Idea Archives - GUJRAT INDIA

How to Research an Ecommerce Business Idea

Ecommerce is well known as being a low overhead route to market but that doesn’t mean that you can be complacent about your business model.

I’m going to give you some ways in which you can test out your ecommerce business idea before you get in too deep.

A common way to set up an ecommerce site is to start with your business idea, talk to a design or web agency who will provide you with a project proposal to design and build your website. Once built and paid for you then begin to wrestle with ways to generate traffic to your new website, given that the site is new and has few (if any) inbound links you’ll soon be setting up your Google AdWords account and paying for visitors on a Pay Per Click (PPC) basis.

Given that you’ve just paid to design and build the site and are now paying for your traffic, this isn’t a good time to find out that there simply isn’t the demand you thought there would be for your products, or that given the cost of traffic and overheads you can’t make a profit on what you sell.

Let’s look at some ways of avoiding a situation like this. By taking a range of steps using existing online tools and services you can get some real world research to find out a bit more about your potential market, and then with a minimal investment test how receptive that market is to your proposed products and price point.

Step 1. Where is the search?

Your first step should be to write down a list of the phrases you believe potential customers would use to find your products, once you have these phrases use some online keyword research tools to find out how much traffic there is for each term, as well as the level of competition each phrase has.

You need to bear in mind that the figures for search volume will vary dependent upon where you go for the figures and the marketplace you are looking at. Google’s keyword research tool is geared towards AdWords and by default will give you figures based upon their ‘Broadmatch’ setting which includes similar searches, and as such by default gives unusually high traffic figures.

I prefer to use Yahoo! or Wordtracker for this kind of information as the figures are more realistic, if you do use Google’s keyword tool then make sure you enclose the search term in speech marks as this will match the phrase directly.

Step 2. How many competitors are there?

You might find that you have a healthy search volume, but then if this is an already well mined niche with many existing competitors you will be at an immediate disadvantage as your competitors will be trading with an established website and you will be starting from scratch.

There are 2 pieces of information we will need for each phrase to give us a complete picture of the situation. One is the number of direct competitors who are already in Google’s index for the phrases we are interested in and the next is a keywords effectiveness index (KEI) which combines search volume with competitors volume to derive an index figure which highlights the potential of each phrase in our list.

Step 3. Get to grips with the competition

Not all search phrases are created equal as some will have more sites competing for them than others.

Imagine you have a search phrase in your list with 100 searches per month, are you competing with 10 other sites for that traffic or 10,000,000 other sites? By using an effectiveness index you will see at a glance where there are gaps in the competition and if you decide to go ahead with your new ecommerce site you can use this information to help optimise your website for these phrases.

In order to find the number of competing sites for a search phrase, do a search in Google with the search phrase in speech marks and take a look at the “Results 1 to 10 of about xxx” the xxx figure is the amount of websites that are in Google’s index for that exact phrase.

The KEI equation is searches x searches / competition = effectiveness for example 100 x 100 / 10 = 1000 KEI which is a great opportunity as ultimately you have 100 searches with only 10 direct competitors for that phrase. Whereas 100 x 100 / 10,000,000 = 0.001 KEI which is dreadful!

If you know a bit about search engine optimisation you will recognise these techniques as they are often used in the keyphrase selection process when optimising an existing site, but given that this research can easily be completed before any website has been built it makes sense to employ these techniques to get a feel for the nature of the opportunity presented online for your particular business idea at the outset.

Step 4. Test your business idea with PPC

This technique requires more of an investment but rewards you with some more tangible results.

You will need to set up a few web pages for your key products with a click to purchase button that sends you an email. Tell your prospective customers that you are out of stock and ask if they would like to be informed when the product is back in.

Now set up a PPC account with Google and spend a couple of hundred pounds/dollars on getting traffic to the page, you’ll soon get a feel for the cost of traffic and the kind of conversion rate you’d be starting with.

Step 5. Prototype your ecommerce website with SaaS

These days there are many low overhead software as a service (SaaS) web applications for ecommerce that are ready to use with nothing more than an online sign-up.

This kind of service utilises existing functionality that runs on a webserver and has no design/build overhead so you can simply start trading and pay as you go for the service.

Pick an ecommerce service provider that you like the look of, upload your products and set it up with a low cost payment system such as PayPal and off you go.

If you did the phrase research you’ll also have a good starting point to set up an AdWords account and a strong lead on the phrases you should include in you site content to attract search traffic.

Essentially in this last step we are setting up a fully functioning ecommerce website, however as we are only paying for the service monthly and there is no design/build overhead we can quickly get to grips with the nature of the business and see if it has legs or not without sacrificing all of our capital, which if things go well we are then in a position to spend on improving an ecommerce site we know works rather than simply gambling on a hunch.

