your own entrepreneurship – TP Javeton WebNet

Fundamentals

Success in your own entrepreneurship – or small business – may depend on a lot of different things, and many an entrepreneur would achieve instant wealth if they had the formula that could be patented and sold to other entrepreneurs; but there is no such formula. Many so-called experts will tell you what does NOT work for achieving entrepreneurial success, instead of what does.

It has been said that success in business has nothing whatsoever to do with salesmanship, and little to do with a knowledge of your company’s products or services. That also is incorrect, because the lack of salesmanship or product knowledge will surely be a one-way ticket to the dump heap of so many other once-promising enterprises whose owners didn’t bother to learn how to deal with their market or convey to that market why their product was worthwhile.

While salesmanship and/or product knowledge will not be the only skills you need to succeed in business, when they are combined with other important and fundamental principles your success or failure at anything you do in life will certainly be determined. Those other principles are your A,B,C’s, Attitude, Belief and Consistency. Let’s take a closer look at these basics.

Attitude

Possibly the most important of the three principles mentioned above but useless on its own. It’s no good having the best attitude in the world if you sitting on one’s own in a closed room not talking to or exposed anyone else. So what is attitude apart from how one feels about oneself and others. Attitude can best be described as a shining through of your inner self.

Your face is transparent, totally transparent and your attitude shines through whether it’s positive or negative. The instant that a prospective customer sees you maybe even before you see him, your attitude comes through. The customer sees it, maybe only subconsciously and will react accordingly.

We all know that the first thing any salesperson has to sell is his/her self even s/he they begins to talk. If s/he can’t sell the public on who s/he is and what s/he represents then s/he might as well turn round and go home and go back to bed. If salespeople can’t sell themselves they wouldn’t be able to sell an iced cold drink to the most thirsty individual.

So when we get up in the morning and do our consistency things let’s get a really big warm smile from within feeling good about ourselves and keep that all day. When we go about our business we need to keep our good attitude with us. If we can’t also be in the place where we are physically there’s no point being there in the first place. It’s easier to ride a horse in the direction that it’s going.

Belief

An absolute and genuine belief in our business, it’s products and services and the benefits it can provide to ALL customers who use it. Belief is commitment. Total commitment to and in what you are representing to the marketplace. You have to be ready, willing and able to demonstrate to anyone in your presence how your product/service benefits YOU and your family; and why it is without question the best thing of its kind you have EVER seen in your life.

Consistency

We get up every morning, we brush our teeth wash, get dressed have breakfast. We are consistent in our actions. We do it every day. We need to do the same with the tasks associated with our business for the days that we have chosen we are going to work, be it 1 or 7 days a week. We need to take mental notes of each positive action we perform and be prepared to repeat it whenever necessary.

However, we need to do the same thing for the negative actions we took so we can avoid these kinds of actions at all costs. Developing good habits comes with repetition which means that we need to be consistent in positive actions, and just as consistent in the elimination of negative actions that can take down our enterprises. We need to concentrate on the actions not on the result. I’ll repeat that, we need to concentrate on the actions not on the results.

Methodical approach

When we go mountain climbing, if we would continually look at the summit we would soon trip up and fall. We need to concentrate on each small step at a time, one after the other and as surely as the sun goes down we will reach our summit. So the combination of all the important ingredients that determine your success or failure must be taken and utilized together in order to be effective.

Definition and characteristics

In one of my recent posts the question of entrepreneurship was discussed from a standpoint of definition; and although the definition may differ slightly from person to person, entrepreneurship is about a set of principles and values that are seldom found in other areas of life. The way an individual approaches his/her own livelihood and the support of family and lifestyle provides the answer to whether or not that individual is an entrepreneur capable of operating an entrepreneurship.

Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently in one’s control. According to Wikipedia entrepreneurship is defined as “the act of being an entrepreneur, which can be defined as ‘one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods’. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity”.
Dictionary.com defines entrepreneur as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk”.

Must you be the rebel–mouthy and opinionated? Do you like the thrill of change, always eager for the next new venture? Is your idea of security to never be the victim of a corporation’s downsizing or reengineering? Are you a fiercely independent risk-taker who can comfortably handle the uncertainty of being responsible for your own paycheck? Do you have to possess these characteristics to be an entrepreneur?

