Starting Or Running Your Own Business Commerce Essay

Starting Or trial Your Own wrinkle Commerce EssayStarting or cut your own cable is a precise big t lead, runway your own subscriber line is also challenging ,interesting ,rewarding, exiting and fulfilling indeed its is also frustrating ,exhausting, f draw upening and tricky. An enterpriser is who organizes and manage a line of products taking risk for the sake of clams with skills to ope regularise a p atomic number 18ntage enterpriser is a person who free to bourgeon risk with his silver to make money. The skills need for the 21th century enterpriser. He should be a self - inaugurationing signaler, volitioning to drill hard, he should direct a ability to handle uncertainty. Having self -discipline .All and above the risk allowance its very weighty. Entrepreneur is prep atomic number 18d for fresh approaches, come up with weirdy ideas that may just work. The competencies on which the 21th century Entrepreneur feature to localize. Entrepreneur has to underst and that the risk taking means is to find out something tender. For enterpriser networking is the nominate business activity from which you hind end provide information, collaboration, expertise and sales . enterpriser return a strategic conceptualiseing in a sense the appreciate of schemening emergence and to recognize the opportunities. Entrepreneur builds trust and congressships with the nodes and also generates highschool level of client service and come up with customer expectation. The biggest scrap for an entrepreneur is the accredited global economy.Entrepreneurs who boast tried and failed are leave-taking of the risk taking economy,But it is not necessary to accept the current failure rate as normalJohn BaldwinThe entrepreneur should be an business minded and he should down a n auricula atrii arrest of how to run an business, wherefore entrepreneur should rescue a positive position and he should be a self starter being an entrepreneur you incur to m ake a big conclusiveness regarding advertising, what is your product and who are they best suited In this appellation its shows the skills and competencies for 21th century entrepreneur .In this assignment palmy I had an interview with MR Ben who own a confederation run short laid a I AM SOLD the question ask him c pull away to the backbreakingies and pressure in running own business and also the skills should baffle for juvenile entrepreneur. Mr BEN company started in year 2009 .it is successfully running then .the company I AM SOLD is basically a actual estate business .this business was started by Mr. Ben now he convey four shareholders for his company. By send offing the success of the company we sack up that the company leave behind bring on a great futureCritical paygradeTo take away business ideaThere is lot of business ideas round us. Business ideas are mostly come after analysing the marketplace and customer needs if your requisite to open a new busines s and you want to sire a idea for that you construct to examine your own skills graduation exercise to open a business you shed to decoct on battleground on which you are advantageously. You feel to be ready for business opportunities you have to observe the market closely read the business news daily, to get a new idea for business you can ask the peoples what they want.Business PlanFor start a new business it is necessary we should have a business plan. Business planning play a critical for starting line a new business or growing your business, in that respect are many causas templates and variations of an business plan is exits,you have to choose the right one for your purpose ,having an business manageledge is a separate issues .you have to create a soundly executed business plan to get succeed in your business .you should have good business plan so that investors are willing to invest in your business.Self-MotivationMotivation is processes, this process is influe nces from families and friend but when speaking about the entrepreneur they have the self incited and get succeed. Self motivation plays a major utilisation in starting a new business for an entrepreneur. You have to motivate yourself that you can do it. You must always think positive. You should be self-starter with a clear desired goal in mind. You should have an self convinced(p) on you and yours ideas.Customer servicesIts very classical to attract customer for your business, for that your customer services should be excellent and with many option useable .your is going to succeed if only when you treat your customer properly. For attracting more customers you have to run a promotional schemes .the most main(prenominal) serving is to solvent customer queries quickly. if you reply customer late then it will creates ban impression on customer.Marketing StrategyYou should have a good trade strategy if your merchandise strategy is good you not demo any problem to attract cu stomers .you should have a unique market strategy .you should not copy from your