You’ve got a great idea for a business and you have the energy and time to devote to it, but you don’t really know where to start. According to Sukanto Tanoto, an example of someone who supports entrepreneurs, no matter how difficult it seems, it’s important to take the first step. Entrepreneurship not only requires enthusiasm, it has a better chance of success if you focus on a few aspects of business practices such as:
• Identifying market opportunities
• Executing innovative solutions
• Managing resources
• Mitigating risk
• Knowing what’s feasible
The Business World Is Dramatically Different
The business world has changed over the last 30 years and will continue to change for the next 30 years. It has never been easier for anyone to start a business. Lack of capital is not a reason to postpone taking that first step. It is possible to start a software company, retail business or service with the amount you can get from using your credit cards.
Some tips for the entrepreneur:
• Networking is the key, and how you use it. You need to bring your contacts into social media such as Facebook, Twitter, LinkedIn and Google+. This will give you instant credibility.
• You need to maintain your brand reputation. Every step you take will be recorded and accessible, so make sure your public persona, integrity and personal brand is impeccable.
• It is important to use the full potential of your employees, if you have them. They will be instrumental in taking your business forward and should be part of the action. You can find their leadership skills if you give them the opportunity to lead and achieve results while you remain as a resource to answer questions. Your employees will not simply be satisfied with a paycheck. Today, people are looking for purpose in their jobs as well as perks. You can serve their needs to get the best from them.
• Consider philanthropy early. Even if it is in a small way, your business should support a cause, give to a charity or have an active presence in some altruistic endeavor. Consumers today are looking for ethical companies and employees feel more loyalty towards a business that cares.
• While technology is essential for any successful business, don’t shy away from the tried and true. It’s important for customers to feel a personal presence in the companies they use. Handwritten letters are one way to maintain personal contact. Video blogging is another.
• Videos are cheap and easy to make and can be loaded on to your website to give a personal presence. More and more people get their information and entertainment from videos, and you need to have one they see. You can discuss your company, product, the weather or the latest big game, but if you or your representative is interesting and entertaining, your video could be shared by millions of people. At the very least, it will keep visitors on your website longer.
• Don’t overlook local SEO. With search engines in everyone’s pocket, many people search on the fly, and it is very likely they will be looking locally.
There has never been a better time to start a business. With Internet technology, your overhead will be minimal and you can focus your attention where it matters most.