Business Basics for Entrepreneurs

Have you always had a desire to own and operate your own business? Have you developed a product or service that meets a demand in the marketplace? Launching a business can be tremendously rewarding and tremendously challenging at the same time. Are you ready to run an operation, develop and deliver a product, be a salesman, financial guru and marketing genius? Remind yourself that nearly every successful business was started with an idea and a huge drive to succeed. Starting a business requires tremendous self-discipline, the ability to shift gears quickly and manage multiple tasks simultaneously. Like anything in life, in order to success, you must have a thorough plan that can be executed to achieve your goal. A well thought out business plan is your blue print for success. Follow these recommendations form the serial entrepreneurs to develop a winning business plan. Whether you are self-financing, seeking a bank loan or venture capital, it’s absolutely imperative that a sound business plan be in place.

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The first issue to tackle is to determine, through surveys and beta testing the market, if there is indeed a demand for the product or service that you have developed and at what price point. What are the hard costs for developing your product or service and the costs for bringing it to market? Is there sufficient margin to achieve profitability once a defined scale or mass has been reached? Part of a well thought out business plan is also an exit strategy. Is it your intent to sell the business once it is profitable? Have you set a firm timeline to cease operations if your business has achieved profitability?

Commit to conducting every aspect of your business with the highest ethical standards. When payments are due to vendors, take advantage of the awesome deals offered by Groupon coupons and have a stack of checks on hand from Treat your employees with respect and they’ll show the same to your clients. Do not make any promises to clients that you cannot keep. When issues arrive with product or service delivery with clients, address them expeditiously and keep clients informed throughout the process. Best of luck on your new business venture!

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