Best of the Best
The 2013 results for Top Energy, Gas & Oil, Healthcare, Pharmaceutical, Finance, Insurance, Top Colleges and Universities and Top MBA Schools are online and published now!
The "Best of the Best Part 2" will be published mid-August 2013.
Include YOUR Company, Government/Law Enforcement Agency and Supplier Diversity Program in the survey.
Being a Successful Entrepreneur
Coming up with a revolutionary idea is only a fraction of the entrepreneurial process. Many people can come up with an idea that will solve a consumer's need. However, setting up a business that will appeal and generate profit is the hard bit.
To do this successfully, business owners need to understand the value the new product or service is creating, they need to understand the economics behind it. Will customers be willing to pay a given price for the particular good or service?
Below are tips on how to take an entrepreneurial idea and turn it into a profitable business:
1) Do your research – Ensure that you study the industry thoroughly and see whether there is an opportunity. Just because you have an idea or product doesn't mean that people will buy it. Who will use your service? Is it a niche market? Can you define your ideal customer? You must answer such questions to determine whether setting up the business is feasible.
2) Start your business plan - Writing a business plan will be essential to starting your business. A written plan will give you the opportunity to test your business idea thoroughly and provide a 360 degree view of your company. It will also give your management team and other stakeholders' confidence in the business as your vision, mission and future goals will be written down. A business plan will always be work in progress. As the market changes, you will have to re-evaluate and adjust the plan accordingly.
3) Don't wait too long to get your clients – Entrepreneurs often wait till their business is established to get clients. The best practice is to pitch your business idea to potential clients before – the business won't survive for long without clients. As an entrepreneur, you represent your business so get out there and start networking.
4) Be professional - As a new player in the market, first impressions of your business really matter. Start by getting professional business cards, a business phone and potentially a website. All these efforts show that you are serious about your business.
5) Arrange the finances - You can't start a business without start-up capital. Determine what you already have, what is needed and how you will get it. Most small businesses either fund the business themselves by saving up, approach family or friends or source from banks. When you are pitching your business to get finance you are always a salesperson. Always be alert and be prepared for any questions which may be asked.
There are no set, defined rules to start a business, but following the tips above will give you a great start. Each entrepreneur faces their own ups and downs so don't be demotivated by setbacks instead learn from them and carry on.