Administratively, start a business is now within the reach of everyone. But the development is another story. It’s not surprised for a company to go bankrupt after 2 or 3 years of thriving, in case the crisis, of course. But the lack of preparation, poor anticipation of funding and lack of long term vision are some of the common pitfalls. To put the odds on their side, the creators must tuck their project from the start.
This is undoubtedly an issue that arises in almost all entrepreneurs who head for a successful business. Success is in fact the engine that makes the entrepreneur devote himself to working as the success of his project is the ultimate goal.
Representing a challenge, both, personal and professional, success is the culmination of all the efforts to create the company and exceed personal limits. Show that we can engage in a project and succeed in this field, this is priceless.
But what is less known is that success requires a careful preparation and a continuous effort on the part of the entrepreneur who needs to know how to profit from mistakes. Here are some tips to enhance your business success.
Test the idea. This is obviously the basics, but too many creators pass this step by simply peruse some results of market research. “We must go to the field, meet future clients and do not be afraid to question them, even be disappointed with their responses. Better to rectify in time of the project rather than clinging to a bad idea,” Alain recommends, he is the organizer of the 15th edition of the Salon of micro-enterprises.
Well surrounded. Loneliness is the worst enemy of the creators. Isolated, they take inappropriate decisions and make the wrong choices. Too bad, because many support networks in the creation exist). They advise project developers, help them set up their business plan, choose the right legal form or to find financing.
Find easy to get financing. No need to waste time searching inappropriate or untouchables funding. Better to focus on effective aid such as honor loans from support networks (between 5000 and 50,000 euros, depending on the organization). To appeal to business angels is also useful. These private investors can support from small start up business to several hundred thousand.
Find a cash “mattress”. Between deadbeat customers, contracts that fail at the last minute or the rising price of certain materials, it is always better to overestimate the financial resources. Experience employers often overfunded their project in relation to its forecasts. “This will take time to cash in turnover and to give additional means,” a creative analysis, which has tripled his turnover in three years. Today, his small business makes more than 1 million euros of turnover and employs 12 people.
Make sure your family support you: Once informed about what your project involves in, if your family who emits large reserves gives draconian attitude or simply refuses to launch you, do not start your project. However, this does not mean to abandon it. Depending on the objections, rework your project with your family, reassure them on some points and make concessions. You will have to manage a new daily stress because of your project (finding clients, reward your employees if any, you pay …), that’s why you don’t need a family conflict. A tip: do not hesitate to attend to a family briefing on entrepreneurship and consult a notary. Even well marked, the adventure remains risky.
Finally, here are some key points you should remember
- Do not hesitate to use full potential and exceed limits to acquire expertise in your field. By exceeding yourself, you can also exceed some competitors.
- Self-confidence is important but do not let yourself be dominated by a self-satisfaction that can only slow down your momentum and keep you from advancing.
- Keep abreast of everything which is related to your business to be the first to seize the opportunities that arise.
- Staying true to your values, despite the passing of time because that is what can make your success in differentiating your competitors
SET THE PROJECT TO CREATE THAT SUITS YOU
A consistent business with your values, your life plan, your ambitions, your desires …
A product / service sold clearly determined to a clearly defined target (when you sell everything to everybody, it does not sell anything to anyone)
With sales prices that allow you to pay your expenses and you pay!
The entrepreneur’s skills
The entrepreneur must have certain abilities and skills but must above all know what he does not know or does not want to do and find solutions elsewhere (recruiting, outsourcing, outsource).
An entrepreneur is “a person who can turn a dream, an idea, problem or opportunity into a business.” (Paul-Arthur Fortin)
Researchers including Alain Fayolle defined the entrepreneurial skills required for each stage of creation and management of a company.