So you want to be an Entrepreneur?

A common folly in many failed businesses is that the initial choice of business was wrong. Many a broken entrepreneur will acknowledge this in hindsight. This is why you need to honour the choice of what business you want to open. It is the first make or break decision you will take as your own boss.

Avoiding the pain of this first serious error is made a little easier if you field the choice with all the faculties you possess. Carefully measure and weigh the successes, skills and talents which led you to believe you could be a successful entrepreneur.

Get away from the starting block in good form by selecting the best draw for your assets right up front.

There are valuable techniques available to assess what will work for you, in your field of expertise and appeal to the market to which you have easiest access.

Initially you may have considered this new venture from a personal viewpoint and analysed your character in the process. The decision to go into business is not one taken lightly so we can safely assume you are passionate, courageous and focussed. Other information gleaned during this profiling period can be a key indicator as to what style of enterprise could suit you. The maxim is “know yourself to excel”.

Proceed step-by-step in the selection of your chosen business.  You may be able to moonlight initially to test the market and gauge your own response to the business sector you wish to enter. If it is a completely new field you could offer to work gratis for the experience.

We often see stressed high level executives turning their hand to a new small business venture in a totally different arena in a bid to escape the hectic pace of big city life. Many have gone from suits and boardrooms to aprons or overalls and deliver inspiring results!

It can be incredibly invigorating to remain in the field in which you work but as the boss instead of the employee. Choices are boundless.

Comparative analyses are vital in your selection strategy. The most graphically illustrative method to date remains a simple ‘FOR’ and ‘AGAINST’ checklist.

Research is critical. Chat with many assorted business people (as well as their staff whose opinions may have a different and enlightening bias) in the environment you plan to enter, listen and discern. Obey your own heart.

You will discover a practical step-by-step guide to key aspects of managing your own small business when you visit TheSmallBusinessToolbox.com.

How to do Market Research?

A recurring question amongst small business owners is this: Does a small business owner need to know how to do market research?

The short answer is – yes, absolutely! No business can operate successfully without knowing something about the market(s) it is working in.

However, the term “market research” is more often than not associated with terms like “statistically significant” and “sample size”, followed closely by “very expensive”! Those three by themselves, let alone any of the other technical terms usually associated with scientific research, are enough to make any small business owner throw their hands up in despair and run for cover.

So unless you have a qualification in statistics, or enough money to employ a market research company, the likelihood of a small business being able to get directly involved in a formal market research project is remote to say the least.

Yet your small business still needs information on the market it is operating in. So where to from here?

Well, its a sure bet that every small business owner, after running his or her business for a while, intuitively knows quite a lot about the market – prices, suppliers, competing companies, geographical distribution etc etc are factors that a small business owner will deal with on a daily basis.

The trick then is for the small business owner to try to put all this intuitive knowledge into a meaningful framework that will not only help them make good marketing decisions, but will also highlight areas where information is deficient.

The ideal framework for this kind of information can be found at The Small Business Marketing Toolbox. Here the small business owner will find a step by step process for developing a marketing plan unique to their business, utilising their own knowledge and filling in the gaps using methods that involve the business’s brains trust, and not the owners trust fund!

Market research is a key element in running a successful business and it doesn’t need to cost an arm and a leg. On the other hand, market research is not an end in itself – it needs to be used and incorporated in a marketing plan that will give a business direction and a competitive advantage. The good news is that any small business owner, using The Small Business Marketing Toolbox can easily and quickly put together a marketing plan that they can use to achieve their goals.

Dead Wood, Good Wood and Gold

The toughest test of a business traversing an economy in crisis may be how they choose to manage one of their valuable assets, their staff. Retrenchment, cutbacks and downsizing are the bitter pills many managers are forced to swallow in these times and as much as you would like to weed out the non-performers, slackers and delinquents amongst your ranks you have to follow protocol or you will be facing a lawsuit before you know it!

The focus must therefore turn rather to a more positive approach. How do you retain the employees who are worth their weight in gold?

Each business can identify individuals who are willing to do what it takes to make your business successful against the odds. The people with vision and grit, who pick up an extra task or two, suggest time or cost cutting improvements, maintain an optimistic viewpoint and focus on the finishing line.

Enthusiasm is critical in protecting these human assets. We spend thousands on securing our business’s physical assets in insurance, security and alarms yet often neglect the vital employees who make it happen on a daily basis.

Employers and managers should ensure valued staff receives appropriate respect in an environment where achievements are acknowledged with heartfelt recognition. Research in a major listed organization has shown that the single biggest reason why people resigned was because they felt that “their contribution was not valued”. Training can also be a useful anchor in keeping good people as can cross-training which broadens their skills base for future promotion within the business. In addition to this a mentoring programme which draws prize staff closer to management in strategizing, making key decisions and analyzing results will encourage loyalty as the staff can then perceive potential for future advancement.

Ensuring that the business has clear vision, objectives which are regularly and widely communicated and clearly understood at all levels is vital. As is feedback which is another essential tool to empower loyal staff and align efforts at all levels to a united end goal. The fact is, money is important but alone it is not enough. You really want your team to buy-in to the big picture.

Invest in some of the efforts shared above and you may find even the seasoned malingerers will become enthused by the powerful energy that these new activities will manifest.

Highly committed, competent people who are confident of their value in your business are worth their weight in gold. In these challenging economic times you really can forge ahead with impressive results when a team is supported in doing what they are good at.

To find out more about a practical step-by-step programme for small businesses visit TheSmallBusinessToolbox.com now!

Your Business needs a Toolbox

Every business needs a toolbox – some literally need a toolbox (if you are a plumber, carpenter etc), but all businesses, especially small businesses and entrepreneurial start ups, need a business toolbox that can supply the business owner with the skills and knowledge to run and grow the business.

A busy small business owner in particular needs to pay attention to areas of the business that may seem of secondary importance right now, but that are vital to the continued health and growth of the business.
Too busy running the business to put together a meaningful and practical marketing plan? Too tied up to take a bit of time to consider growth strategies for your business, or the consequences of continuing on the path you are currently on?

The reality is that by not putting the building blocks of your business in place, you are seriously stacking the cards against your business surviving, or at the very least, prospering. But acquiring the skills and knowledge to run your business efficiently doesn’t have to be a major drag on your time and finances.

At www.thesmallbusinesstoolbox.com you will find a variety of toolboxes that can equip you with the knowledge and skills that will enable you to fine tune your business for optimum performance. You won’t need a degree in business administration to understand the material, and you won’t need a huge staff complement to activate the action plans that you derive from working with any of the toolboxes. What you will get is a structure and knowledge that will guide you in taking your business where you want it to go.

To find out more about a practical, step-by-step programme for your business visit thesmallbusinesstoolbox.com now!