Answering “yes” to these questions (except the last one) can put you firmly at the helm of your own entrepreneurship; But the answer to that last question need not be yes for you to qualify to run your own entrepreneurship because you can be, for example, less “mouthy and opinionated” and still be a successful entrepreneur, live a happy, rich life and be in control of your life and career.

Bare essentials & the research

If you start your entrepreneurship on the Web, you could begin operatiing with as little as $100 in seed money and your experience in your position at your current job and/or past experience. It is reasonable to assume that you’re putting in the required hours, if not more, at your current job, so you may have to work part-time from your home computer for a period of time before your business gains enough momentum that you could quit your day job. And obviously you can continue to work from home until your business income reaches levels of success that affords you some time to relax or do what other successful people do.

All this can be done if you have the passion, commitment and intuitive vision for running your own entrepreneurship. But somewhere along your road to successful entrepreneurship, you’re going to need a secret formula or USP (Unique Sales Proposal). Yes you need a passion for the thrill and independence of being an entrepreneur, but you also must have the commitment to follow through on that passion. Here’s are a few ideas which you can use as your success formula to help you get on your way.

First you have to know where you’re going, so research your chosen industry. Identify types of businesses that match your passionate vision and aptitude. Explore areas that show growth potential and, using your experience and insight, look for a need not presently being filled.

Find a successful company similar to the one you envision owning, and study how it started and how it grew. Learn as much as possible about the entrepreneur behind it. Devour books and publications related to your business concept. Talk to other entrepreneurs to discover their best practices.

Vision and action

As an entrepreneur-in-training, you’ll need to build basic and advanced leadership skills. A successful entrepreneur is a bold visionary, seeing what others cannot and willing to follow that vision despite naysayers. Many entrepreneurs never finished college, but that hasn’t stopped them from owning large companies like Dell Computer and small companies like neighborhood restaurants and consulting firms. They relied heavily on their visions, not on MBA programs.

Entrepreneurs handle ambiguity with ease. They get a thrill out of leading the way into unfamiliar territory and thumb their noses at failure. Fearless pacesetters, they are usually mystified to find they’re weak at operations and management.

That’s okay. Other people can manage for you, but you must be the guiding force that inspires your managers and staff to follow your vision. You’ll shoulder responsibility and hold yourself personally accountable for the outcome. As a leader you have to focus on the big picture and trust others to focus on the details. People who do it all are self-employed but not entrepreneurial.

You must also be an actor. You act and get things done by delegating, subcontracting and leveraging other people’s talents. You’re innovative and unwaveringly determined, willing to put in fast-moving 16-hour days to reap the rewards of independence, creative freedom and unlimited financial gain.

Learn to be a marketing genius. Everything is marketing, from the way you say “good morning” to the contacts you make. You sell ideas, products and services to potential purchasers by getting inside their minds and creatively communicating benefits.

Above all you must grow your enterprise and make a profit. People who say, “I love it so much I’d do it for free,” are not entrepreneurs–they’re volunteers. Most entrepreneurs are willing to start small and grow slowly, but they fully expect to make money. There is nothing noble about being poor or failing financially.

The Strategy

When you know where you’re going and have the courage to act, the only thing missing is the strategy for getting you there – but this is no small thing. Jumping into business without a strategic plan is like jumping in the ocean without knowing how to swim. To create the strategic plan, envision your enterprise exactly as you want it to be. Then write down your goals and objectives for achieving that vision. For each goal, create a strategy and a target date for achieving it.

Assess your strengths. You already possess knowledge, skills and experience your enterprise will draw on. List all your strengths that apply to your enterprise. Then appraise your challenges. They might involve market penetration, profitability, expertise, competition or location. Challenges change as your enterprise changes. How will your challenges impact your goals?

Act the part

Finally, act like a CEO. Create an income and spending plan. Know where your money is going, question every expenditure and keep the cash flow positive. That means taking in more money than you pay out, plain and simple. Make a budget and stick to it. A CEO gets things done through delegation, so create a framework of people who can help you achieve your entrepreneurial vision. Even if you work solo, you can benefit from a myriad of talented consultants, vendors and subcontractors.

If you stick to it and don’t quit on your dream, you’ll look back years from when you started with that small investment and a vision fro your own entrepreneurship, and you’ll probably smile. But whether the smile comes or not you’ll feel a burst of pride within you. That comes as a result of all your hard work, long hours and sheer determination that was necessary to make it happen. You might utter these words: “I did it”!

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