September 2022 - Page 5 of 9

Two Basic Business Functions: Innovation and Marketing

I have met a lot of entrepreneurs recently who have told me how superior their product or technology is compared to their competitors. But their competitors have far more customers and market penetration.

As a result, in the last several months I have found myself sharing some or all of the following quote from the great management thought-leader, Peter Drucker:

“Because the purpose of business is to create and keep a customer, the business enterprise has two-and only two-basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of business.”

This may be a painful realization for some, but the best product or service doesn’t always win. In business, usually the best marketer wins. So, here are some general recommendations for any entrepreneur who thinks their infatuation with their product is blinding them from being the best marketer among their competitors.

– Complete a market analysis relative to your competitors and your product, preferably with clear recommendations on the best segments of the market and the most valuable positioning in that/those markets

– Get someone on your team now who has marketed and sold to the same customers. This addition to your team should also get the hands-on, roll-up-your-shirt-sleeve mentality your entrepreneurial company was founded upon.

– Care more about how best to solve your customers’ needs than your technology or product. Many entrepreneurs really struggle with this one, thinking that they know what’s best for the customer. The challenge is always getting the customer to believe that. So get their feedback throughout your product life-cycle and be willing to shed features and design elements that you’re holding onto because of your love affair with the product, not because of what is best for the customer.

– Have fun. Marketing is one of the most exciting parts of business. When done correctly, it is quantitatively based and often more measurable than many other things you do in your company.

This is just a ‘starter’ list. Does anyone want to add any more to the list?

These thoughts don’t apply to products only. The same concepts can help in marketing services and can help in marketing you if you are looking for a new job or need to position yourself for a promotion.

How To Find Hot Online Business Ideas

Would you like to find the key that unlocks the

door to a gold-mine of online response, sales and

results for your business?

It seems obvious that you would be able to see what

the experts do differently when locating market

opportunities, finding out what people want and

quickly turning that into an online business generating

truckloads of cash.

The reality is YOU CAN’T!

While the secret is massive in it’s impact, it is so

subtle – so subtle that you are sure to miss it if you

don’t know what to look for.

Here’s the secret and a formula for using it right this

minute!

What is DESIRE?!

Now stay with me for just a minute.

Think about the last time you bought a magazine? Why

did you buy it? Was it to look better, fee better,

make money, save money, make your house look better,

take a step toward achieving a dream in your life?

How about the last time you purchased an ebook about

marketing? It wasn’t the desire to learn more about

marketing that led to open your wallet, it was the

DESIRE to discover something unique, something new that

would RESULT in more more money in your pocket resulting

in you being able to finally quit you job.

OK, that’s more like it. It’s all about the end result

you want to get – not about the steps, processes, formula

or information to get you there.

Information is a tool – a method of achieving an end.

It’s up to you to determine what that END result is and

continue to help your market achieve that end, without fail.

Now, let’s look at how this can help you achieve YOUR goals…

A NEW Way Of Researching Your Market!

You will hear from many online marketing experts that the

important part of researching your market is WHERE you look.

Nice try – but that’s NOT the whole story.

The real secret is How you research your market.

For instance, take a look at the headlines over at one of my

sites:

http://www.infoproductcreator.com

Now, I’ve tested over 20 headlines on this page before finding

this one that coverts at least 3X better than earlier versions.

The market for this product is aspiring online entrepreneurs,

writers, consultants and speakers who are already considering

writing infoproducts to achieve more freedom, control and

security in their lives.

So why does this page work?

First, this market is time constrained. They are struggling as

much with lack of time freedom as they are with lack of financial

freedom. Many of them have lost control in their lives, are too

dependent on one income stream and WANT to quickly solve this

problem.

Second, this market feels they have something to share and WANT

to know how to do that – they WANT the prestige and “fame” that

comes from releasing their own ebook or book.

Try reading the headline (both main heading and sub-heading).

Can you now see the main emotional “cues” that lead to the market

triggers I outline above.

Another Example!

Let’s try another market entirely!

Head over to:

Sit, Stay, Fetch right here:

http://www.sitstayfetch.net

What do you think is the biggest reason dog owners end up

paying for obedience training?

The answer is in the headline. What dog owners WANT is a way to

stop behaviour problems in their dogs. Why? Embarassment,

fear of someone getting hurt, pain of having to consider giving

up their beloved pet – all lead to a RABID desire for dog

training.

