The last blog in the series touched on starting a small business and early needs such as the key to make an enterprise function effectively, and showing a profit from all of one’s endeavors. Afterall, surely a business pundit is in the game to come out a winner, right?
In the USA Bureau of labor statistics (BLS), it shows around 20% of new businesses fail in the first two years. However, other less developed countries could have a more realistic figure, and in some cases more than one in two firms go bankrupt or simply fail to deliver a reliable business proposition that meets needs in the first year of operation.
Having a great idea isn’t enough, as operational awareness puts everything together. A great idea, but poor logistics inhibits effectiveness. Purchase power and getting goods at a low cost means the margin to markup goods coupled to volume sales could make all the difference between success and failure. There are diverse reasons as to why it works out or doesn’t, and weighing it all up stems from the routes of a business idea and its founders.
Have you made sure the market wants your product? If fruit and veg are your commerce then most people consume these food options regularly, so providing market demand is a no brainer. However, there are already well-established outlets, so your marketing idea needs to fulfill demands neatly, and ideally stick out from the crowd in one way or another to attract trade.
With new innovations marketing has to be priority, as market demand needs to be created. Who is your target audience, the potential customers! If a new concept to market is on the horizon, then how should it be packaged? There needs to be adequate attention to detail to test circulation: who will buy it, where are those clients located, is the item cost effective, etc.
While items can either be tangible or intangible, services are intangible. The differences between products and services are based on different factors, including tangibility, perishability, variability, and heterogeneity.
Having a user-friendly interface facilitates maneuverability for web surfers, but is the message clear while catchy? Let’s say, it lures punters in. Does the backend make the operation quick and efficient, or is there something that can be done to improve the system? Realistic objectives play an important point in the equation.
Whatever idea a self-employed person has to take to market then careful analysis, planning, and organization are key elements worthy of results. Starting a business can be exciting and hectic, so thorough preparation can help to remember crucial details. As you research your market, costs and regulations, you can build foundational documents like a business plan and a budget.
By creating a framework for your new business, you will be able to use your entrepreneurial flare to conquer new heights. Read my next small business blog coming out soon.
Good luck!
Prof, Carl Boniface
P.S. Want to polish your English language then the softcover book Deeds-2-Improve is a great way to practice on your own, learn new vocabulary, and build self-esteem to increased productivity. Currently available in Brazil.
Vocabulary builder:
Pundit (n) = expert, specialist, authority, analyst, commentator, guru
Logistics (n) = the detailed coordination of a complex operation involving many people, facilities, or supplies.
Fulfill (v) satisfy, meet, justify, make happen, follow through, accomplish
Neatly (adv) = gracefully, effortlessly, precisely, skillfully, (ant) clumsily
Heterogeneity (n) = array, assortment, collection, conglomeration. The quality or state of being diverse in character or content. "The genetic heterogeneity of human populations."
Catchy (adj) = memorable, attractive, likable, appealing, popular, captivating, (ant) forgettable
Lures (n) = baits, traps, enticements, temptations, pulls, appeals, allures
Backend (n) = in computing the part of a computer system or application that is not directly accessed by the user, typically responsible for storing and manipulating data. It can also mean the rear part of something like, “The car’s backend swang around from the impact and smashed into the shop front.”
Entrepreneur (n) = a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Entrepreneurial (adj) = risk-taking, empire-building, commercial
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