CONCEPTS OF ENTREPRENEURSHIP PART 2
CONTINUE————- CONCEPTS OF ENTREPRENEURSHIP PART 2
14 Take advantage of uncapped markets FOR CONCEPTS OF ENTREPRENEURSHIP PART 2
Sometimes there is demand, but there is no supply. This means that people in your place need something but there is nothing or there are very few suppliers of that thing. Here is a sample case: Many people in a city are fashion conscious and ready to pay a premium for clothes, but the chapter: Recognizing Business Prospects 8 Will Self Successful Entrepreneurs No vendors of branded and signature clothes in the field Huh. This situation gives clear opportunities that you can take advantage of.
15 Culture can be unique from one place to another in place opportunities FOR CONCEPTS OF ENTREPRENEURSHIP PART 2
One of the factors is the difference in culture. The opportunities of business are influenced by the nature and culture of that place. For example, it may be possible to sell musical instruments at a location where music-making is a tradition and widely practiced. Identifying Sales Prospecting Business Prospects.
16 Identifying Purchasing Power of People It is not always about interest BUT IT IS NECESSARY FOR CONCEPTS OF ENTREPRENEURSHIP PART 2
It may be that a certain quality of the product is attracting the people, but they have no purchasing power. So, when you come for business purpose you should try to the knowledge about the purchasing power of the public of that area.
You want to consider the purchasing power of the majority and not the selective and privileged few. For example, it is not possible to sell signature brands such as Fendi, Louis Vuitton and Chanel in third world countries where the majority’s purchasing power is relatively low.
17 Analyze Purchasing Behavior of People FOR CONCEPTS OF ENTREPRENEURSHIP PART 2
It is not always about purchasing power. Many people develop a buying behavior and this is something that you also have to analyze. For example, it may be customary in some cultures for people not to spend so much on physical enjoyment (new car, new house, new phone, etc.), but are willing to spend a lot on luxury food. You need to analyze unique buying behaviors to assess the feasibility of your potential business.
18 Analyze people’s behavior for brand names.
In some places, people may have the purchasing power to buy branded products and signature brands but are not prepared to spend on them.
19 Identifying and Countering Risks in connection of CONCEPTS OF ENTREPRENEURSHIP PART 2
Their successful entrepreneurial example in countries where it is customary to also shop in stores that sell other products. There are many such places where people may not expense except the branded materials. Their people may be strict and conscious of branded goods.
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You should search for such markets where there is a high gap between demand and supply. There may be a good chance for business.
Say for example that the demand for school supplies at one location is high. But the supply is very less due to the slowness of the place. If you manage to find ways to bring school supplies to a location, it is like supply where supply is low and demand is high.
20 Grab Opportunities as Soon as Possible FOR CONCEPTS OF ENTREPRENEURSHIP PART 2
If you are serious about grabbing an opportunity, it is recommended that you do so immediately (after doing full market research). This is because you want other entrepreneurs to avoid getting the opportunity that you saw.
21 Identifying and Coping Risks FOR CONCEPTS OF ENTREPRENEURSHIP PART 2
Research the problems that face the same business, no matter how irresistible your business idea is, it is highly likely that another entrepreneur has already visited another place Tried the same business venture. You can observe the difficulties he faced. You can also have a look at your future competitors. Notice what problems they are facing and how they are facing. This will give you an idea of how to overcome the risks, disadvantages, difficulties, and difficulties related to your planned business venture.
22 Think of the failure of reasons for your business.
It requires some wild but realistic imagination. Think about possible events and possible circumstances that could cause your business to suffer losses or failures. For example, suppose you are opening a sipping company, you should be ready to identify all kinds of risks and all types of up and down marketing nature. You should have knowledge about natural disasters of that area, Which may lack shipping, lack of competent delivery. Dishonesty among truck drivers, employees, and other similar reasons.
23 Possible solutions / preventive measures for possible solutions
The possible difficulties you may face are only the first step. Next, you need to think about ways to counter one of them. You should always be prepared for all types of possible solutions. This is part of the so-called ‘risk management’, in which many companies invest a lot of effort.
24 Get a Business Advisor
This may not be necessary in all cases. For example, small businesses may not need any. But for large businesses that deal with complex markets and industries (investment/loan businesses, real estate businesses, foreign trade businesses, etc.), you may just need an advisor – someone who is knowledgeable in the field. You should identify especially the things of the chosen area in that you are not familiar or unknown. Be prepared for multiple advisors if necessary. In some instances, getting opinions from many individuals will help.
25 Assume that potential risks are real.
You have to move forward with the mindset that your risks and threats are real. Some businesses fail and they begin to relax. If you do this, it sounds like you are minimizing the risks involved. If you underestimate the risks, they can kill you when you expect it and when you are least prepared. Believe it or not, it can cause businesses to fail altogether Identifying Your Target Customers / Markets. Successful Entrepreneurs Identifying Your Targets.
26 Customers / Markets Thinking Who You Will Buy
One of the first steps of preparing a business plan is identifying your target customers. You may select for identifying the groups with the category. These categories generally include age group, gender, marital status and such. At times, these categories may also include special groups such as employment status, nationality, physical health, vital statistics, and such. If you are selling weight-loss products, for example, your target group may include the following: people who are overweight, women, age 16-such30 and so on.