Bottom Line – Think DESIRE!

Will you do this for me?

Spend the next week looking at everything in terms of underlying

desire.

When you read the newspaper, speak with a colleague, watch TV, go

to a movie, speak with your spouse or your kids, read websites,

review ads, etc… think about the underlying desire. Why does

that communication exist as it does.

Carry a journal and quickly write down each event with it’s

corresponding, underlying desire.

IF you follow this exercise, you’ll not only be amazed at what you

come up with for “normal” daily communication, you will have

started down the path of thinking like the highest achieving

business people of all time. Not bad for a week’s effort?

The Advantages of Entrepreneur Club

You have heard of card game clubs, sports club, press club etc. but, now there are Entrepreneur Clubs also which can solve the entrepreneurial problems. Popularly known as Entre Club, the club is actually a group of people who get together to implement and promote entrepreneurial practices in the respective areas.

Entre Club and its Functions:

Every entre club has some objectives. Some clubs aim at educating students about entrepreneurship and some provide financial aid to the students for participating in a competition. Whatever be the objectives these clubs follow, they are directly and indirectly involved in the promotion of entrepreneurial spirit.

Generally, an entre club performs following functions:

1. The participants share their ideas and problems with each other.

2. A club organizes events to strengthen the network.

3. It invites experts to answer to the queries of club members.

4. It aims at getting the right knowledge to solve a problem or investment issues.

5. It invests its time and money in problems and sells solutions for the same.

6. It doesn’t work as a committee or commission. But, it works as an individual who has an ample amount of freedom to exercise.

7. It works on its own evaluation level and takes decisions more swiftly.

8. It promotes commercial goods and services by pooling the knowledge of various experts.

9. It solves problems of all its group members and provides them with enough opportunities to work upon.

If you want to be an entrepreneur, you don’t need to have money but you must have an urge to earn money. You don’t need scholarly sense but you must have great ideas.

An entrepreneur must have right knowledge and above all a risk-taking attitude. He should have capability of converting few pennies into thousand dollars. An entre club uses the knowledge of all such entrepreneurs who have got skills, attitude and temperament to perform well.

As a small business owner, you must be a part of such clubs to get right kind of support to grow. You must share the problems and challenges you are facing and the ideas you are exploring. A group of opportunists in these clubs can act as mentors who can show you right path to follow and right strategies to implement.

A simple get together at entre club can actually come out as a great brainstorming session. And you never know where you get the great idea to invest. So, enter into an Entre Club and enjoy the benefits.

To know what kind of club is suitable for you and how it performs, you can consult market advisors or you can search over internet to learn about various entre clubs operating in your area.

Ideas For At Home Business – How To Make Money Online

With a bad economy and jobs becoming less available, people all over are trying to make money by simply using their computer and starting a business online. There are many benefits to working from the comfort of your home. If the idea of not having to leave your home to earn a living sounds like something you might have an interest in, then you might want to consider these ideas for at home business.

Everyone knows that the internet is the perfect place to sell information and products. With a global audience your online sales could be endless. Many people’s ideas for at home business lead them to affiliate marketing. Affiliate marketing is one of the best and easiest ways to make money with your online business simply because it puts you in charge of all aspects of the business. You choose when to work, you choose what product or information to sell, and you choose the way in which it is marketed. You, as the business OWNER have the power.

One way to make money online is to come up with ideas for greeting cards. There are two ideas for at home business making money with greeting cards. The first is to sell your poems or lyrics to greeting card databases. When they sell your card to retailers, you make a portion of the sale. The second way is to set up your own ecommerce site and create and produce your own line of cards. When you go this route, you have the freedom to make cards the way you envision them. You can make and sell any type of card that you like. You can write poetry, or words of encouragement in get well cards. If you write jokes, you can write humorous birthday or anniversary cards. It’s completely up to you.

If you’re thinking about ideas for home business and you have experience sewing or working with other fabrics, you might want to start your own crafts business. You could create a website with pictures of what you make and you can collect payments. Another way to make money from your crafts is to attend craft fairs and sell your goods face to face with your customers. This method helps you to build a stronger rapport with your customer. If you get a feeling for the way a person thinks, you might be able to work them into an extra sale. Any way you can earn a profit is to your benefit.

