Starting Or Running Your Own Business Commerce Essay

Starting Or Running Your Own Business Commerce Essay Starting or running your own business is a very big task,running your own business is also challenging ,interesting ,rewarding, exiting and fulfilling indeed its is also frustrating ,exhausting, frightening and tricky. An entrepreneur is who organizes and manage a business taking risk for the sake of profits with skills to operate a business Entrepreneur is a person who willing to take risk with his money to make money. The skills need for the 21th century entrepreneur. He should be a self -starter, willing to work hard, he should have a ability to handle uncertainty. Having self -discipline .All and above the risk tolerance its very important. Entrepreneur is prepared for fresh approaches, come up with crazy ideas that may just work. The competencies on which the 21th century Entrepreneur have to focus. Entrepreneur has to understand that the risk taking means is to try something new. For entrepreneur networking is the key business activity from which you can provide information, co llaboration, expertise and sales .entrepreneur have a strategic thinking in a sense the value of planning process and to recognize the opportunities. Entrepreneur builds trust and relationships with the customers and also generates high level of customer service and come up with customer expectation. The biggest challenge for an entrepreneur is the current global economy. Entrepreneurs who have tried and failed are part of the risk taking economy, But it is not necessary to accept the current failure rate as normal John Baldwin The entrepreneur should be an business minded and he should have a good understanding of how to run an business, then entrepreneur should have a positive attitude and he should be a self starter being an entrepreneur you have to make a big decision regarding advertising, what is your product and who are they best suited In this assignment its shows the skills and competencies for 21th century entrepreneur .In this assignment successful I had an interview with MR Ben who own a company know a I AM SOLD the question ask him about the difficulties and pressure in running own business and also the skills should have for new entrepreneur. Mr BEN company started in year 2009 .it is successfully running then .the company I AM SOLD is basically a real estate business .this business was started by Mr. Ben now he have four shareholders for his company. By seeing the success of the company we can that the company will have a great future Critical evaluation To get business idea There is lot of business ideas around us. Business ideas are mostly come after analysing the market and customer needs if your want to open a new business and you want to get a idea for that you have to examine your own skills first to open a business you have to focus on area on which you are good. You have to be ready for business opportunities you have to observe the market closely read the business news daily, to get a new idea for business you can ask the peoples what they want. Business Plan For starting a new business it is necessary we should have a business plan. Business planning play a vital for starting a new business or growing your business, there are many types templates and variations of an business plan is exits,you have to choose the right one for your purpose ,having an business knowledge is a separate issues .you have to create a well executed business plan to get succeed in your business .you should have good business plan so that investors are willing to invest in your business. Self-Motivation Motivation is processes, this process is influences from families and friend but when speaking about the entrepreneur they have the self motivated and get succeed. Self motivation plays a major role in starting a new business for an entrepreneur. You have to motivate yourself that you can do it. You must always think positive. You should be self-starter with a clear desired goal in mind. You should have an self confident on you and yours ideas. Customer services Its very important to attract customer for your business, for that your customer services should be excellent and with many option available .your is going to succeed if only when you treat your customer properly. For attracting more customers you have to run a promotional schemes .the most important part is to reply customer queries quickly. if you reply customer late then it will creates negative impression on customer. Marketing Strategy You should have a good marketing strategy; if your marketing strategy is good you not face any problem to attract customers .you should have a unique marketing strategy .you should not copy from your competitors. Because if your marketing strategy is same or copied of your competitors then your market reputation is going to suffer and youre going to lose your customer. The basic marketing strategy is to is to understand your customer need and develop your marketing planning on surrounding of those needs. Spend more time in researching and creating strategic for marketing plan. You have to spend some time on your previous customer Its is important when you spend money on marketing you should forget to create a way to track those marketing efforts. Investors for your business The toughest job for the entrepreneur for starting a new business is to find investors. There is a lot of peoples who can invest in your business, but some of then have combination of understanding, the investor should have investment focus and risk tolerance to be your investors. You have to find potential investors and you have inspired the investors to risk their money your business. Investors are mainly focus on how money you new to start your business and expected rate of return will be Time management Time management is very important in your business, time management is very difficult task for an entrepreneur. You have write list of things your are going to do in dairy its should be in order ,you have to make a schedule for everything you have to do ,after finish of that work you have to ticked off so that it will become easy to know what you have done and what else you have to do. You have to make a target far days and weeks and you have try to achieve them. Dont have to waste time for making decision. Take less time for any process. Working in a team will save the time. Biggest challenges For starting a new business the challenges are mainly depends upon the business.The things come on your mind tight economic time.  · To find a right business in the market  · The biggest challenge is to got investors or adequate capital for your business  · To get legal brand name for the company.  · To get a require permits from, the governments  · To get well skilled employees.  · To do market survey and scope of work  · To attract the customer to buy your product. Stand Out From Your Competitors For running a successful business you have to get over your competitors, for you have to know your competitors for that you have to try something different from other. Company mainly have to focus on best customer service .you have to make strong relation with your prospect then other competitors do. You have to used different marketing strategies from other competitors. You have to create a free irresistible offer so that shows your prospect and show then how well you understand their problems and solved then. Offer discounts and free consultation Finance for your business The most important part for starting business is how you are going to finance your business .first you have to know about how much money you need to start a business there different recourses to get the required money for your business. Either you can take a loan from bank or you can go by investment finance, to get a investors for your business. Who will invest their money for your business or else if want to finance through your family and friend .I spoke MR Ben who finance his business by borrowing Money from friends and family Finance You are started this business to make money, thats why its very important for you to handle your money well, this includes by knowing how to do a limited start-up .spending your money only when you needed and making to do with the equipment and the supplies you have .you to got to know the best pricing structure for your business in order to get best kind of return from your product. If you manage your cash flow well then your business will start to run then you will be able to survive the up and down of the market the important thing for you to focus on bottom line. You should ask your self for every spending for each and every step of your business you have to think positively. Handle tough business decisions In our lives and businesses we make lot of decision but some decisions are can be stressful. Because of some decisions involved money, resources and our reputations. When you had to make a tough business decisions you have immediately focus on resolution. You have to concentrate on the present task and try to generate a flexible solution. Dont take your decision to fast, take a deep breath, clear your mind and think positive, consult with co leaks and take the right decisions. Conclusion The results of various researches regarding entrepreneur skills for 21th century and the pressure and complexities associated with running a small business has been shown in this assignment. After having an interview with MR BEN from I AM SOLD I came to know that the entrepreneur should have  · The entrepreneur should possess with self motivation because if an entrepreneur is self motivated he can face any tough situation very effectively.  · It is very important for you to focus your work and energy in each and every step to make your business successful.  · For an entrepreneur most difficult part is to manage time, to overcome that we should maintain a dairy with schedule what you have to do.  · You should have a business knowledge and skills for starting a new business .you have to your ability on which field your are good at  · If you are the entrepreneur then its your job to know what type of sales you prefer and what types of services you can provide for the customers.  · As an entrepreneur you should have an ability to take risk .because without taking risk you cant be successful.  · As an entrepreneur you should maintain your cash flow, because your business ear money and finance play a very important role in your business.  · For handling taught decision you should not take decision too fast, you have to concentrate on it first for solution.  · The main thing on which MR BEN is more focus is on work hard, to get success in your business.  · If you want to be success entrepreneur then should be work alone you should not depend on anyone and you should have self confident on you for handling tough situations. REFRENCES Rachel bridge. (2008) You can do it too. Kogan Page Ltd [Online].Availableat:http://www.powerhomebiz.com/vol69/entreskills.htm (Accessed: 4/22/2010). Starting a business in minneapolis a practical guide [Online].Availableat:http://www.ci.minneapolis.mn.us/cped/docs/starting_a_business.pdf (Accessed: 4/05/2010). Starting a new business [Online].Availableat:http://www.ador.state.al.us/taxpayerassist/newbus.pdf (Accessed: 4/20/2010). [Online].Available at http://www.rjmartino.com/2005/08/28/three-biggest-challenges-for-small-business/ (Accessed: 4/05/2010). [Online].Available http://www.entrepreneur.com/ask/category14.html (Accessed: 15/04/2010). [Online].Available http://www.smallbusinessbible.org/how_bring_customers.html (Accessed: 20/04/2010). Ian hunter (2005) Risk ,persistence and focus : A LIife cycle of an entrepreneur,Australian economic history review ,vol 45 Available [online ]http://wf2dnvr16.webfeat.org/oNuDO1172/url=http://www3.interscience.wiley.com/cgi-bin/fulltext/118682522/PDFSTART?CRETRY=1SRETRY=0 (Accessed: 8/05/2010). [Online].Available http://www.morebusiness.com (Accessed:21/04/2010). [Online].Available http://www.zeromillion.com/business/starting/entrepreneur.html (Accessed:8/05/2010). ANNOTED BIBLIGRAPHY Rachel bridge. (2008) You can do it too. Kogan Page Ltd In this book the author shows you can do it too means you can also be an entrepreneur Starting a business in minneapolis a practical guide [Online].Availableat:http://www.ci.minneapolis.mn.us/cped/docs/starting_a_business.pdf (Accessed: 4/05/2010). In this one the author shows the steps to follow to start a new business and how can your business be sucessful. Ian hunter (2005) Risk ,persistence and focus : A LIife cycle of an entrepreneur,Australian economic history review ,vol 45 Available [online ]http://wf2dnvr16.webfeat.org/oNuDO1172/url=http://www3.interscience.wiley.com/cgi-bin/fulltext/118682522/PDFSTART?CRETRY=1SRETRY=0 (Accessed: 8/05/2010). I this one the athors shows the risks the entrepreneur faceses and how the entrepreneurs come throught from that Starting a new business [Online].Availableat:http://www.ador.state.al.us/taxpayerassist/newbus.pdf (Accessed: 4/20/2010). In this book the author show the basic steps for stating a new business ,the thinks we have to remember before starting a new business . [Online].Available http://www.smallbusinessbible.org/how_bring_customers.html (Accessed: 20/04/2010). I this one its shows how to attract the customers to buy your products the Marketing Strategy [Online].Available http://www.entrepreneur.com/ask/category14.html (Accessed: 15/04/2010). I this one its the question ask for a entrepreneur when starting a new business . Questions for an entrepreneur 1. Why did you start this business? 2. What inspired you to start this business? 3. How and where did you get this idea for a business? 4. What makes this business stand out from the rest? 5. How did you finance the business? 6. What are your most significant products or services? Whats your strategy for getting and keeping profitable customers 7. How difficult was it to get investors? How did you find investors for your business? 8. What are your marketing strategies for this business? 9. How you manage your finance? 10. How are you managing your time? 11. How do you handle tough business decisions? 12. What was the most difficult part of starting the business? 13. What are your expectations for the future with regards to this business? 14. What advice would you give an entrepreneur starting out today? 15. .How did you know it was the right idea? 16. What is the worst experience youve had as an entrepreneur? 17. What are the biggest challenges you face now? 18. How have sales grown in the last few years 19. What has been your most effective marketing tactic or technique? 20. What possibilities or opportunities do you see for your business in 2011? 21. If you were to start a new business today, what would it be?