Much more than simply practicing your Business English (vocabulary, terminology, etc) this blog series has been designed to provide you with current, real world themes/concepts that you can put into practice immediately, and use to turn your great idea into real opportunity!
Much more than simply practicing your Business English (vocabulary, terminology, etc) this blog series has been designed to provide you with current, real world themes/concepts that you can put into practice immediately, and use to turn your great idea into real opportunity!
Follow the blog, and our ACTION STEPS to begin opening doors for yourself!!
Today I want to lead in (an introduction which allows one to move smoothly on to the next part of something) with the second of our Action Steps and then talk about the critical success factors for Entrepreneurs (ON-TRE-PRE-NEW-ER). These are things that we want you to begin to start thinking about. Grab something to write with, and record your answers, or leave me some comments and we can have a conversation.
Action Step 2:
Do you already have a business idea?
Consider these questions:
1) What are you interested in?
2) What do you have to offer?
3) What do you want?
4) What are the current market and consumer trends?
Based on our personal experience in the business world, both here in Brazil, and in the United States, and the literature, we have come up with 10 characteristics that we think are critical for success as an entrepreneur. Here are the first 5…
1)Have a clear business idea-
“Clarity of vision is the key to achieving your objectives.”
– Tom Steyer
You should be easily able to explain your idea to someone in a sentence or two. Moreover, a firm understanding of your strengths ( positive things that contribute to success), and weaknesses (negative things that contribute to failure), along with knowing what the competition is doing are all key in developing your idea.
2) Confidence–
“Have you failed enough times to be successful?”
-Unknown
Business owners must be prepared to deal with constant changes, and cannot be afraid to try and fail, or in other words to make mistakes! You must whole-heartedly (100%) believe in your product, service, or idea, and there simply cannot be enough said about being always positive, optimistic and maintaining a “never say die” attitude.
3) The will (work ethic) to succeed–
“Energy and persistence conquer all things.”
– Benjamin Franklin
Having a great, clear idea and a lot of confidence are critical, but if you are not prepared to “put in the work”, then your chances of success are not very good at all. Entrepreneurs should be prepared to wok 50-60+ hours per week!! You are responsible for EVERYTHING and this requires your time. You will need family members who are understanding and supportive for this to work.
4) Understanding the competition–
“If you know the enemy and know yourself you need not fear the results of a hundred battles.”
– Sun Tzu
Taking a proactive approach to learning all you can about your competition cannot be overstated(expressed very strongly)! Regular, structured, and focused research and development are going to be important in staying out in front of your competitors. Don’t be reactive, BE PROACTIVE
5)The Business Plan–
“Failing to prepare is like preparing to fail!”
-Unknown
DO NOT underestimate the importance of the plan! This is perhaps the single most important tool that you will design, and use to manage your venture (Ven-Chur). This “living document” (a document that is continually edited and updated) will help you to be sure you are always doing things in a systematic, efficient and productive way! The business plan will help you formulate strategies, and foresee (predict) problems before they arise (present themselves).
6) Solid grip (Good understanding) on finances-
“Watch your finances like a hawk.” Jackson Brown, Jr.
New entrepreneurs don’t need to be flush with cash (to have abundant wealth), but it is important to understand that success does not usually come as quickly as you would like and so financial planning, including resource allocation should be conservative. Knowledge of business management, making decisions based on data analysis and keeping cash flow in check are all fundamental. Also, what gets done with profits is vital especially in the early days of a new venture.
7) Company structure–
“It is not the beauty of a building you should look at; it’s the construction of the foundation that will stand the test of time.”
-David Allan Coe
To set themselves up (place themselves in the best position) for success, smart companies begin with a solid structure. Everyone in the organization knows their role, and the business is process driven(organization sharpens their process, working to become extremely efficient while maintaining value) Clear structure, clear expectations and clear communication are absolutely fundamental to a successful operation.
8) Cooperation–
“Networking has been cited as the number one unwritten rule of success in business. Who you know really impacts what you know.”
-Sallie Krawcheck
No single entity (anything with distinct and independent existence) is the best at doing everything! The savvy (knowledgeable; having common sense and good judgment) businessman knows the importance of growing a strong, powerful network. When done correctly, this can be a fun and rewarding part of your job that pays dividends (If something pays dividends, it brings advantages at a later date)!
9) Focused Marketing-
“Marketing is not bragging, and touting one’s wares is not evil. The baker in the medieval town square must holler, ‘Fresh rolls!’ if he hopes to feed the townfolk (people living in the town).
-Jeffrey Zeldman”
Without a clear understanding of who your best potential customers, where they are, and what they want, it will be difficult to find success.
10) Support-
“Whenever someone asks me for career advice, I always tell them to find a mentor. Find someone who has done what you want to do, and study the way they got there.”
-Rebecca Serle
Apart from regular networking, developing a few mentors, or more experienced entrepreneurs whom you can fall back on (to use something, often in the form of financial support, when other things have failed) when needed can be invaluable (Extremely useful). Having some trusted advisers, whether financial, collegial, or otherwise can save you from learning many lessons the hard way,and can often end up ( come to a place, condition, or situation that was not planned or expected) opening doors for you.
We will be updating this blog mini-series as often as possible. So, you may see a post every couple of days, or more than a few released in a shorter time period. PLEASE leave comments. WHAT DO YOU WANT TO SEE!?