7 Steps to Entrepreneurship

Step 1: Discover an Idea

Where Do Ideas Come From? Ideas come from Everywhere.

  • Activities of friends/relvatives, family members etc
  • Education/Courses
  • Suggestions
  • Chance Events
  • Hobby/Personal Interest
  • Prior Job
  • Other

Research

Research is an essential part of the process of developing an idea and building a new business.  This is a critical time to start doing some research because you want to develop an idea and you want to define exactly what you are doing and where you are going.

Step 2: Choose a Business

While choosing a business it is necessary to find the answers to the following questions:

    • What type of business are you creating?
    • Where do want to go with that business?
    • What do I need to develop that kind of business and what tools do I need to do so?

Step 3: Target Your Market

To build a solid foundation for your business, you must first identify your typical customer or target market and tailor your marketing pitch accordingly. The important question here is “Who are your Customers?”

Get to know your Customers, inside and out, demographics & psychographics.

Step 4: Target your Competition

  • Who are they?
  • What are their strengths and weakness?
  • How is your company different from the others and how can you do better

Step 5: Build a Marketing  and Sales Plan

  • Choose and build your identity, name, logo, tagline, colors and elevator pitch
  • Four P’s: Product-Place-Promotion-Price

Step 6: Build an Operation Strategy

An operation strategy is a critical component of any business plan because it presents the company’s action plan for executing its vision. The operation strategy must detail:

  1. The processes that are performed to serve customers every day (short-term processes) and
  2. The overall business milestones that the company must attain to be successful (long-term processes).

Step 7: Management Structure

An organizational structure is a pattern or arrangement of jobs and groups of jobs within an organization. This pattern pertains to both reporting and operational relationships, provided they have some degree of permanence. Ideally, organizational structures should be shaped and implemented for the primary purpose of facilitating the achievement of organizational goals in an efficient manner.

By this time you should be writing a business plan. It will be helpful during the process of planning, structuring, organizing and then implementing a business.

 

For more information:

Business Plan in a Day by Rhonda Adams

Passion to Profits by Rhonda Adams

Please refer to the Resource section of this site as well.

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