website, FourSquare, Groupon
    – Web Developer: Facebook Page, Website, Twitter, Blog

    Many people don’t want to be Facebook friends with a brand of salt. Understanding what areas to focus a business in this medium will help one’s company look more professional in their trade and bring in revenue.

    As a third rule to be more successful when starting a new business is to follow through with an idea. If a company was started up with a solid foundation and a favorable product or service, effective marketing and business management will create positive results. But the other factor that is coupled with general business practices is time. Not many companies will achieve exponential growth and popularity right off the bat. When starting a new business, one must have the mentality of staying in the rat race for the long run and not to get discouraged at when not seeing major results in the first few months. The cruel fact of business is that it will take a lot of time and effort to build up and become stronger, and this longevity and effort needed exceed what many are willing to go to when they have an idea and want to start a business.

    To make it in this tough market as an entrepreneur, there are many more rules that one should follow than the three aforementioned. Even these three were very shallowly covered and more research should be done prior to becoming an entrepreneur. As a general business and life lesson, luck favors those best prepared.

  27. juan garcia permalink

    yes, anybody can be an entrepeneur because technology is important for a business, it helps you do more with less, save time, be more productive and gain intelligence on key business processes and metrics. For manufacturers in particular, you need to manage and have data on inventory, shipping, receiving, logistics, returns and a number of related information.

    Technology can help you manage this much better than you could manage it without a proper technology system in place. If you have business processes at the core of your business, simply adding technology won’t help. In fact, it might hinder things. If you need to get every penny from other business processes, a good technology system can help you monitor those costs and know where to invest and where to cut back.

  28. Andrew Coxon permalink

    Find a way to be unique; that is, focus on a niche market or create some sort of gimmick. This way, if you are unique enough and are good enough at it, you effectively have a monopoly over that micro-market. You then gain leverage over the broader market by being able to offer higher quality (in that particular area) while maintaining a small budget.

    Be adaptable. No business model survives contact with the market. Customers may respond unfavorably for any number of reasons outside your control, or a supplier may have problems, or a competitor with more funding may attract business away from you. Perseverance is great, but there is a fine line between perseverance and obstinacy. Knowing where that line falls, and when to alter your strategy, can mean the difference between setback and bankruptcy.

    Never underestimate the power of crowdsourcing. This is the practice of using the public to accomplish a task autonomously without having to pay for it – in this case, using your customers to build a following by word of mouth and by social media. Ideas are free to produce and distribute, and most people can’t help telling everybody about the cool new product they started using. The term ‘viral’ is usually ascribed to this phenomenon, and it is very fitting; your customer base will grow exponentially.

  29. Kenny D. Mateus permalink

    Entrepreneurship is like a social game that one plays in the market. The ideal of this game would be to make the most money in the region one places his or her business in. When looking into these places, there are a few simple things to take note to, such as, the cultural and social view points of the area. For instance, you’re not going to put a gothic store in a community that seems to enjoy the gangster style, sure, there could be a few people in the little community that would like to wear gothic clothing, but what’s one or two customers a week when one wants to maximize profits?

    On viewing the social and cultural points of the community, the entrepreneur should have a handle on his or her social skills, without being able to communicate with not only his workers, but his customers, the word would never get out. Networking through the words of consumers is possibly the best advertisement, never have I been more convinced to go take a look at a store by a commercial advertisement than my own friend telling me, “Hey, was just at this store the other day to get (item in question), they got good stuff, and the staff is friendly. “ The network built by your communication skills is a founding part of releasing the potential of your business.

    The best part of the game is to build your dynasty with the best people you can find, easier said than done, but that’s why you can train people to become more reliable than the others. A great entrepreneur has already been able to see the potential of the local area for his store, why not learn to see potential within the people? Sure, it is a gamble, but if you can communicate, you can see hidden potentials by actively speaking with the community. Kind of putting it as simply spoken as, having hope as you jump the boat with some person into the shark pit. Just be sure not to have any open wounds and keep your heart rate calm. Managing these people will be the most vital part of maintaining your business.

    Obviously as this is a game, these people, this community, and this creative idea has a cost, so one has to work hard and not throw in the towel so easily. Hell, you got the place for a one year lease in a little plaza down the road? Work it! and don’t be afraid to put more work in than the work you just put in studying the social patterns and finding your employees. That one year lease will turn to more if you can make a great upkeep.

  30. Phillip Vick permalink

    The article Three Ways of Thinking like a Successful Manager gave 3 really good points about being sucessful and whether you already knew them or not, they’re something that you alwasy should consider when you are in the business world. To never think that you are the main face of success and that everything revolves around you, to know that you have to be strait up, and to never lose your temper.
    When you start to get some success in a business, it is very important not to let yourself get a big head and remember that you are not the only one that is the cause of this success. When people start to think that they are the only ones that matter then the people who helped you really achieve that level are going to get angry and they will not be as willing and motivated to help you and that will create drama and unwanted energy in your work environment which may in fact lead that success into the ground and cause the business to fail depending on wheter its your own business or a corporation.
    Being able to be strait up with people is not just a good thing when it comes to the sucess of your business, but will also gain the respect and trust of your employees. Regarding your business, when you aren’t able to be strait up and tell someone that they are not doing the task at hand in an acceptable way just because you wouldn’t want to make them feel bad, they will continue to do it that way not realizing that it is wrong and that could lead to big problems depending on what kind of job it is. Earning the respect of your co workers is definitely a major advantage when you are a manager. Having their respect will make them want to do a good job and feel like they can ask you if they are doing something right most importantly it builds a good relationship in your work environment.
    Finally, being able to keep your cool in tough situations is a major requirment in becoming a succesful manager. If you are not able to stay calm and collected when things get tough, then the key to the whole business operation will fall because the employees see what in their eyes is their leader panicing then they won’t know what to do.

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