Every one in the world want to be the boss of their own business. This may be their passion or their ambition. While they going to reach their objective they may face some visible and invisible disturbances. The success of their business relies on, how they overcome those problems with their limited resources and unlimited experience.
Most of the successful business men or women have some sort of painful stories. But they wont think of those pains for their life time.
Here are some points which are important to the new Entrepreneurs to start their own business.
- POLICY OF BUSINESS
Each and every person have some kind of policy. Their policy may be their strength or the weakness. The success of the entrepreneur relies when he adopt policies according to the business environment.
The different between successful and unsuccessful business is, how they adopt their business policies and how they implement it.
- DO THE BUSINESS YOU KNOW VERY WELL
Who ever want to start a business should think of doing business on their known field. Because this will help the person to use the knowledge he gained to use it in his business.
Some of the successful entrepreneurs didn’t had enough knowledge when they started their business. But they learnt while they implement their business strategies.
- TAKE THE RISK
The success of the business is fully depending on the risk taking ability of the entrepreneur. The risk and the return are the positive correlative factor. If the entrepreneur is risk taker then the return will be attractive too. At the same time there will be good chances to getting negative returns as well.
But risk taking is also a kind of art. The successful entrepreneur is who taking high or lower risk according to their expectations and their experience.
- THE PERSONAL INVOLVEMENT
The personal involvement means, where entrepreneur enter into a business personally. The uniqueness of his ideas will make him to be in front in the market. Therefore its better that new entrepreneurs discover unique ideas and follow up.
- EARLY ADOPTION AND EARLY REACTION
The early adoption and early reaction to the business environment is much necessary to the entrepreneur to achieve success. Because the market change depend on the consumers need and their wants. So the successful entrepreneur follow the market and change rapidly according to their changes.
The location is a critical success factor in a business. The success of the restraints and hotels are good example for the locations for the businesses.
- CREDIT POLICY
The credit policy of the entrepreneurs is an important factor to the business. The risk and the returns mainly depend on their credit policy. The credit policy help the entrepreneur to decide how much risk he is going to take.
These are specially designed for the entrepreneur to decide of the banks loan.
But its all depend on the entrepreneur’s risk taking abilities.
- MAINTAIN PROPER ACCOUNTING AND MANAGEMENT STYLE
To maintain a proper accounts and the management style it is necessary for the entrepreneur to maintain a good cooperate culture. This will help the entrepreneur to grow up the proper management and cooperate cultural discipline for his future survivals.
- AVOIDING ILLEGAL TRANSACTION
The entrepreneur should not engaged with illegal activities such as black market and the control price manipulations. These can be considered as a black mark ion the enterpreneur for his future development.
Maintaining a good relationship between the tax authority and the local councils is also necessary to the entrepreneur to succeed his business.
- BANK RELATIONSHIP
The entrepreneur should have a good relationship between banks and the other financial institutions to get the necessary financial supports when he needs.
Especially banks are providing advice to entrepreneurs on how to run small businesses and how to maintain the market shares. For some purposes the bank loans are good to be taken to get valuable advice from the expertise panels.
The advertisement boost the business. This has become an important factor to decide or to maintain market shares. Some companies spend heavily on the advertisement to introduce their new products and to grow their market.
- CUSTOMER SATISFACTION
This is the first and the last factor which is a dominant factor to decide whether the business is success or not. The customers should be treated as kings and their requirement should be fulfilled according to their wish accordance to the company mission and visions.
All the above factors will help the entrepreneur to satisfy the customer need and understand their requirements only. If not the survival will be questionable.