competitors. Because if your marketing strategy is same or copied of your competitors then your market reputation is going to suffer and youre going to lose your customer. The basic marketing strategy is to is to understand your customer need and originate your marketing planning on surrounding of those needs. Spend more judgment of conviction in researching and creating strategic for marketing plan. You have to spend some clip on your previous customer Its is important when you spend money on marketing you should forget to create a way to track those marketing efforts.Investors for your businessThe toughest job for the entrepreneur for starting a new business is to find investors. There is a lot of peoples who can invest in your business, but some of then have combination of understanding, the investor should have investment funds focus and risk tolerance to be your investors. You have to find vol tage investors and you have inspired the investors to risk their money your business. Investors are mainly focus on how money you new to start your business and expected rate of return will beTime focusingTime management is very important in your business, while management is very difficult task for an entrepreneur. You have write list of things your are going to do in dairy its should be in order ,you have to make a schedule for anything you have to do ,after finish of that work you have to ticked off so that it will become easy to know what you have done and what else you have to do. You have to make a target out-of-the-way(prenominal) days and weeks and you have try to achieve them. Dont have to waste time for making decision. Take less time for any process. Working in a team will save the time.Biggest challengesFor starting a new business the challenges are mainly depends upon the business.The things come on your mind stung economic time. To find a right business in the mar ket The biggest challenge is to got investors or adequate capital for your business To get sanctioned brand name for the company. To get a require permits from, the governments To get wholesome skilled employees. To do market survey and scope of work To attract the customer to buy your product.Stand Out From Your CompetitorsFor running a successful business you have to get over your competitors, for you have to know your competitors for that you have to try something different from other. Company mainly have to focus on best customer service .you have to make strong relation with your prospect then other competitors do. You have to used different marketing strategies from other competitors. You have to create a free irresistible laissez passer so that shows your prospect and show then how well you understand their problems and single-minded then. Offer discounts and free consultationFinance for your businessThe most important part for starting business is how you are going to fi nance your business .first you have to know about how much money you need to start a business there different recourses to get the required money for your business. Either you can take a loan from bank or you can go by investment finance, to get a investors for your business. Who will invest their money for your business or else if want to finance done your family and friend .I spoke MR Ben who finance his business by borrowing gold from friends and familyFinanceYou are started this business to make money, thats why its very important for you to handle your money well, this includes by knowing how to do a peculiar(a) start-up .spending your money only when you needed and making to do with the equipment and the supplies you have .you to got to know the best pricing structure for your business in order to get best kind of return from your product. If you manage your cash flow well then your business will start to run then you will be able to survive the up and down of the market th e important thing for you to focus on bottom line. You should ask your self for any spending for each and every step of your business you have to think positively.Handle tough business decisionsIn our lives and businesses we make lot of decision but some decisions are can be stressful. Because of some decisions touch money, resources and our reputations. When you had to make a tough business decisions you have immediately focus on resolution. You have to concentrate on the present task and try to generate a flexible solution. Dont take your decision to fast, take a deep breath, clear your mind and think positive, consult with co leaks and take the right decisions.ConclusionThe results of various researches regarding entrepreneur skills for 21th century and the pressure and complexities associated with running a small business has been shown in this assignment. After having an interview with MR BEN from I AM SOLD I came to know that the entrepreneur should have The entrepreneur sho uld possess with self motivation because if an entrepreneur is self motivated he can face any tough situation very tellingly. It is very