If crafts aren’t your thing and you’re trying to find other ideas for at home business, you might want to try selling photographs. If you believe you have a knack for taking beautiful photos and think you could make some money off of them, you could try selling the rights to an online photos database. What you do is upload digital photos that you take to the database’s website, and when another merchant pays to download the image, you will receive a portion of the payment. This is a great way to make money from home if you can take stock photos that attract the human eye.

If you are able to come up with clever slogans or drawings, one of the best ideas for at home business is to start a t-shirt business. You can create your t-shirt ideas and sell them on your own website. If you have screen printing press you could save some money and actually make the t-shirts yourself. Otherwise you can upload your ideas to a printing company and pay them to create the shirts.

All of these ideas for at home business are great ways to become your own boss and create your own income. You choose to work whenever and however much you want. The amount of your success is completely up to you.

Van Storage Ideas to Start a Mobile Locksmith Business

Starting your own mobile locksmith business is a great opportunity as an entrepreneur, and protecting your inventory and equipment with proper van storage will improve the overall return on your investment as you begin your business.

Outfit your van properly, and you will be more organized, efficient, and committed to your work. It’s frustrating trying to accomplish a task when you have to search around a haphazardly arranged van arrangement to find the right tools or supplies.

You don’t need to buy a brand new van to start your mobile locksmith business; however, it would be a wise investment to spend some time and money on the storage ideas that will help you do your job more efficiently. Some of the higher vans allow you to actually move around inside and sit at a workbench while cutting keys, without the risk of banging your head whenever you need to locate a tool.

Here are three things to consider when selecting van storage systems for your locksmith business.

Plan Van Storage Space for a Workbench

Since you are a mobile locksmith business, plan your storage space with a workbench in mind. Don’t settle for standing outside, at the rear doors of your van. Put yourself inside your mobile office and get yourself out of the weather to do your work in comfort. Take time to measure out your space and find the best location for a workbench and a step stool for comfort. A good mobile workbench allows for six or seven feet of space to spread out and accomplish your tasks.

A full-length workbench can accommodate a key machine as well as file storage and the locking drawers necessary for your keys and other supplies. Maximize the storage space at your workbench by including catalog organizers, hooks, safety equipment and other accessories that will make your job easier.

Van Storage Should Include Locking Drawers

There is nothing more annoying than listening to hundreds of key blanks jangling like loud wind chimes while you are driving down the road. Storing your product in well-cushioned, locking drawers is a wise use of your cargo area. The keys will be protected from “road rash” marks from rubbing against each other or other items.

Locking drawers as part of your storage space will also protect you from flying objects if you need to stop or swerve suddenly. Plus, it looks very professional to have drawers full of your product, categorized and ready to use.

Van Storage is Best Organized with Adequate Shelving

One of the most important storage concepts is to determine your shelving needs. What tools and equipment will you need for your mobile locksmith business? What storage location of these tools will make your work most efficient?

Look at your van as a mobile work cell, and set it up as efficiently as possible. You will accomplish your service calls faster, and will be able to make more service calls throughout the day because your van storage plan has helped you become efficient.

10 Effective Small Home Based Business Ideas for Startup Small Business Owners

It is always desirable by many of us to establish a home-based business where we can work from the comfort of our home and can earn a handsome residual income. Therefore, we have listed here ten effective home based business ideas for starting up a home-based small business. Why do we say these “effective small home based business ideas”? Because these are all ideas which are tested and we actually made money through these ideas at one time or another.

1- Develop a Niche Affiliate Site

A niche website is a small website that only focuses a single segment of market. There are hundreds of thousands of niche-websites on the web. You can search for a segment of your interest or expertise and then build a catchy website with high-quality content. Choose the products based on high turnover and handsome commissions for affiliate sales on your website. Promote your site for targeted traffic and then track results.

2 – Get paid by Online Paid Surveys

Online paid surveys are a popular and easy way of generating a residual income stream for you and your family. Every global company is spending a lot on the market research and consumer behavior patterns. They hire survey firms to conduct market research for their existing and upcoming products and services and pay generously for views of the people. So it is easy to sort down reliable survey companies and filling out surveys to get a comfortable way of earning from home.

3 – Selling on Craigslist & eBay:

Craigslist is an online garage sale site. It is free to place your sale offers on the craigslist, and sometimes you don’t even need to be worried about shipping and packaging; people come to your home and pick up the items they bought from you. You can sell anything at craigslist or eBay from the old garage items to your small handmade unique items. You can find a clientele for almost anything on these sites and can earn money for you and your family.

