The Journey of Entrepreneurship- Episode 1- Assessing your Business Idea

Going into business without having the necessary experience or background could be tricky. Oftentimes, people who went to this area failed because they haven’t equipped themselves with the necessary knowledge and skills that will protect them during difficult times.

Before soaking your feet into the business world it is important to have a vision of what kind of business you would like to do and whom you are going to serve. Creating a Business Plan could help you to organize your endless ideas about the company you are going to start. Business Plan doesn’t have to be that long, it can be written with just a few pages. You just have to write your “WHAT, WHERE, WHEN, WHO, WHY and HOW” into paper so you’ll have a business guide and to make you a wiser Entrepreneur.

Discouragement is inevitable along the way so it is important to know your WHY because this will help you to keep going while taking the entrepreneurial journey; it is your fuel to move forward.

Market Research is also important, most likely your business is not pioneering in your area. It is important to know your competition and make yours distinct from your competitors. Your customers’ interest must come first before yours- to make your business successful. Knowing the needs of the people in your area and finding ways how to best serve them can make a good business. Serving people can generate revenue and revenue can make a profit and profit is essential to a sustainable business.

As a NEW Entrepreneur, things are overwhelming and easy to get lost. Thus, finding a mentor who has been in the business for some time while you are still in the learning curve is ideal -to avoid big losses.

Generating money is important however money management is another skill which everyone who is doing business must-have.

But besides work and money, it is most important to work wisely and does not compromise your personal existence by balancing all aspects of your life. Always be reminded that you ‘work to live’ and not ‘live to work’, find your balance and still enjoy life.

Relevant Topics:
Podcast Episode 2: The Journey of Entrepreneurship-Business Plan
Article: Creating a Business Idea for Startup Entrepreneurs
Article: 75 Ideas for Business you can Launch for Cheap or Free

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