GUIDELINES FOR SUCCESSFUL ENTREPRENEURSHIP - Blog

GUIDELINES FOR SUCCESSFUL ENTREPRENEURSHIP
GUIDELINES FOR SUCCESSFUL ENTREPRENEURSHIP
jan 17th,2016/ Entrepreneurship

’’Failure is simply the opportunity to begin again, this time more intelligently.

Running a family is no piece of cake and so is starting a business from scratch. It requires a lot of hard work, determination, commitment, intelligence and creativity to emerge successful. It also involves a lot of research and analytical underground work in combination with learning important lessons through trial and error methods when you embark on your entrepreneurial journey. You also cannot ignore the fact that most of the women entrepreneur face specific challenges at the time of starting their business as the industries today are still dominated by the men and still there exists the perception that women start business merely as a hobby rather than a serious business endeavour.

To change the mind-set of the society and also to ensure that you reap profits and success in your business venture you need to keep in mind a few basic principles.

GUIDELINES

If you have a thought that has been there for quite some time at the back of your mind, then the only way you can begin is only formulating a business plan. List down the goals, mission statement, highlights and the purpose of starting the business venture. Pen down the unique factors that sets your business apart from the rest of the crowd and also have a rough financial plan drafted out.

Irrespective of whether you wish to start a small or large scale business you need to decide on what you are passionate about and at the same time choose a business the blends well with your personal life. For instance, starting on the business that needs frequent travelling may not exactly suit you if you have a family and a kid to take care of. Think wisely and choose a business that works for you.

Have faith and confidence in yourself first. Trust your instincts as it really motivates you to move forward in your journey.

It a common myth that at the time of launching businesses there exists a whole load of legal rules to be fulfilled. Get one thing clear and straight, put in all your brains and focus in having an excellent business idea. Gear yourself with the required management skills to make your business run smoothly. Remove the fear factor associated with the legal aspects. It would eventually fall in place. There are many more important things than the legal aspects for a business. So relax and leave behind the legalities.

It is simply not practical to know everything while starting your business. Certain aspects such as website design, creating marketing plans and so on may not really be your areas of expertise. In such circumstances, seek advice and guidelines from experts. Surround yourself with people who are smarter and knowledgeable than you.

You have your business goal, the time needed to achieve your goal and the next thing you do is work towards it. Aren’t you missing on something important? You need systems in place to reach your goals. You need to allocate the time required along with the tools to reach your destination. Have a roadmap with milestones at regular intervals along with effective working systems in place.

Carry out a thorough analysis of the financial options available to you. When deciding on investors or bankers remember to approach lenders who have been working preferably with women business owners. Network and build relationships with other women entrepreneurs and gather information as to who can offer financial assistance.

It is a fact that finding women role models is a difficult task at hand as the entrepreneur industry remains male dominated to a large extent even today. However, it is not impossible to find a skilful and knowledgeable advisor to travel along with you in your entrepreneurial journey. A mentor would provide unstinted support, guidance and encouragement as and when the need arises.

Interact with the business world and have conversations with like-minded people. Their advice and thoughts are invaluable and sure to help you in some way or the other. Networking also projects to the rest of the business world that you are an emerging respectful business owner. You can also gather a lot of information on who your competitors are in your local area.

A boon to the current generation of entrepreneurs is using social media channels to promote their business online and market their products to a wide web user base. Enrich your knowledge with the various social media channels available and choose a one that is suitable for your business.

In the end, it is completely about meeting the right people at the right time who would eventually guide you to acquire prospective clients. All the very best!

About us

Women Entrepreneurs India is an independent initiative established with a social perspective in order to help women entrepreneurs grow in their fields of expertise. The organization was established in 2013 by Mahalakshmi Saravanan and has been providing compete support to women entrepreneurs. It facilitates training programs; education on new venture financial avenues, feasibility and enterprise benefits; motivation; encouraging innovative business ideas; support on product and services marketing and provides mentorship.

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