4 – Design a website:

If you are running your own website or blog, then you will be familiar with the WordPress and can learn how to create websites by using readily available WordPress themes and how to fix them. You can offer these services to other peoples by learning some customizations like changing color schemes, designing simple logs and banners, make small changes in the layout, etc. In this way, you can easily create and sell unique websites for others and can earn residual income.

5 – Earn Money as a Virtual Worker

You can sign up websites like MicroWorkers.com to offer your services to the individuals and small businesses. MicroWorkers.com has different categories like content writing and social media. You can earn money by completing small tasks like writing a review of a product, posting comments to the blog posts and being fan of a Facebook page, etc.

6 – Earn through Ads on Your Website or Blog:

If you are running a website or blog which has a reasonable amount of daily visitors, then you can earn through placing ads on your websites. Quality content and high-traffic site can give you a handsome stream of advertisement earnings through CPC and CPM campaigns. In these ads, you will be paid for click or impression of the ad placed on your website. You can place any good ad network like Google AdSense for ad campaigns can enjoy extra money through advertisements.

7 – Domain Name Speculation:

Speculating and registering domain is a popular and easy way to earn money online. It involves creativity and thoughtfulness of the person. People find and register domain names, which appear valuable and wait for the time when someone approaches them to sell that domain name in the future. Such domains are parked on pages, which clearly indicate that these domains are for sale and also mention the contact details of the owner. Meanwhile, these owners place catchy advertisements on parking pages and earn advertisement money.

8 – Be a Freelancer:

If you have some expertise in graphics design, programming, writing, marketing research, data entry or any other simple administrative work, then you can offer your services through freelancing websites like guru.com and elance.com. These sites offer a fantastic platform for the people who want to work online. Simply join any of the reputable freelancing website, offer your services in any given category and start earning without spending a penny from your own pocket.

9 – Offer Transcription Services:

Transcription service is the procedure of creating text form of data from recorded voice and conference calls. If you have extra ordinary listening and writing skills, then you can offer your transcription services on the web and can earn a handsome amount based upon your work.

10 – CPA Marketing:

Cost per Action marketing means getting paid when a specific action is performed through your referral link. The referring money can be from $1 to $25 depending upon the type of action performed. This is a quick way to generate cash by referring people. It is highly recommended to use trust worth websites after proper research.

Gauge Your Entrepreneurial Readiness – With an Entrepreneur Test

What does an entrepreneur test look like? How do you measure whether you’re ready to start your own business? With the number of idled or displaced workers in the broad economy today, many are wondering if it’s time to invest in their own business start-up.

Those are just two of the questions that online business opportunity seekers are asking themselves as they research the home based business and alternative or part-time career categories for answers.

If your present career or work situation has been impacted by the job slowdown, you may be seriously considering a leap into an entrepreneurial enterprise of your own. For many, especially if you require something with low start-up costs, the most popular and accessible business models are:

Affiliate marketing

Network marketing

Freelancing/independent contracting

The Internet offers the online entrepreneur a vast array of profitable niches to concentrate on. Most successful home business marketers that I’ve personally observed often combine different revenue streams in a blended approach to diversify their income sources. That often means overlapping any or all of the 3 home business models listed above.

Those who have relied on steady employment working for some other person or company often have to consider if they are really prepared to start their own business. That’s where a career assessment test or entrepreneur test can help. An alternative or parallel career option enjoys unprecedented popularity today because the Internet has reduced or eliminated the traditional barriers of entry to an entrepreneur’s career.

I recently took a free, online entrepreneur test to see what it entails. I can tell you this. Research reveals that there are 16 dimensions or characteristics that are important for starting a business. These entrepreneurial traits fall into three general categories: Personality, Skills and Motivation. As an example, you are asked to self-assess your…

Personality:

• Action-oriented: Your go-getting ability. Your tendency to “do” rather than sit around and think.

• Persistence: Your determination to meet your goals.

• Risk Tolerance: Your willingness to expose yourself to possible loss. Your attraction to, or comfort level with, risk.

Skills:

• Leadership: Your ability to guide and inspire others to work toward a common goal.

• Networking: How well you build and maintain relationships.

