Entrepreneurship is a different kind of art. Just like any other art form where you need to practice, build up your skills, and be diligent and consistent, entrepreneurship requires all that and much more.
Entrepreneurship is about taking calculated financial risks at the prospect of making money. But it is not only about financial gain. Entrepreneurs are problem solvers. They identify a problem and come up with solutions for that problem.
If you identify with the definition of an entrepreneur and want to know the process of setting up a fulfilling business, keep reading!
- Setting up your company: There are different types of companies that you can establish, from Sole Proprietorships to Corporations. Each business type comes with its own unique benefits or advantages. For instance, if you intend to own a company alone, you can set up a Sole Proprietorship, Limited Liability Company (LLC), or one-person Corporation. If you are planning to do business with your friends, partners, or other people, Partnerships, Corporations, and Cooperatives will be better options. You also need to be aware of the different taxes and accountability required for each business type.
- Deciding on which product/service to offer: The majority of entrepreneurs already know what kind of product/service they will be offering to their prospective customers before registering a company. However, in certain circumstances, it may take many years before their first product is made, especially in the case of companies that undertake long-term product research and development (like pharmaceutical companies). Whatever product you have decided to sell to consumers, it is advisable that it should be affordable, of the highest quality, and durable.
- Promoting your product/services to consumers: In addition to producing high-quality products, you need to market them to those who will buy them. One area in which some entrepreneurs make mistakes is during their product proposition—which is the process of explaining the usefulness of your product to prospective buyers/users. They sometimes fail to provide the detailed information that consumers need in making buying decisions. Aspiring entrepreneurs should learn about the best approach for promoting their products/services to prospective customers without sounding too salesy.
- Great customer service: It is important that entrepreneurs put themselves in the shoes of their customers. Customers like to be pampered and catered to. Companies with great customer service become leaders in their respective industries. Anyone who aspires to set up a business must, first, understand how to carry customers along. Happy customers will remain loyal and become active promoters of your products. One of the most effective methods of advertising is “word-of-mouth”; when your customers are happy with your products/services, they will be willing to tell their friends and relatives about them. This cheap but effective marketing tactic can make a company quadruple its sales within a short period of time.
- Team building: It is true that entrepreneurs are visionaries, but that doesn’t mean that they can run a big company alone and by themselves. They need people who are equally motivated to assist them in their entrepreneurial journey. So, entrepreneurs need to understand how to build great teams that will perform well. Though, it is not always easy to find great employees and train them to work productively. However, by learning how to spot hardworking and team-spirited employees, business owners can shorten their learning curve and save time and resources that could have been wasted on hiring bad, uncooperative workers. Recruiting a bad employee can cause an employer to experience disruption in his/her business operations.
- Running a sustainable business: An entrepreneur, along with managing his/her own company, is also expected to focus on the sustainability of the business. This means that they should pay serious attention to the techniques they have adopted so that they won’t affect the environment, people, and communities in which they operate. Any company with a great sustainability plan is considered people-centric and environmentally friendly in its operations.
The Best Approach for Busy Entrepreneurs to Learn New Things
You won’t always have time to attend business schools or pursue MBA courses. However, you can learn a lot by reading books written specially to address the subject matter or topic you interested in learning about.
Entrepreneurship Essentials You Always Wanted To Know provides all the detailed information about the entrepreneurial processes highlighted above. The book is designed in a way that simplifies the procedures for successfully managing a business by taking into consideration all the necessary steps that an entrepreneur must be aware of. Reading this book will equip aspiring or experienced entrepreneurs with the management and operational skills that they need to turn their business ventures into outstanding success.
Divided into different sections that deal precisely with the issues that would-be entrepreneurs would like to have some practical knowledge about, Entrepreneurship Essentials You Always Wanted To Know remains a formidable reservoir of business management knowledge. Reading it is like going to a business school to learn the nitty-gritty of starting a business, directing its affairs, and driving to both operational and monetary success.
The Advance Review Copy of this book is now available for review on NetGalley.