Entrepreneurs And Planning

By Author: Bryan Romelfanger
Total Articles: 2
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You have an advantage over big businesses in that you're lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime.But being a successful small business- requires that you look at the big picture and follow a plan through from beginning to end. And, this includes an overall business plan as well as a financial plan. Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine gives some practical guidelines that can help you when growing your business:1.Don't Quit Your Day Job.Consider starting your enterprise part-time, especially if it's online, while you're working and have a steady income. It usually takes six months to a year to get a business going and you don't want your ability to make your house payment to hinge upon your enterprise being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.2.Find Your specialty.The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a need—something a specific group of people want, but can't ...
... get at the big chain stores—and fill it. Advises Lesonsky, "You can't compete with the big guys, so you have to find where the big guys aren't and go into your target business."3.Have an Online Presence.Even if you're not planning to start an online retail business, consider that the internet can still play a valuable role in your small business. Having an online presence eliminates the limitations of physical location and broadens your customer base by, literally, millions. It's also a great tool for promoting yourself and letting people, even in your own area, know that you're there, and what you're doing.4.Refuse to Give Up.Being a successful business owner- requires creativity, energy, and a drive to keep going when you flop. Few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which flopped—but he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs- from unsuccessful ones. Says Lesonsky, "Arm yourself with optimism to get beyond the ‘No' or the trouble. There's nothing wrong in failure—just don't repeat the same mistake!"And, don't neglect your financials and planning forecasts. As you start and run your small business, the products and business itself will be your passion. But, it's important to go over your financials, accounting and sales results on a regular basis. Some tools and technology make that easy. But, you can still do almost everything you need with a desktop spreadsheet package like Microsoft Excel.