Are you an entrepreneur? If yes, then I think you're familiar with the challenges of the business model or starting and building a business from scratch. If you're an entrepreneur, but dream of one day to one, then I think you will find this book valuable.
Why do I write about this topic? I wanted the "10 challenges each face to create a market with zero need for entrepreneurs insight into what to writeExpect when they did start a new business venture. I write about my writing skills to show. Also, I'm not a professional writer, I am an entrepreneur and investor to the core. I just write about my knowledge of the structure of a business with someone who is willing to learn to share.
This article does not discourage or scare to start a business. Instead, I wrote to create this book, and mark on the business challenges to expect and how to managethem. As a popular saying goes:
"If someone has won half the battle."
Here are 10 Business Challenges Every company needs to build one from scratch:
1. The development of vision and an idea:
This is usually the first challenge every entrepreneur. Finding the right job opportunities or the development of a creative idea is certainly not an easy task. I call the "Questions for the idea" the first duty of a true entrepreneur. AsEntrepreneur, you must develop the ability to see what others can not see. As for other problems, you have even more possibilities.
But as options only the first task. The biggest challenge is your ability to forge an opportunity for a business idea. I see this as a business challenge, because the process of converting business opportunities into plans as an attempt to turn base metal into gold. I call it the process of creating value from nothing. " You're not aEntrepreneur, may not be familiar with the process. The process:
- Recognition of a problem
- Seeing an opportunity in the problem
- Coming to a solution
- Develop the occasion in a business idea
- Integration with Business Plan
Another way to "the development of vision and ideas" is a business challenge is that an entrepreneur is sometimes in the role of a magician. Let me explain in detail. While others live in the past andCurrently, a business must imagine and predict the future. An entrepreneur should always be one step ahead of his time, otherwise it would lose its relevance. He must have the ability to bring into the present, what needs to be. Let me give you some practical examples:
In the late '70s and early '80s, while IBM has seen a surge in demand for its mainframe computers, Steve Jobs gave a personal computer in every home, and Bill Gates became the need of user-friendly software for use staffComputer.
While people are flying all seen an impossibility, the Wright brothers turned a flying machine.
At that time, when cars were custom-made just for the rich, Henry Ford introduced cars affordable for the masses.
I think with these few examples, my point is clear. The development of the vision and the idea is the first task of a true entrepreneur.
2. The raising of capital:
After the development of your idea, the next challenge, go to the frontis the challenge of raising capital. As an entrepreneur, you're the only one who knows the idea of the nucleus. You're the only one who knows the history of the future. The attempt by investors to something that is not convinced there is definitely a challenge.
There is more to fundraising than asking simply about money. Most investors want to invest in established companies with minimal risk. In building a business from scratch, raising capital is definitely a businessChallenge, ask.
To overcome this challenge, you must develop the capability, your idea and vision to sell to potential investors. When I say "sell your ideas," I mean to improve your communication skills and presentation. In the game, raising capital, you need a good story backed by a strong business plan. If you're learning to successfully raise capital is concerned, you can view more articles that I wrote.
3. Assembling a team:
The thirdYou have to challenge during the development of a business is the assembly, the face right team. When I talk about a team, I'm not talking about normal people. I speak of a "roundtable Strategic Business Team, which meets regularly to consider ways to say grow your business.
As an entrepreneur, you must have the strengths and weaknesses. This is one more reason you need a strong team that covers up to install for your weaknesses. A team is a necessity in your searchTo build a business. Now looking for a team of business is just the first obstacle, the transfer of your passion and vision for your team is the real piece of cake.
You must strive to ensure that your team does see the future. You need to believe in their abilities and passion have to do with this possibility a reality. If they fail to achieve your vision, if they can not see into the future with you, then I am not worthy to be your team.
Their team of business strategy should be toYour banker, financial advisor, accountant, lawyer or legal adviser and other specialists, which will be of enormous impact on your business. might be a question on your mind, "how do I pay for this team? My answer is that I do not know. You have to find yourself, or better yet, can be considered as a partner on board.
If you still have a team of business for the loss with the idea of the group, then I recommend you take a little time to learnfor the construction of a work team or visit strategicbusinessteam.com some advice.
4. Finding the right location:
You might think that finding a good location is a piece of cake, but I bet that this finding is not a good position at the right price is very simple. I'm not worth anything in this paper, but I hear it, brings it to your message, so you can prepare. The following features should be considered before choosing a site. These functions areReferring to the area of your business:
- The right price
- Easy access to raw materials
- Good road network.
- Basic services and infrastructure
- Sufficient power
- Easy access to cheap labor
- Proximity to high traffic volume roads
- State and federal taxes moderate
- The government economic fiscal and monetary policy
- Inexpensive federal and state laws.
- Current economic and political situation.
5. Finding the rightEmployees:
Most of the authors to manage the process of finding good workers as an easy task. They define an employee's statement as a simple presentation of the job description and the right people will surface. But I think there is more.
