While the idea of starting ones own business might be exciting and facincting to an entreprenuer,it may be as frustrating,hence must be done with lots of care,and proper planning from the onset.Regardless of the nature,the rules will always remain the same.let us tackle this case by case: 1. Selecting a appropriate business right for you. - For an Entreprenuer to make a move in his Business start-up,he must firstly carry out a research-This should be in line of or area of expertise.In business as always in life all that matters is being positive,and being positive reference;what you love most,what you had done before and all the other aspect of relative to your profession or career.Take for instance you want to start-up a food kiosk,yet you haven't any basic know how.Aren't you bound to fail. 2. Business Proposal Plan: -Essentially,a business proposal plan simply defines to the; entreprenuer,interested stake-holders a clear picture of what the
business would be or is all about.A good business proposal plan illustrates all that is required,if properly implemented,your business shall not go under. 3. Marketing Research. -An entreprenuer,a businessman/ a trader all falls under one roof-Entreprenuership and with one common aim.Therefore for the start-up business marketing research is very vital,and will act as a back borne for the progress of entreprenuerial business.An entreprenuer ought to know the market place of his/hers commodities.It's advisable to know the targeted consumers and their needs.Entreprenuership is just about turning what excites you into capital,so that you can do more with it.Market research from the onset is vital.In that respect however,Market Research actually involves promoting it and the promotion must be just moderate and fair.It's more so prudent to research if there exists a similar business in your niche.Should there exist equip yourself properly. 4. Employees
or Assistance: -The fourth aspect for an entreprenuer to look into is the number of employees or assistant;Certain start-up small business doesn't find it necessary to engage their work with employees.But I suppose its important for them to have assistant who will help in errands.BIG start-ups finds it a must to employ people.It is recommended to recruit wisely;verify their conducts and enthusiasm to work.Tip:NEVER employ close relatives or close friends since they might take your business for a side and start messing up with it.In my view and experience work with close friends only if it is partnership business.5. Cash Flow Managements:-THE major back borne of any business is money.It's therefore importanct for an entreprenuer to manage cash- in- flows and out-flows.Money taken out of business should be registered in under expense a/c,but again must be credited to drawings account.We all know that money tallen out of business must always be
accounted for.It is one major tool that can bring down fall of a business.Avoid careless withdrawals.
6. Business Specialist-Whether an entreprenuer intends to start-up a business or trades with or without a capital,one the most critical priorities and of the absolute best is to hire a specialist or qualified advisor,specialized in that given area you want to explore. 7. A combined skill s togethe with of a specialist:Apparently,no one can be a jack-of-all trades and hopes to succeed.Whereas the same would apply to an entreprenuer hoping to set-up a business.It's therefore recommended that to combine your knowledge with that of a specialist. -Tip:once you've set up your business of your choice.LOVE it and have a lot of joy for it.Consider that in business there are bad times and good ones.SO keep financial decipline. 8. Financial Managements: Finally,it's important to any
entreprenuership business start-up to adopt a prudent financial management;for the betterment,and good health of a business.Hence an entreprenuer must write books of accounts e.g TRIAL BALANCE,BALANCE SHEETS,TRADING PROFIT AND LOSS ACCOUNT,BOOK KEEPINGS and other inventory books of accounts.*ALL the above aspects if properly implemented,my friend you will always be happy,both in business world as well as yourself.