• Persuasion: Your ability to influence others.

Motivation:

• Ambition: Your desire to achieve success.

• Autonomy: Your desire to make your own decisions and control your own destiny.

• Financial Motivation: How important money and financial freedom are to you.

After having completed the questionnaire of this particular free, online entrepreneur test I took, I was confronted with the ratings system they use for determining my entrepreneurial acumen -based on my answers. I happened to be rated a pretty average “silver”. That means I fell below the gold and platinum levels. That translates to being in the 25th to 50th percentile of strongly possessing (or not), the proven character traits that successful entrepreneurs exhibit.

Well, considering I’m already putting the entrepreneur/online marketer lifestyle to test, it remains to be seen how much I will have to continue brushing-up on those 3 major business owner aptitudes.

What’s fun and actually kind of revealing is that based on your individual test results, it will identify your 5 greatest strengths and 5 most obvious weaknesses. The program states it is useful to consider your strengths–the tools and talents you already have in place–which will serve you in the pursuit of starting your own business.

Test scores come with helpful tips to get the most out of your individual personality traits so you can leverage those strengths to your best advantage.

Likewise, it goes on to suggest ways you can improve those areas that you tested low or sub-par in with recommended tips. Of course as can be expected of anything offered “free” on the internet, there always comes: “And now a word from our sponsors”. So there’s ample opportunity to opt-in to the advertised and featured educational resources that appear multiple times as you continue moving through the test program.

The advertising on the entrepreneur test I took is “opt-in” only and at no time exceeded the limits or bounds of correct internet etiquette we would expect. You just have to take careful notice where to click to proceed with the test uninterrupted, if that’s your choice.

So was it worth the time to take this entrepreneur test? Yes. For me, it actually identified areas that I already suspected needed improvement. I think it’s helpful to be able to recognize and perhaps be reminded of character traits that still could use some further development which you may now focus on.

If you dream of being your own boss and wonder if the entrepreneur lifestyle is right for you, gauging your strengths/challenges in the areas of personality, motivation and skills can be a helpful start. When you see that an online business career “leap” is really something that can be organized into a series of small, incremental steps, it might just be enough to push you over the edge.

A Must Read For Anyone Interested In Becoming An Entrepreneur

So why would anyone want to take on the hassles and risks associated with becoming an entrepreneur? Well, the 3 main reasons are…

Becoming Your Own Boss:

The lure of becoming your own boss is one of the primary reasons people become entrepreneurs. Rather than working for someone else, these individuals prefer to follow their ambition of starting their own firm. Overall, people decide to become their own boss for a variety of reasons based on personal circumstances. Some examples include being laid-off, or being frustrated with corporate structures or the lack thereof.

Realizing Ideas, Dreams, and Passion:

Another reason people start their own business venture is to pursue their own ideas, dreams, and passion. While many of us share similar desires, only a few people actively work on realizing their entrepreneurial goals. When asked, many entrepreneurs stated that they were somewhat forced to start their own business because their previous employers were resistant to ideas, change, and innovation. Rather than let their desires simmer, these individuals consistently focused and worked at bringing their ideas, dreams, and passion to fruition through entrepreneurship.

Financial Rewards:

Last, people become entrepreneurs to reap the financial rewards associated with those perceived opportunities. The reason that I say perceived is because most small businesses do fail. People must realize that the average entrepreneur doesn’t make more money compared to working at a traditional job, hence why many never take the plunge. While it’s not impossible, it’s very unlikely that you’ll reach a level like Larry Page and Sergey Brin (Google), or even Jerry Yang (Yahoo). To me, it’s never a good idea to make financial rewards the primary motive for becoming an entrepreneur. While financial incentives are important, it should not be the main reason for starting a business. Instead, entrepreneurs must posses these three characteristics, that if mastered, will help you become an extraordinary entrepreneur.

Passion:

The single most important characteristic shared by successful entrepreneurs is passion. These individuals have a tremendous amount of passion for their business and believe that their organization will positively influence our world. A prime example is Sergey Brin and Larry Page. Both individuals have more than enough money to survive for several lifetimes. But instead of retiring to a life of luxury, they’re still working on their passion – Google.

Honestly, you should not become an entrepreneur if you don’t have passion for your business. If you’re only partially committed to your business, you will not survive. In today’s competitive and dynamic business environment, entrepreneurs must be fully committed to working long hours to fight off competition while continually innovating on new products and services that’ll help the business grow and succeed. Without passion, you’ll succumb to the never-ending demands of your business and ultimately fail.

