The
Entrepreneurial Dream
According
to U.S. government statistics, the number of women entrepreneurs is
increasing dramatically. Whether it is for professional growth, independence,
more control over their financial future, or simply for the thrill
of it, women are starting more businesses than men are.
Whether you
own your own business or are considering it, there are some important
business principles to consider.
Strategy #1:
Choose a business that is right and right for you.
Choosing
the right business means choosing a business that has both profit
and growth potential. A business with growth potential is one that
produces or sells products and services which are in demand and
will stay in demand. If a business will grow and make a profit,
there must be customers who want and can buy the product.
Gather information
through marketing research or test marketing to determine the growth
potential. Compare sales and revenue expectations with the costs
of producing, selling and running the business. This form of planning
and analysis is critical to launching or maintaining a business.
Also, choose
a business that fits you and that you are interested in. The hard
work and dedication needed to build and manage a business will be
difficult to deliver if the business does not interest you or does
not match your values and aptitudes.
Strategy #2:
Strategize on all fronts.
Business
strategy includes production, marketing, financing and management.
Entrepreneurs are often good at one or two of these strategies but
not the others. If you enjoy one of these areas but not the others,
decide how you can accomplish the rest. Get advice from others.
Buy the expertise you need or contract for assistance to ensure
that all areas of your business are covered.
Strategy #3:
Develop systems for success.
Systems help us to keep
on track and measure progress. Develop systems for keeping in touch
with customers, measuring financial status, maintaining the performance
of employees, measuring quality, and producing and delivering your
product or service. Well-developed and maintained systems will not
only save time but will help to flag potential problems.
Strategy #4:
Be realistic and optimistic.
A dream that
is not realistic can become a nightmare. Set goals and objectives
that are obtainable. Have a contingency plan for resolving unexpected
problems. But also be optimistic. Research shows that optimism is
critical to high performance and success.
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