Those who know the business, how difficult, hard working, reliable employees can be found. Most employees want to pay for less work and more. Finding a good employee who is thrilled with the performance of its services altogetherdifficult.
Employees are your representatives to your clients and the outside world. They are a reflection of your corporate culture and ethics. If an employee of yours is bad or rude to customers, they portray a bad image of your company. You must be careful when hiring employees. Remember the golden rule of business;. "Hire slowly and fire fast"
6. Looking for good customer
The challenge of business are the sixth floor is a challenge to good customers.Note the keyword "good customer". If in the process of building a business from scratch, you get to find out that there are good and bad customers' accounts.
You must be really looking for customers badly. Good customers are really hard to find. A good customer will be loyal to your company and will be ready to forgive, if you make a mistake and apologize. A good customer is trying to do the right thing, that benefit themselves and society to another.
A badCustomers can always use the gap in the company's policy and watch a couple of gains. Bad clients will always try to use the company's goodwill and look for ways to tear the company. Customers are responsible for bad loans.
good customer build your business and bad customer will always seek to liquidate. So how do you lay off employees, you must be willing to delay the bad customers without fire. In the game of trying to find a new customerAlways remember that the customer is McDonald's claims in court, sued the coffee was too hot.
7. Ahead of the competition:
Competition is the next challenge you will face. Most people see competition as a nuisance, but I see competition as a challenge. I see competition as a benchmark for creativity, the main driver of innovation and quality products at reasonable prices. Without competition there is no innovation without innovation and stagnation, the world.
I seeThe competition as a welcome challenge and I want you to do the same. Competition keeps us alert and always pushes us to continually improve our products and services. But you should be warned. Competition can your business lose their relevance, so they always look in the eyes of your customers. At this point, I leave you with a quote:
"If you do not have a competitive advantage not to compete." - Robert Kiyosaki
8. unexpected challenges and costs:
Just like a sailorprepares unexpected storm, like a pilot always watch for the unpredictable weather and thunderstorms, then a contractor for everything that happens, be prepared. unexpected challenges can come in the form of:
- Unexpected claims
- Inconsistent government policies
- Not able to make payroll
- Non-payment of bills and taxes
- Resignation from office staff unexpectedly sensitive
- Bad debts from customers
- Loss of market share
- The decrease in workingCapital
- Insufficient stock or inventory
These challenges can ruin your plan, if not managed a successful business from the ground to build new ones. Another challenge is expected to have an unexpected increase in operating expenses. If not managed properly, could result in negative cash flow constant, and finally bankruptcy.
9. In step with the industrial changes and trends:
Trend is a real business challenge for you to be prepared. Trends havemade and broken many companies. I know that many profitable companies which dropped from light industrial changes and trends. A typical example is the tendency dot com, where many industrial society-based companies with new web-based dot-com have been swept away.
When the dot com era began, with only two options were entrepreneurs. Or join the dot com train them or train from the dot com crushed.
experienced entrepreneurs know that the tendency is always a friend andare always ready to adjust rapidly their activities with the current trend. Keep your eyes open, you can see the trends really a challenge, but the great task of your skills will soon be with the trend to your advantage.
10. Leaving the business:
"In the world of business and investments, your most important output of your voice A good rule is this, .. stop, before you" - Robert Kiyosaki
In building a business from scratch, you will face the businessChallenge to determine your exit strategy. As the quote above states, you must plan your exit strategy before commencing their activities. Most entrepreneurs run their business without leaving any plane and even if they have an exit strategy, they find it difficult to implement it.
Before you start a company, you should always leave a plan. There are reference points that you can determine your exit from the business. Most of these entrepreneurs is smart as a reference pointObjectives and once this particular goal is reached, leave the store. Examples of such parameters are:
- Annual turnover
- Annual turnover
- Asset Base
- Market saturation
- Customer base or the number of users. This is more for dotcom companies.
Well, when it comes to exciting business, there are three exit strategies can be applied. The exit strategies are:
Turning the business professional managers: If your company from a certain levelof maturity, you can stop turning over to professional managers. In this case, the business is still yours, but I'm not involved with their daily affairs. You will have to take the administrative role, the role of a watchdog. When you leave this way you have more free time to look at other projects or to retire.
private sale of the company: in this case, you are leaving the business with the sale to a private investor. In business, it iscall M & A (mergers and acquisitions). After the sale and transfer of assets is complete, you have nothing to do with the business again.
Among the companies on the stock market: What makes this kind of exit strategy is that while the sale of your company (shares), the public investors who still hold and control the business.
Please, before you use this exit strategy, I suggest you consult your lawyer or legal adviser. But ultimately it is up to youwant to apply to the exit strategy, you decide. Always remember, the output is more important than your contribution. "
learn at this stage, I thank you for reading and have the time. Until I come to you again, remain blessed.
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