THE ENTREPRENEUR Vol 1. Post 2.

Believe me or not entrepreneurs are some of the most powerful individuals in the society, not just because of their wealth, but because the kind of habits and characters they possess ensures that they are successful in whatever they set their mind to do. That is why as an entrepreneur, you must strive to be above average and be the best in whatever you are doing. I believe everyone has the ability to be the best in whatever he or she is doing.

Remember we started answering 14 top questions asked by small business startups in the last post. So let’s continue…

14 Questions Asked By Small Business startups (Contd.)

(Note: Please if you did not see my first post kindly click on the archive "THE ENTREPRENEUR  Vol 1. Post 1." by the right side)

Q3. Why is business plan important and who should write it?

A business plan is important because it’s a kind of summary for both your vision for your company and your blueprint for the company’s operating success.

Who should write the plan? I believe you, the entrepreneur because no one else knows your business idea and goals better. But if you still can’t write it yourself there are services that can do that for you.

Q4. How do I determine my start-up costs and other expenses?

It is wise to find out what start-up costs you will incur before starting the business. Many promising entrepreneurs takes his or her life savings, or will borrow on the equity on their home before figuring out these financial factors, only to find that they don’t have enough money. There are many websites and other resources that provide guidelines and worksheets to help determine costs for your business. Each item on your proposed budget sheet should be researched. Closely estimated cost can be obtained from utility companies, trade associations, shopping and networking with other business people who may have already gone through his experience. Do not start buying until the investigation shows this venture is viable and you have all the information needed.

Q5. How can I better market my business?

To market your idea or business, you must first define your customer but to maintain consistent sales growth, you must become knowledgeable about your market.

Develop an outline of your typical consumer:

·         Where do the consumers come from?

·         What are your consumers buying patterns?

·         Why should they buy from you? (Trust, price, quality e.t.c.)

·         How much are your targeted consumers earning right now and how much are they willing to spend?

·         Are they in a hurry?

·         Do they have time to read your lengthy sales letter?

You can keep the questions going…

Try to take note of how your competitors market to their consumers perhaps you can find what to adopt or what not to do.

To be continued…

Keep winning even in tough times.

Watch out for my next post.

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