27 Device Plans How to Attract Your Target Groups
Once you identify your target group, it will become easier to tool the marketing and advertising plan. Just think about what your target group likes. Think about what things will get their attention. If you are a target group child, for example, it may be a good idea to use advertisements that include lots of playful colors. If your target groups are health-conscious individuals, you can get their attention by starting your sales pitch with health topics.
28 Find out where your products/services will sell the right place to do business is one of the most important parts of business planning.
You can have the best product, the best employees and the most amazing list of resources. But if your business location is wrong, everything can go wrong. Business location is especially important to store. These may include restaurants and groceries. Such businesses need to be located in a strategic location.
29 Understand why your target customers want your products/services
This is one of the questions you need to answer: What is it about your product that your customers want? Or what is it about offering your service that your customers want to take advantage of? By understanding this, you will be able to better understand how to reach your customers. For example in the mobile phone industry,
30 Exploring Your Resources of 12 Successful Entrepreneurs
You May Ask: What do your people like on a phone? Do they like cheap phones, high-end phones or luxury phones? After finding the answer, invest more on the products that your target customers want.
Locating Your Resources 30 Make sure you have suppliers.
Suppliers of commercial establishments are its most valuable and most important asset. For example in the case of a restaurant, it must have a stable source of ingredients. Whichever business you will be in, you need to make sure that you have good suppliers – those you can trust. You need to analyze the position of your most valuable suppliers. For example in a Chinese restaurant, one of its most valuable suppliers may be a supplier of Chinese ingredients.
31 it should be first sure that you have alternate sources of finance.
Most businesses have multiple sources of financing (such as personal money, loan companies, borrowed money, etc.). What you want to avoid depends only on one source of financing. You must have multiple sources of financing or at least, you must have reserves. This is important because most businesses face financial problems from time to time. The alternate source of financing helps in the loss period when you have the most need.
32 Check the prices of different suppliers.
Do not compromise on some suppliers first which you will get just because their prices seem attractive. You need to keep searching because you can only find suppliers offering low prices.
33 You should check the financial position of your supplier, is he reliable for you?
Is your supplier going out of business? Does your supplier have a history of disappointing its customers? You should ask himself these questions and find out the solutions.
34 Formation of Business Plan 13 Successful Entrepreneurs
You need to analyze and evaluate the performance of your potential suppliers. This is because if one of your suppliers suddenly goes out of business, it will not be easy for you to find a replacement. This is especially true for suppliers of unique products (sugar ingredients, Arabian curries, Philippine bananas, etc.).
35 Evaluate Now and Again You can already find a supplier that offers an attractive price.
But this does not mean that they will always be the cheapest. New suppliers may come along and some of them may offer better prices and terms than your current suppliers.
36 Do not file in a transaction without a clear-cut agreement.
The first thing you are looking for is prices. But you should not just decide accordingly. You also need to check the terms of your potential suppliers. What are the payment terms? What is the shipping/delivery arrangement? Are they capable to supply timely as per requirements? These are some questions that need answers. Also, you should avoid entering into a contract without first agreeing with your potential supplier. Create a business plan
37 Create a feasibility study A feasibility study is usually done by experienced entrepreneurs before entering a business.
A good feasibility study allows its researcher to analyze the profitability of any planned business venture. It monitors risks, returns on investment, plans for success, and so on. To check the profitability of your planned business, it is appropriate that you do a feasibility study for the first time. The professional that does this work you may hire him.
38 Formation of a Business Plan 14 Successful Entrepreneurs Come Up with an Organizational Plan
An organizational plan is important if your business will be made up of several employees (around 20 or so). An organizational plan shows the flow of command from the top officer to the bottom. With a clear-cut organizational chart, employees will know who to follow, who is in charge, and who they should follow. This is important so that the flow of order is harmonious and confusion can be avoided.
39 Planning well
The flow of work is not only a series of orders but also the flow of work between employees should be clearly stated. Here is an example of workflow: the receiving department receives the delivery of spare parts, the stockman stores them and keeps the inventory count, the stockman then supplies the spare parts to the workers, the worker then assembles the parts, The inspection team then tests the assembled product, then the packaging department packs the finished products, and finally, the sales Ibag sells the goods. Takes care. By clearly planning the flow of work, everything will run more smoothly.
40 Ensure that the job description can be clear and detailed confusion if employees are not fully aware of their job description.
The task that is allotted to another employee they will start doing. They can ignore tasks that are considered their responsibility. And employees can start accusing each other and gesture to each other as to what should work. There must be a clear description.
41 Draft plans
This will give you a kind of guidance so that you know which path to take. This may include expansion plans, additional investment plans, branch plans and such. Successful entrepreneurs who come up with an advertising/marketing plan but you can save advertising costs by focusing only on your target customers. For example, if your products are targeted to women, it is not necessary to spread your ad to a male audience.
42 Know your target customer trends
A good advertisement attracts the attention of its target customers. So how can you make your ad appeal to your target customers? First, you need to know their likes and the trends that they follow. Use that knowledge to make your advertisement appealing to your target group.