Focus & Tenacity:

To meet the never-ending demands of your business also requires focus and tenacity. Entrepreneurs must focus on delivering value to their customers by providing high-quality goods to improve their lives, thus creating a winning situation for all stakeholders. In addition, they must also have the tenacity to fight through setbacks and failures, especially since both are inevitable. Because most start-ups fail, entrepreneurs must always focus on the end goal and work tenaciously on achieving their mission and vision.

Execution Intelligence:

Above all else, every entrepreneur should strive towards execution intelligence – the ability to effectively execute business ideas and strategies as efficient as possible. This includes building a viable business model, raising capital, establishing clientele and partnerships, managing finances, leading and motivating employees, marketing, etc. Through execution intelligence, and by having an uncanny ability to translate innovative ideas into measurable actions and results, you will increase your odds of success as an entrepreneur. In the end, becoming an entrepreneur is hard work if you want to be successful. You must ensure that the items mentioned above are aligned with the necessary skills and resources needed to tap into legitimate business opportunities capable of providing adequate financial rewards for years to come.

Feel free to read my previous posts about entrepreneurship. Before you decide to venture down this road, I leave you with “10 Chinese Proverbs” to help you reflect on some of the requirements of entrepreneurship.

“To open a shop is easy, to keep it open is art.”

“In every crisis, there is opportunity.”

“Defeat isn’t bitter if you don’t swallow it.”

“Failing to plan is planning to fail.”

“If a thing’s worth doing, it’s worth doing well.”

“Cheap things are not good; good things are not cheap.”

“Sow a thought, reap an action; sow an action, reap a habit; sow a habit, reap a character; sow a character, reap a destiny.”

“Learning is a treasure that will follow its owner everywhere.”

“Patience is a virtue.”

“Make happy those who are near, and those who are far will come.”

Business Opportunities – Which Business Idea Is Right For You?

Many entrepreneurs decide to go into business and then cast about for the ideal business concept. There is nothing wrong in this approach, but it does beg the question as to how you determine which business opportunity is right for you and whether the business idea is worth pursuing. The formal business planning process provides for this type of analysis. It is a process that helps the small business owner remove their ‘rose coloured glasses’ and to investigate the business idea based on hard facts and realistic analysis. The planning tool used to determine the viability of a business opportunity is called a feasibility study.

The goal of the feasibility study is to minimise the degree of risk that a business owner is about to undertake. At the completion of a feasibility study you should be able to conclude if the opportunity has potential for profit and is therefore worth the investment of your time, effort and finance. If the study proves that the business idea is financially viable, much of the information collated can be used in the formal business planning documents.

A word of warning, curb your enthusiasm for a business idea until after the feasibility study has been concluded. Don’t spend a cent, don’t sign anything, don’t get anything underway. Heeding this single warning could save you much money, time and grief.

A detailed feasibility study should include:

The Business Opportunity

Start with a description of the business opportunity in as much detail as possible.

Legal Constraints

You need to investigate whether there are any legal constraints to conducting this type of business. This could include regulatory requirements for specific qualifications or licenses. Home based businesses usually require permission from the local council to operate from the home. There is no point launching into a business which requires qualifications or licenses you do not have.

Market and Customers

You need to undertake market research to determine the size of the market for your products and services and to profile the characteristics of both the market, your competitors and potential customers. You should also assess whether you can offer something unique, better or different to the offers being made by your competitors and determine likely purchase quantities and price points of your products. Your market research should also include identify any issues which are likely to impact the market or the industry in the near future.

Operational Issues

Operational issues such as business location and the type of facilities required need to be investigated and addressed. It examines the space required immediately and assesses whether that will be adequate given your projected business growth at various timeframes. It asks how you will identify the most suitable location and type of space.

It should also examine how you will finance the required space. Will your purchase, rent or take out a long-term lease?

It examines the logistical aspects of operating the business such as how will you handle, transport and store goods into and out of your business? What distribution channels will you use? Do you need transport such as a car, van, truck or forklift? What other plant and equipment are needed to commence operations and what is needed over the life of the business?

