Tuesday, 20 June 2023

Key Considerations and Strategies for Successful Entrepreneurship

 

 

Entrepreneurship



Before entrepreneurs start a business, they must have a clear entrepreneurial direction before deciding to start a business. If you choose a certain industry, you must accumulate some experience in the industry before starting a business, collect relevant information.

First, entrepreneurship must have sufficient resources

  • Business resources: what is the mode of making money;
  • Customer resources: who will buy;
  • Technical Resources: What Earn Customers' Trust?
  • Management resources: how capable it is;
  • Financial resources: whether there is sufficient start-up capital;
  • Industry experience resources: accumulation of industry information and common sense;
  • Industry access conditions: certain industries are protected and restricted by some policies and need to enter the qualification conditions.
  • Human resource conditions: whether there are suitable professionals.
  • Second, think carefully before starting a business.
  • First, why should I start a business? Is there enough determination to take risks? Are past interests willing to be given up?


Second, do I have the ability and quality that an entrepreneur should have, can I withstand setbacks, do I have comprehensive quality, or do I have special technical expertise?


Third, what are the core resource advantages of my entrepreneurial success? What do I have: sufficient capital? Industry experience? Customer resources? Technological innovation? Business capability? Is there a clear advantage over the competitors you are about to face?


Fourth, whether you have enough patience and endurance to go through the consumption of the entrepreneurial period, estimate how long it will take to go through the bottleneck stage of entrepreneurship, and how long you will be prepared.


Fifth, what is the biggest risk of starting a business, what is the worst outcome, and can I afford it? Don't just think about the optimistic side, you must be fully prepared for risks, otherwise, when you encounter a reality that is different from imagination, it will cause confidence to waver.
 

3. First have a business, then start a business.

 


Before starting a business, entrepreneurs must have a clear entrepreneurial direction before deciding to start a business. If you choose a certain industry, you must accumulate some experience in the industry before starting a business, collect relevant information, if possible, you can first consider entering the industry to work for others, and accumulate experience and resources through part-time work experience. Then the "tuition" is naturally paid by other bosses, so you don't need to pay tuition fees when you start your own business, industry knowledge, customer resource channels, profit models are available, and then start a business, success is just around the corner.


4.Business ability is the most important.


The ability to make money is the most important, as long as there is a very good business ability, it will naturally find investors, and many investors are looking for good projects to invest in every day.
Many young people in the entrepreneurship, too much emphasis on the influence of capital factors, in fact, although the entrepreneurial conditions are very important, but not the most crucial, the most important thing is the entrepreneur's personal management ability, especially business ability. If money is the fundamental factor, well, I will invest 1000 million for you, what do you operate, do you have anything to ensure that you make money? I think many people probably can't guarantee it, and they don't know what to invest in, so the funding factor is not the only one.


A better choice for an entrepreneur is to enter a successful company with a plan and strategy, first gain the trust of the boss, and then find the opportunity, and suggest the boss to invest in new projects from the perspective of company development, so that the opportunity to start a business will have, as the proposer of the project, it will naturally be given a heavy responsibility by the boss. Many enterprises will have the need to develop new projects. If you take the liberty to find someone to invest, there will not be too many cooperation opportunities, the key is a question of trust, Ping Shui meets, why should people trust? The management control of domestic enterprises is weak, and when enterprises employ personnel, they care about loyalty even more than they attach importance to ability.


From the internal entrepreneurship of the enterprise, there are many favorable conditions: the support of strong capital strength, management guidance, the sharing of comprehensive resources, the utilization of business resources, the use of brand image, etc., if the business of the startup company and the business of the parent company have continuity, or correlation, it is easier to succeed in entrepreneurship.


5. Entrepreneurs have a better choice with plans and strategies.


Enter a successful company to first gain the trust of the boss, and then find the opportunity to suggest the boss to invest in new projects from the perspective of company development, so that the opportunity to start a business has, as the project initiator will naturally be given a heavy responsibility by the boss, many enterprises will have the need to develop new projects, if you take the liberty to find someone to invest in cooperation, the opportunity will not have too many key "trust" problems. Why should people trust when they meet Ping Shui? The management control of domestic enterprises is weak, and the importance of loyalty in enterprise employment even exceeds the importance of strength.
There are many favorable conditions for intrapreneurship: "Strong capital strength support, management guidance, sharing of comprehensive resources, utilization of business resources, brand image support, etc. "If the startup has continuity or correlation with the parent company's business, it is easier to succeed in starting a business.


6. The best age to start a business


The best age to start a business is generally between 25 and 30 years old. This period is the peak of the most active innovative thinking, the most energetic, the best brain, and the most creative desire. Especially in knowledge-intensive industries such as network software, advertising, planning, consulting, securities, and investment, "experience" is no longer important, the important thing is "innovative spirit", and people are the most innovative before the age of 29.


Relevant experts pointed out that the essence of the new economy is innovation, which is to promote the full use of individual potential. Everyone is encouraged to innovate in all possible directions. Innovation and speed are the true connotations of the new economy and the undefeated laws of market competition.


The survey also shows that an innovative talent must have the following seven characteristics: have an innovative spirit; Dare to be different; Passionate about the profession you are pursuing; disregard for the accumulation of wealth; Strong learning ability; Willing to face work challenges; Knowledge is constantly updated and value-added. If you only rely on experience to do your job, it is already a bit outdated for entrepreneurship.


7. Industry selection for entrepreneurship


Always choose the industry you do best in. But creative industries are something that everyone, especially young people, should pay attention to.
 

8. Be prepared for failure


According to the survey, the average life expectancy of abc technology enterprises is only 3.7 years.
 

9. Always learn


Check out the relevant newspapers and magazines. There is also a lot of content online.
According to Jeffry A. Timmons' New Venture Creation, a classic textbook in entrepreneurship education, entrepreneurship is a way of thinking, reasoning, and behaving, driven by opportunity, requiring a holistic approach and harmonious leadership.




 

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