Do You Have What It Takes To Start Your Own Business?
Have you ever dreamed of starting your own business? Maybe you have thought of working from home on an online eCommerce business or you have considered another field in which you are passionate. You may just want a “side gig” that will begin to get you out of the rut of living from paycheck to paycheck. There are many business opportunities out there for those who are willing to create a plan and follow through with the hard work.
But, where do you start? How can you think of the right product or service that others are willing to buy?
Brainstorming Techniques for Entrepreneurs
You may want to start with brainstorming, where the purpose is to create a large volume of ideas. By brainstorming with friends and family, or using a tool like Scamper to generate ideas by yourself, you can quickly come up with some possibilities.
Your First Idea
You can also go about deciding on your company’s product or service by exploring your environment. Do you have a solution for an existing problem that impacts people you know? There are thousands of problems in the world. You can create a product or service that can provide a solution to one of those problems. Maybe you can improve a product that is already on the market. You see products at home, in ads, at stores, etc. Just take a product that is already out there and improve it. Observe the people around you to find countless common problems that need your solutions.
Find out about the current hot trends. You can learn about new trends by watching T.V., reading magazines, surfing the net or by borrowing a teenager. Just create a product that is related to the current hot trends.
Implementing Your Plan
Finding the right product, though, is only the first step. Once you have your ideas, you will need to create and implement your plan. That is where a degree in business management will help. Starting a company requires skills and knowledge of the business world, including accounting, marketing, leadership, entrepreneurship, business development, quality management, computing and several other areas. These business skills combine with transferable skills (time management, work ethic, persistence, etc.) to create business leaders.
Do you have what it takes to become a successful business leader and entrepreneur? In the article 10 Traits All Successful Entrepreneurs Share, Thomas Smale, writing for Entrepreneur.com, suggests the following traits for entrepreneurial greatness:
- Full of determination,
- Not afraid to take risks
- High level of confidence
- Craves learning
- Understand failure is part of the game
- Passionate about his or her business
- Highly adaptable
- Good understanding of money management
- Expert at networking
- Ability to sell and promote
Traits of Great Business Leaders
In a related article, 10 Traits of Great Business Leaders, Micha Kaufman, a contributor for Forbes, describes some of the more important characteristics of business leaders as persistence, resilience in the face of negative feedback, surrounding yourself with talented people, continually striving for greatness, fearlessness, toughness and passion.
So, once you have your idea, the skills and business knowledge, and the traits and characteristics of business leaders, how do you put everything together? You create a business plan! Although there are all sorts of formats for business plans, the most important aspect is to ensure you use specific actions. These actions can be described in paragraph form or in bullets, as long as they guide your efforts toward reaching your vision.
Writing Your Business Plan
Writing your business plan will help you in several ways. You are creating a motivational goal for yourself and creating your action plan for accomplishing company ownership. Some of the plan’s components will also be included on a website and marketing materials. You may find that your business plan is required by loan officers, government contracting, or other entities.
You Can Do It!
Don’t just dream about starting a business; do something about it! Brainstorm your ideas, get your education in business with a business leadership degree, work on your transferable skills and create your business plan. You can do it!
If you are interested in pursuing a career as an entrepreneur, Fremont University offers a 15-month Bachelor of Arts completion program in Business Leadership. Upon enrollment in this program, students will have the opportunity to work with a dedicated Career Development team, which is committed to supporting students in their pursuit of employment upon graduation. *
*In no way does Fremont University promise or guarantee employment or level of income/wages