FIVE MISCONCEPTIONS OF ENTREPRENEURSHIP

You’re an overnight success!

People tend to study the success story and forget its origin. What comes prior to a success is most probably a massive struggle. Truth is, it can take years to become an overnight success. Take Steve Jobs as an example. Can you believe Apple was born 30 years ago? Yes, indeed, Apple was not an overnight success. And the fuzz around the brand didn’t start at that time.

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You have to be a businessperson to be an entrepreneur

Wrong! You can be anyone and become an entrepreneur and that’s if you’re a visionary. What it takes is a great idea, a vision and a plan behind it. Ideally, you could hire a businessperson to develop your plan, there’s no necessity in you being the businessperson; nowadays, outsourcing is taking over as it permits to concentrate more on the idea and therefore develop it more thoroughly. In today’s world, organizations are forced to look for new ways to generate value due to the increasing competition. The world has embraced the phenomenon of outsourcing most of the supporting activities of a value chain to be able to expand and develop the core activities.

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You have to do it on your own

The truth is you can’t make it on your own. It’s very pretentious to think that you know everything and that the help of others wouldn’t get you at least one step closer to success. It’s true that you should rely on your own strengths and ideas and be able to fight on your own but trying to do everything yourself will prevent you from focusing on the work where your personal touch is necessary and where your concentration is vital. You need to have a team to outsource (on the personal level) some work.

 

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You Can Slack Off Once You’ve Reached The Top

Success works in a way that every time a human being achieves something he wants to accomplish something that’s bigger. Human nature always wants more. Apart from that, the dynamic competition won’t allow your survival in the market if you slack off; customers are becoming more demanding and are being offered many substitutes, therefore a business should keep up with innovation and slacking off is therefore not an option.

After you’ve worked hard to accomplish something, your mind and body simply will not know how to adjust to the relaxation; a successful person would be unhappy if she wasn’t aiming to achieve a higher success.

 

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You have to be a genius! You have to be born with it!

 

Entrepreneurs cannot be categorized; they come in all shapes and sizes, just like their businesses do. Thinking that you have to be a genius to be an entrepreneur is too mainstream; however what you surely need to have is passion! Passion is what pushes you to do the impossible to accomplish your goals and therefore your company’s success. Persistence and willingness are necessities too. To be an entrepreneur you have to be a visionary, a person who uses its creativity to fulfill unsatisfied needs or to create new ones.

 

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6 STEPS TO WRITING A GOOD BUSINESS PLAN

1. Your Company’s Core Values

Create a business mission statement and company overview.

Choose the core values of your company in order to express them in your products or services.

2. Describe your Products or Services

Describe what your products or services are and who your target market is. Also research into your competitors.

Answer when, where, why and how should these target customers buy your products or services? Also identify your several potential target markets.

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3. SWOT Analysis and Competitor Analysis

Write down your strengths, weaknesses, the threats to your business and the opportunities you can capitalize on.

Competitor analysis and bench marking – study the strategy, objectives, and assumptions your competitor has and know their resources and capabilities.

4. Marketing plan

Decide upon your business strategy – which of the cost leadership or differentiation strategies do you want to adopt? Know your customer profile and price your product or service accordingly. Choose the advertising channels and marketing techniques subsequently.

5. Operations

What are the roles and responsibilities needed to form your internal business team? Who are your suppliers, which areas will you need to outsource and who will make the final decisions?

6. Financials

Break-Even Analysis
- Estimate your capital requirements in order to break-even and estimate when your break-even period will be.

Opportunity to scale – Forecasting how your company will evolve is very important for your investors, partners or other stakeholders.