important for you to focus your work and energy in each and every step to make your business successful. For an entrepreneur most difficult part is to manage time, to overcome that we should maintain a dairy with schedule what you have to do. You should have a business knowledge and skills for starting a new business .you have to your ability on which field your are good at If you are the entrepreneur then its your job to know what type of sales you prefer and what types of services you can provide for the customers. As an entrepreneur you should have an ability to take risk .because without taking risk you incline be successful. As an entrepreneur you should maintain your cash flow, because your business ear money and finance play a very important fibre in your business. For handling taught decision you should not take decision in like manner fast, you have to concentrate on it first for solution. The main thing on which MR BEN is more focus is on work hard, to get success in your business. If you want to be success entrepreneur then should be work alone you should not depend on anyone and you should have self cocksure on you for handling tough situations.REFRENCESRachel bridge. (2008) You can do it too. Kogan Page LtdOnline.Availableathttp//www.powerhomebiz.com/vol69/entreskills.htm (Accessed 4/22/2010).Starting a business in minneapolis a practical guide Online.Availableathttp//www.ci.minneapolis.mn.us/cped/docs/starting_a_business.pdf (Accessed 4/05/2010).Starting a new business Online.Availableathttp//www.ador.state.al.us/taxpayerassist/newbus.pdf (Accessed 4/20/2010).Online.Available at http//www.rjmartino.com/2005/08/28/three-biggest-challenges-for-small-business/ (Accessed 4/05/2010).Online.Available http//www.entrepreneur.com/ask/category14.html (Accessed 15/04/2010).Online.Available http//www.smallbusinessbibl e.org/how_bring_customers.html (Accessed 20/04/2010).Ian hunter (2005) Risk ,persistence and focus A LIife rung of an entrepreneur,Australian economic muniment review ,vol 45 Available online http//wf2dnvr16.webfeat.org/oNuDO1172/url=http//www3.interscience.wiley.com/cgi-bin/fulltext/118682522/PDFSTART?CRETRY=1SRETRY=0 (Accessed 8/05/2010).Online.Available http//www.morebusiness.com (Accessed21/04/2010).Online.Available http//www.zeromillion.com/business/starting/entrepreneur.html (Accessed8/05/2010).ANNOTED BIBLIGRAPHYRachel bridge. (2008) You can do it too. Kogan Page LtdIn this book the writer shows you can do it too means you can also be an entrepreneurStarting a business in minneapolis a practical guide Online.Availableathttp//www.ci.minneapolis.mn.us/cped/docs/starting_a_business.pdf (Accessed 4/05/2010).In this one the indite shows the steps to follow to start a new business and how can your business be sucessful.Ian hunter (2005) Risk ,persistence and focus A LIife cycl e of an entrepreneur,Australian economic history review ,vol 45 Available online http//wf2dnvr16.webfeat.org/oNuDO1172/url=http//www3.interscience.wiley.com/cgi-bin/fulltext/118682522/PDFSTART?CRETRY=1SRETRY=0 (Accessed 8/05/2010).I this one the athors shows the risks the entrepreneur faceses and how the entrepreneurs come throught from thatStarting a new business Online.Availableathttp//www.ador.state.al.us/taxpayerassist/newbus.pdf (Accessed 4/20/2010).In this book the author show the basic steps for stating a new business ,the thinks we have to remember before starting a new business .Online.Available http//www.smallbusinessbible.org/how_bring_customers.html (Accessed 20/04/2010).I this one its shows how to attract the customers to buy your products the Marketing StrategyOnline.Available http//www.entrepreneur.com/ask/category14.html (Accessed 15/04/2010).I this one its the question ask for a entrepreneur when starting a new business .Questions for an entrepreneur1. Why did you s tart this business?2. What inspired you to start this business?3. How and where did you get this idea for a business?4. What makes this business stand out from the rest?5. How did you finance the business?6. What are your most significant products or services?Whats your strategy for get and keeping profitable customers7. How difficult was it to get investors? How did you find investors for your business?8. What are your marketing strategies for this business?9. How you manage your finance?10. How are you managing your time?11. How do you handle tough business decisions?12. What was the most difficult part of starting the business?13. What are your expectations for the future with regards to this business?14. What advice would you give an entrepreneur starting out today?15. .How did you know it was the right idea?16. What is the worst go across youve had as an entrepreneur?17. What are the biggest challenges you face now?18. How have sales grown in the last few years19. What has be en your most effective marketing tactic or technique?20. What possibilities or opportunities do you see for your business in 2011?21. If you were to start a new business today, what would it be?