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Peter Barta

About entrepreneurship – or how to build a successful business venture

About entrepreneurship

Or how to build a successful business venture

1 Dilemma 2Construction

35 myths about

entrepreneurship

Dilemma

Can I be an entrepreneur?

1

For an economist, an entrepreneur is that person that brings resources labor, materials, and other assets into combination that make their value greater than before, and also introduces changes, innovation, and a new order.

To a psychologist such a person is typically driven by certain forces – the need to obtain or attain something, to experiment, to accomplish, or perhaps to escape the authority of others.

To a businessman , an entrepreneur appears as a threat, an aggressive competitor, whereas to another businessman the same entrepreneur may be an ally, a source of supply, a customer, or someone who creates wealth for others, as well as finds better ways to utilize resources, reduce waste, and produce jobs, others are glad to get.

What is an entrepreneur anyway?

Common behaviors for entrepreneurs

Although being an entrepreneur mean different things to different people, there is a common agreement that all of them are driven by 3 common behaviors: 1. Initiative taking2. Organizing and reorganizing of

social and economic mechanisms to bundle resources in innovative ways

3. Accepts risks, uncertainty, and/or potential for failure

2 Construction

8 questions to ask yourself before starting a business venture

Mantra behind every successful business venture is repetitively simple: find a need or desire after which identify a way through which you can fill that need or desire at a price that the beneficiary is willing to pay.

Power of a business

Or even simpler then that find a pain (need or desire) and then offer the antidote (business venture offering) at a price which the beneficiary is willing to pay.

Don’t be like 95% of wannabe entrepreneurs who think they have a great idea and jump into business without careful planning.

Power of a business

Question no.1

Who am I?

Who am I?

Starting and running a business is a lot like running a marathon. There will be highs and lows, and the prospects are both exciting and scary. To maximize your chances, analyze your strengths and weaknesses.In order to be able to run a business you need determination, persistence, creativity, flexibility and a steep learning curve. Will you be able to develop and strengthen these characteristics. How does your business idea fit your personal skills and goals?

Question no. 2

What business am I in?

What business am I in?

Carefully define and detail what your product and/or service are.

You can use these simple questions:• What problems do I solve? • What benefits do I provide? • Who are my target customers that

would buy my product or service? • Consumers? Organizations?• Where are they located? • How will I reach them?

Question no.3

Is my business idea viable?

Is my business idea viable?

In order to find out, market research is essential so that you can answer such questions as:• Who will buy my product?• Are there enough potential customers for

me to make a profit?

Identify and analyze what your competitors are doing, and how what you offer is sufficiently different to attract customers.

Question no.4

What is my market niche?

What is my market niche?

• What is unique about me and my business?• What do I want to be known for?

HintHaving a niche does not mean offering the lowest price. Any competitor can charge less. A market niche is what makes your business stand out from the pack.

Question no.5

How will I market my business?

How will my market my business?

The marketing strategy you choose must do two things:

1. Reach your target customersand2. Fit your business because you must continually market your business

Hint:- When you start your marketing

activities focus your activities on those clients that are easier and cheaper to reach

- Count the clients to whom you can get free, or almost free, and test them as being your first market.

Question no. 6

How will I finance my business?

How will I finance my business?

The flip side of the question, “Will I make enough money?” is “Do I have enough money to get started?” In order to make generate some money you

need to have a good product or service, and a real market for it.In order to sell your offering you need to ask for a price, in order to do that you should analyze: Similar product or services (ie. Different

umbrella brands) Competing solutions (ie. Umbrellas, capes

and raining hats) Substitute products or services (ie.

Accessories, boots, etc.) For all the goods or services that you are

offering you need to calculate the value of what you are offering to your clients through what they would lose if they wouldn’t buy your offering

Question no. 7

Why do I need a business plan?

Why do I need a business plan?

Now that you’re decided to go into business and you have done your research, you are ready to write a BP.

Planning ahead can mean the difference between success and failure.

Question no.8

Will I go into my own business?

Will I go into my own business?

Are you going to run the marathon? Answering the above questions carefully will help you make a well informed decision.

Remember: Even though there are obstacles along the way, a marathon always has a well-planned course to follow.

3 5 myths about going into business for yourself

Couple of myths about entrepreneurial ventures

Myth no. 1

I’ll try it out and see how it goes?

Many people who are between jobs decide it’s as good a time as any to start a business.However, choosing to go solo by default is not a wise idea. Starting a business is very demanding and includes long working hours, financial investment, and, of course, no regular paycheck.

Myth no. 2

When I’m own boss, I’ll avoid corporate politics

Just because you’re the boss doesn’t mean you don’t have anyone

to answer to.You will have many

more bosses than you ever did as an

employee – bosses called “customers”, “corporations”, or

“investors”

Myth no. 3

I’ll have more free time and flexible work hours

If you think you will have time to spend on your hobbies, play tennis a couple of days a week, and schedule time off whenever you want, think again.

The first few years you will most likely spend sixty to eighty hours per week getting your business running.

Myth no. 4

All I need is a good idea

There are many wonderful ideas and products that have never seen the light of day. It’smuch easier to come up with ideas than to implement them.

Myth no. 5

After a few years, I’ll make a lots of money

Unless you are lucky or backed by a venture capital, you probably won’t get rich quick.- In the first year of business, you may only make approximately 20% of your most recent

salary- By years three or five, your profits can begin to grow substantially

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