Monthly Archives: June 2015

Steps Which an Entrepreneur Must Follow to Start His Own Business

A lot of people think that starting a business is hard and that it requires huge amount of capital. A lot of would-be-entrepreneurs get stuck early in the process because they think that only a certain type of person has that quality what it takes him to make him as a successful business owner. The reality is, that most of the people have what it takes: a good idea, the right amount of capital and the creativity.

But what most of the people lack, is patience, determination and the ability to plan. A businessman can easily become overwhelmed in the early stages of starting a business and the key to it is that the businessman is required to have working plan and he must stick to it. Thus a businessman must use something simple which helps him to guide along the way.

The article tells us about the key first steps which a would be entrepreneur must follow to start his own business:

1. Take time to brainstorm.

An idea is always great, but the businessman is required to give it legs. But The first essential step which every businessman must follow is that he must research his potential market. His job as a new entrepreneur and a future business owner is to think about every aspect of his business. Come up with answers to every question which either a stranger or a potential investor might ask the businessman. For example try to answer these questions:

Who is the target market for the product?

What could go wrong and how will the businessman solve it?

Are there additional products or services that the businessman could tie into his main offering?

What are the main things which a businessman wants his customers to know about him?

By preparing answers to these questions ahead of time, the businessman would come across as a more confident and a trustworthy business owner when it comes time to try to attract the attention of the right stakeholders.

2. The businessman must then create a business plan.

After the businessman has taken the time to answer the questions about his business or the product idea, he must use them to put together a concrete business plan.

The main parts of a business plan include the executive summary, a company description (as to what makes the company unique), a market analysis (the competition and the target demographics), the company’s structure, a description of the service or the product line, the marketing and the sales strategy, its financial projections — plus any other additional useful information.

3. The businessman is then required to arrange the funds that are required

A businessman can’t start a business without capital. He is required to determine what he has, what he will need and how he will go about getting it. If he plans to seek the investor funding or financing, he is required to start writing a business plan. he must Research the costs that are associated with his business. He must Know how much money he’ll need and decide where it could come from.

4. Hire a good business attorney:

The businessman is not necessarily required to have need an attorney on a retainer. An attorney can advise the businessman about things such as drafting of contracts, reviewing businessman’s lease and determining the right business structure. However, the best way to find a good attorney is either by referral or through networking.

5. The businessman is then required to hire a good accountant:

An accountant will work in conjunction with the attorney and he will play an instrumental role in determining the best form of ownership. The accountant can also help the owner to establish bookkeeping and other record keeping procedures which the businessman is required to keep on track for years. Most important, a good accountant will help with tax planning which include ITR Filing, TDS Return Filing etc.

6. Decide on a business structure

The businessman has a lot of choices which include sole proprietorship, partnership, Private Limited Company or Limited Liability Partnership. The Personal liabilities, taxes, paperwork and regulations vary greatly among the different legal business structures. The businessman’s attorney and accountant help to play a key role in assisting him in this important decision.

7. Decide on a business name

It seems obvious and simple, but the name is how the business will be known to the world. The right name says a lot about the businessman’s company. The businessman must make a list of all the potential names and he must then narrow the list down to the one that best describes the company in a few words, while being catchy, easy to remember, easy to pronounce and easy to spell. The businessman must also consider how it would translate to a web domain name.

8. Get all necessary licenses and permits

Along with a business license, the businessman is also required to get additional licenses depending on the type of business and local laws. Many professionals, such as contractors and real estate agents, are required to licensed in the states in which they work. Additionally, he may need licenses to manufacture and/or sell specific products such as liquor, firearms or even lottery tickets and these licenses might be Import Export Code, Fssai License and so on. The businessman must thus Research all the licenses that are applicable in his county and his state. It’s also extremely important to know the zoning laws before the businessman opens a business.

Whether the business is a day or a year old, the businessman or a would be businessman must continuously set goals in order to move his business forward. He must Examine the competition, employees, investors and peers which helps him decide what new goals need to be set and what needs to happen in order to be successful.

An article which would help an entrepreneur to follow certain steps before he starts up his own business which would help him to make his business successful.

Leadership Gifts From the Sea

Estimates of the numbers of species of animals and insects range into the millions. Of them all, it is only the male seahorse that gets pregnant and gives birth. Just as many humans like to hold hands as they walk together, this underwater creatures likes to swim with another seahorse, tails joined. Able to escape predators by virtue of their protective coloration, seahorses use their tails to connect to corals. Then, they use their long snouts to get their food-plankton and other tiny ocean inhabitants.

There are leadership lessons to be derived from this seaside snapshot:

o Be known for a distinctive capability.
o Most work-related tasks are not gender-specific.
o Let your subject-matter expertise be your protective coloration.

Consider these questions and discuss your thoughts with someone whose business acumen you respect:

How many examples can you cite of “linking” with another person to accomplish a leadership objective?
What sustains you?
To what are you “connected”?
How extensive are your networks?
What makes you stand out?
When is it worth copying someone else?

Regarding the uniqueness afforded by the seahorse’s conceivability, be inspired by these observations.

Benjamin Mays:
“Every man and woman is born into the world to do something unique and something distinctive and if he or she does not do it, it will never be done.”

Primo Angeli:
“A great trademark is appropriate, dynamic, distinctive, memorable, and unique”

Brian Setzer:
“If you try to copy Johnny Cash, it’s just going to sound dumb.”

John F. Kennedy:
“If we cannot now end our differences, at least we can help make the world safe for diversity.”

Chief Joseph:
“The earth is the mother of all people and all people should have equal rights upon it.”

Assignment and Application
At least once a year, prepare a one+ paragraph statement of what sets you apart from others. List your unique capabilities, your beliefs, your view of the world–at least the world of business. Include the things of which you are most proud and the things you have achieved in each twelve-month period. Use the assessment as “fodder” for your next performance review.

To help you determine and refine the best that is in you, think about what Anais Nin had to say about what is within us: “Each friend represents a world in us–a world possibly not born until they arrive.” Expand your circle of friends. And befriend inspirational figures–if only by reading about them. Here’s one to get you started.

Cara Dunne-Yates, who worked as a law clerk for the Public Council on Children’s Rights while studying for the bar exam. She has also participated in the Paralympic Games. Additionally, this refuse-to-stay-at-home mother graduated Harvard magna cum laude and then went on to UCLA Law School.

An active life? Yes, but in addition to all this, Cara was a downhill skiing legend with ten medals to her credit. Further, she wpm both silver and bronze medals in international competitions for tandem bike racing.

Two more interesting facts about Cara. She has battled breast cancer. And, she has been blind since age five. In view of Cara’s determination, can you commit to discovering more about your own capabilities?

Finally, if you are communing with God or perhaps seeking His presence in your life, be encouraged by Mohatma Gandhi’s assertion, one that echoes the value of expanding your network of friends: “If you haven’t found God in the next person you meet, there’s no point in looking for him any further.”