How to be a successful entepreneurMany people think that just because a person has a business degree, he has already the entrepreneurial potential.
Being academically equipped with theories and principles help but the most important
entrepreneurial trait is the passion.
An ideal small business owner works seven days a week, thinks 24 hours a day. It may be exaggeration but when you own the business, there is no such thing as punch in and punch out.
cture. Keep meticulous books, checking your cash balance -- especially if you start operations running a loss -- monthly or, better, weekly. "Cash is king," he adds: Keep track oOne such friend turned businessman used to call me during unholy hours to consult if his idea is viable.
One bad habit of his was being sleepless for nights when there is a problem that needed resolution or in anticipation for a result of a plan or project implemented.
Then later on, I would find out that it was not only me whom he has consulted. He would ask people in the same business to benefit from experience. As to how he does this without discouraging the people to talk to a potential competitor, I am left to wonder. It must have been an inborn talent.
My consultancy service for him is the drawing up of business plan.
The business plan answers the following questions:
1. What type of business do you want to run?
2. Where will you operate from?
3. Who will your customers be?
4. Do you have the financial resources to support a business beyond the planning steps? If not, how much will you need and where will you get it?
Entrepreneurs are actualizers. After the business plan, they put it in motion.
which can mean office location,hiring, seeking funding .
Businesses need monney. The business plan should include information about how much. If you need a loan, local banks are traditional sources for small business funding; the U.S. government's Small Business Administration, as well as state and local small business offices, can offer further support.