Management Skills

This examines the management aspects of the business. It asks what types and level of skills are required to run this particular business? Who will manage the business? What roles are required and who will fulfill those roles? This includes marketing, finances, sales, managing information technology etc.

Critically, you need to examine the skills required by this business opportunity and compare them to your own skills. Do you have the skills required to undertake this business? If not, can they be acquired readily? Are you even interested in acquiring these skills?

Organisational Skills

This examines the skills required by the business. It asks how many additional staff will be required to operate this business idea. Will you need to recruit new workers? If so, what skills and competency levels will be required. Do you know how to recruit these staff members and are you able to effectively induct and train these new recruits?

Do you have sufficient knowledge as to the legal aspects of employing staff? Are you aware of regulations relating to salaries and wages, taxation, workers compensation, workplace safety and equal opportunity? Do you know where to go to obtain this information?

Financial Issues

This takes a detailed look at the financial issues relating to the business idea. This includes the all important questions of what capital is required to start the business and how will you raise the required capital. What is your estimate of profitability after all costs, including tax, have been deducted? How much do you require to live on per annum? How long will it take to breakeven.

You also need to examine your own skills in relation to managing the finances. Are you able to do your own bookkeeping? Can you manage cashflows? Do you know where to go for expert financial advice?

Sales and Marketing

This looks at what you expect your sales and marketing strategy to be. It takes a look at how much time and money will be allocated to the sales and marketing function and determines what the most cost-effective promotional methods should be. It also asks who will be responsible for this function.

Conclusions

The above is not an exhaustive list of questions that should be asked when conducting a feasibility study but it gives you the flavour of what it should be. When you have done your research and found answers to the key questions you will be in a position to undertake a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. It allows you to take all the information you have gathered and to make an overall assessment of the viability of the business.

Undertaking a feasibility study sounds like a lot of work, especially when you are eager to get started, but if you want to save yourself a lot of time, money, energy and grief, take the time to assess whether the business idea really is worth your investment. A feasibility study can help you sift through a raft of business ideas and allow you to discard those that are not worth pursuing and help you to identify the one that is most likely to be successful.

Essential Qualities Of An Entrepreneur

It is a great idea to want to start a business, but a person has to analyze and estimate if he has the qualities that are essential for being a successful entrepreneur.

Qualities of a Successful Entrepreneur:

Entrepreneurs are persevering, are lovers of challenges, are action oriented and are quick to learn, and adopt techniques to perform better as well as improve their business. They are independent extroverts who have the ability to lead people, manage them effectively, and steer their business toward its success. They are intelligent and able to utilize their skills, time, resources, and energy effectively. They are emotionally stable and healthy. They set reasonable, realistic goals and determine the ways to achieve the goals without fuss, have good communication skills as well as the ability to judge people and trust them accordingly. They have business acumen even without attending any business school and have the right instinct to make the right decision at the right time. They have the ability to make maximum use of the available resources and do not fear failure and are able to solve problems and seek solutions to existing problems easily.

Some Other Traits of Entrepreneurs:

o Leadership: An entrepreneur is a natural leader with the vision and the drive to do things right and steer his company toward success with ease.

o Confidence: He has to be self-confident, confident in his plans as he has carefully researched them and has mastered the skills necessary to implement them carefully.

o Energetic: They have amazing capacity for hard work and are energetic, motivating those that come in contact with them on account of their drive and determination.

o Creative And Innovative: This will be an essential criterion to design and sell products that are interesting which offer several benefits and have a competitive edge, making sure they capture the target market on launch without much difficulty.

o Organized: Entrepreneurs have to be highly organized and systematic, making it possible to achieve things in a much shorter time. The ability to deliver anything that has been promised on time and the ability to stick to schedules are necessary for a person to be a successful entrepreneur.

o Have Trouble Being Subordinates: They usually are strong-willed and have trouble working under someone else.

o Highly Competitive: They are very competitive and will strive offer better services and products than the competition.

o Will Not Hesitate To Take Risks: Risks are part of any business, and a successful entrepreneur will have the knack of taking calculated risks that will only benefit the business.

o Will Not Hesitate To Seek Help When Necessary: They will hire necessary staff to help them in areas where they are not very confident.

These are some of the traits of entrepreneurs, which can be used as a checklist to determine if someone has the capability to be an entrepreneur. If you do start your own business, be sure to use the services as well as products offered by some firms to help new entrepreneurs like you succeed.