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How do i be a successful entrepreneur?
Provide more details on being a successful entrepreneur.
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Tony’s Answer
1)Make sure there is a market for the product or service that you are going to sell
2)Gain as much 'real world knowledge' from people that are or have been in a similar type of business
3)Make sure you are not under capitalized. Many people fail because they underestimate the amount of capital they will need to keep them going until the business becomes profitable
4)Protect yourself legally. Business is business, and many of us have failed in certain business ventures during our career. Make sure a business failure doesn't stay with you personally
2)Gain as much 'real world knowledge' from people that are or have been in a similar type of business
3)Make sure you are not under capitalized. Many people fail because they underestimate the amount of capital they will need to keep them going until the business becomes profitable
4)Protect yourself legally. Business is business, and many of us have failed in certain business ventures during our career. Make sure a business failure doesn't stay with you personally
Updated
Asli’s Answer
Business and Entrepreneurship: Keep an eye out for courses that delve into subjects like business administration, entrepreneurship, creativity, and the workings of small businesses. These lessons can equip you with the vital know-how to kick-start and manage a business effectively.
Making connections and meeting new people
Mastering sales skills to attract team members, secure funding, and win over customers for your first products or services
Having a deep love for a subject that fuels your determination and resilience, helping you conquer challenges
Collaboration
Finding the perfect match between your product and the market
Making connections and meeting new people
Mastering sales skills to attract team members, secure funding, and win over customers for your first products or services
Having a deep love for a subject that fuels your determination and resilience, helping you conquer challenges
Collaboration
Finding the perfect match between your product and the market
Updated
Edward’s Answer
Hi Greg, this is a really good, but tough question. I can only assume that you already know what type of business you want to start? If not you need to really think hard about what will be the right fit for your skill set, & investment of your time and money. Here goes…you must first do any research, gain experience and knowledge, even consider getting a degree. Think hard about this, you are going to invest a lot into a successful business, so it needs to generate a commodity, the pay off @ the end of the day.not just financially,but personal satisfaction. Next you have to come up with a solid and viable business plan ; plan your work, and work the plan. The next step is to figure out all the logistics. You’re gonna have to layout all the details, ie: product development, marketing, customer base and services as well as customer satisfaction index service. You also may need inventory, transportation costs, etc.,IT & computing. Then you will have advertising expenses, insurance and liability, employee benefits, and employee’s… so payroll & accounting. Also licensing and bonding depending on where you live and what services you provide. You may want to create & set up an LLC, this will legally protect your personal assets from your business assets. Knowledge is power, there is no such thing as laying back and taking the easy path, you will get out what you put in, so give it your best. Also another couple tip’s: To be successful, hang out with successful people. Also write everything down, goals, ideas, plans, etc….If you don’t write it down, it doesn’t happen. You also need to learn patience and focus. You can only focus on one major topic or task at a time. Don’t confuse this with multi-tasking, there’s a difference. Good luck and much success, knock em dead!!
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
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Anthony’s Answer
Hello!
Please, note the following, relating to how to be a successful entrepreneur:-
1. Identifying the type of business, and having much interest..
2. Much knowledge in the business.
3. Honesty and Diligence at all times.
4. Adequate capital/finances.
5. Favourable marketing conditions.
6. Favourable government policies.
Best regards.
Please, note the following, relating to how to be a successful entrepreneur:-
1. Identifying the type of business, and having much interest..
2. Much knowledge in the business.
3. Honesty and Diligence at all times.
4. Adequate capital/finances.
5. Favourable marketing conditions.
6. Favourable government policies.
Best regards.
Updated
Rosie’s Answer
Heather, great question! Entrepreneurial skills are incredibly valuable in many areas of life. One my of favorite concepts: the Minimum Viable Product (MVP).
An MVP is like a rough draft of your idea. It's the simplest version that still shows what your product or service can do. Here's why it's so important:
Quick feedback: It lets you get reactions from potential customers fast.
Learn what matters: You'll find out what features people actually care about.
Save resources: It prevents wasting time and money on things people don't want.
Guide improvements: Customer feedback helps you make your idea better.
Think of it like this: instead of spending months perfecting a lemonade recipe in secret, you'd set up a simple stand with a basic recipe. Then you'd use customer comments to improve it.
You can apply this MVP concept to many things in life, not just business ideas. For example:
School projects: Create a basic outline before diving into details.
Hobbies: Try a simple version of a new skill before investing in expensive equipment.
Problem-solving: Test a quick solution before implementing a complex plan.
Remember, the goal is to learn and improve quickly. It's okay if your first attempt isn't perfect – that's part of the process!
By using the MVP approach, you're training yourself to be efficient, adaptable, and responsive to feedback. These are skills that will serve you well in whatever path you choose.
An MVP is like a rough draft of your idea. It's the simplest version that still shows what your product or service can do. Here's why it's so important:
Quick feedback: It lets you get reactions from potential customers fast.
Learn what matters: You'll find out what features people actually care about.
Save resources: It prevents wasting time and money on things people don't want.
Guide improvements: Customer feedback helps you make your idea better.
Think of it like this: instead of spending months perfecting a lemonade recipe in secret, you'd set up a simple stand with a basic recipe. Then you'd use customer comments to improve it.
You can apply this MVP concept to many things in life, not just business ideas. For example:
School projects: Create a basic outline before diving into details.
Hobbies: Try a simple version of a new skill before investing in expensive equipment.
Problem-solving: Test a quick solution before implementing a complex plan.
Remember, the goal is to learn and improve quickly. It's okay if your first attempt isn't perfect – that's part of the process!
By using the MVP approach, you're training yourself to be efficient, adaptable, and responsive to feedback. These are skills that will serve you well in whatever path you choose.
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to become an entrepreneur. Have you thought about what industry you want to start your business?
Below are my suggestions:
1. Think about what industry you have interest or you have strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative/ substitute, etc
3. Take some industry related courses and management courses
4. Work in the industry some time to understand the operating model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestions:
1. Think about what industry you have interest or you have strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative/ substitute, etc
3. Take some industry related courses and management courses
4. Work in the industry some time to understand the operating model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
May Almighty God bless you!