The Entrepreneur's Survival List
Dear friends I am writing this time one of articles which I recieved from my friend. The article by Godfrey Heron gives an overview about how to become enterpreneur & also how to survive as an enterpreneur. Sometime from now some of us will become (or may be are in the process of becoming) pharma enterpreneur. This article will defintely help to surpass the edge and be a successful enterpreneur.
The Entrepreneur's Survival List
by Godfrey Heron
Small business owners and entrepreneurs are quickly becoming the dominant business species. Small businesses create thousands of new jobs each year, while floundering large companies lay off scores of people.
Starting a new business venture can be an exciting yet risky project. Our survival guide details the steps to take to ensure your business not only survives but indeed thrives.
1. Determination - "ARE YOU INSANE?"
Implement your plans with total commitment. Don't give up even when obstacles seem overwhelming. Starting your business will instantly make you an outcast. People whom you love will openly question your sanity. The anticipated competition will be the least of your worries; you'll be fighting your friends and family to get your business going. They will sit and wait expecting you to fail. Now that doesn't mean they don't love you, but there's no way to prevent this, it just happens. So be forewarned.
2. Devotion - "THE LOVE AFFAIR"
Your business should be something that you love to do, It's this love that will sustain you when the going gets tough. And it's the love of your product or service that will make you effective at selling it. Don't attempt to become an affiliate or sell a product that you have not used or assessed for its merits. At best you will be unable to answer legitimate concerns of purchasers and the worse case scenario is that you will appear to be a fraud.
Now this does not discount the fact that the only business idea that will ever succeed is one that fulfills a need...preferably a *considerable* need. Therefore if no one wants your product your business will never get off the ground.
3. Dollars - "OOOOH... SWEET MONEY"
Getting rich should NOT be your PRIME motivating factor. Persons who have that mindset will inevitably make short term decisions for immediate financial gain at the expense of the long term health of their venture. You will also have a difficulty motivating employees who don't stand to profit as much as you do.
Invest all that you can in your business, but be frugal with what you have at your disposal. Keep in mind that your business could either triple in size or go belly up within six months. So it would REALLY be wise to avoid that TEN year lease you've been considering.
If you are running an Internet based business you may even dispense with expending money on office space. Several online businesses are operated successfully from a spare room or basement.
4. Dedication - "100 HOUR WEEKS?"
You will have to make some adjustments to your life when starting up your business. You'll need to work tirelessly just to keep up with the competition. Twelve hour days and seven day work weeks are not uncommon when an entrepreneur is striving to get a business off the ground.
5. Doers - "THE BIG MISCONCEPTION"
Perhaps the biggest misconception about an idea for a new business is that the idea must be unique. Chances are that almost any ideas you can think of also occurred to others. When Einstein was developing his theory of relativity, another scientist, Poincare, formulated a similar theory around the same time. History is full of examples like these.
It's not the idea which is important, they are really a dime a dozen. What is important is the ability to take the idea, implement it and build a successful it.
Alexander Fleming discovered penicillin by chance but never developed it as a useful drug. TEN years later, two scientists unearthed Fleming's *mold*, SAW ITS POTENTIAL, and started treating patients in wartime England. This was a dramatic medical advancement and saved thousands of lives.
So don't wait around trying to develop a unique IDEA. Instead you should identify a Unique Selling Position (USP) in order to distinguish your product from your competitors.