Hot New Business Idea – Home-Town Article Writing

Article writing as we know it has become a great home-based business avenue for creating an additional stream of income or exposure. Creating mind tingling articles that will keep the attention of your audience occupied is of vital importance. The small town business idea of writing a news article on business ownership for your local newspaper publication is one that I believe is quite overlooked. This newspaper or magazine is relatively small in production, circulation and content. It will usually be locally owned and operated.

Do your research to find out what bi-weekly or monthly articles are published. Nine times out of ten, there will not be anything covering people who own their own business or how to start your own business, a popular niche that you can take advantage of. There will be a bit of leg-work involved, but the exposure, if not income too, will be totally worth your while. Call the editor of the newspaper you chose and set up an appointment to talk one on one with them about writing for their publication. There may not be any monetary incentive for it at first but let them know you are willing to freelance for the exposure. If the offer is accepted, you will now need to make a list of people in your town who are business owners. If you don’t know many, ask friends and relatives for help.

Some idea titles for your column could be: Being Your Own Boss 101, An Inside Focus to B.Y.O.B., All My Own: Business 101, or You Can Start Your Own Business, Too. You will then need to call those prospective business owners, tell them who you are, why you would like to interview them for your column and the name of the newspaper they will be featured in. Most will be flattered to be mentioned in a publication. No picture is necessary, unless you and the business owner agree on submitting one.

The following interview questions should get you on your way.

1. How they started their own business
2. Motivation for wanting to be in business
3. When they started and how long in the business
4. Some difficulties they faced and how they overcame it
5. Would they do it again and what would they do different
6. Tips for others who may want to have their own business
7. In what ways do they give back
8. Business happenings current and future
9. Future plans, if any
10. Family status, faith affiliation, if any, encouraging words or business motto

An important factor is always remember to check for spelling and grammatical errors within your articles. This can make or break your expertise as an article writer. These are just some general ideas for interview questions, you can always alter for your own satisfaction. And by no means should you limit yourself to just writing for your own home-town, contact other small towns after you’ve reached a certain level of comfortable expertise and then accelerate to larger ones. This will be a specialty niche exclusively built by you but geared towards helping others in their own business and those wanting their own business.

I hope this will help someone in their future article writing journey. One never knows, before long you may end up venturing out with your own business publication centered around this one little specialty niche. My sincere hope is that this creative business idea will free you into your own way of thinking and living.

Are Simultaneous Submissions a Good Idea?

With regards to the question of simultaneous submissions, I fear I may not be able to offer a set answer. As a publisher, I am not enamored by the thought of an author sending me a manuscript that is currently floating among several other slush piles. However, as an author, I am tempted to cast a wide net for my book and hope somebody bites. The thought of waiting for one publisher to pass on a book before sending it to another editor can be daunting for authors, particularly if a favored publisher takes a year to decide.

I have read stories of books that were rejected by one publisher years after they had been accepted and published elsewhere. It is funny to read, yes, but when one looks at simultaneous submissions from two different perspectives – as I have the ability to do – one will know that there may be serious repercussions to violating the wishes of a publisher or editor. As with any aspect of the publishing industry, there are pros and cons to sending out a book to several publishers at once, and there are things authors must know about publishers before they submit.

In addition to producing quality fiction and non-fiction in eBook, trade and/or hardcover format, a book publisher is ultimately in the business of selling books and making money. In order to stay in business, the publisher must be judicious in selecting which manuscripts are to be included in their catalogs. Depending on one’s budget, a publisher may offer anywhere from five titles a year to five titles a week. Consequently, the rate at which a publisher reads through and evaluates manuscripts may vary according to their publication schedule. Normally a publisher will advertise in its submission guidelines how long an author should wait for an answer, yet there are always circumstances that may arise and force delays.

As an author, I can relate with others who want answers now, so that they may either prepare for publication or ready the manuscript to send to another prospect. I have also learned, too, that impatience can backfire on an author. Once, given the choice between submitting a story as part of an anthology or submitting it solo to another publisher, I chose the latter because I wanted to see the story published. Long story short, the latter publisher folded, and the anthology was accepted and published without my story. My work remains unpublished. Sometimes it pays to be patient.

It is acceptable with most publishers to send a query after a sufficient amount of time has passed. If, for example, a publisher advertises turn-around within 120 days, a message after that time period may alert you to the status of your manuscript. As to whether or not it is acceptable to submit to several publishers at once, here are a few things to consider:

1) If a publisher specifies that no simultaneous submissions are allowed, take that into consideration. Reading a manuscript for potential publication is an investment of time and, in some cases, money. Some publishers use volunteer readers for evaluation, some take on the job themselves, while others hire on readers to separate the wheat from the chaff. As such, some publishers may wish to preserve that investment with the knowledge that they have exclusive readership to a work they may wish to contract.

Having said this, an author may be tempted to submit elsewhere anyway, if only to hedge his/her bets. If one publisher passes while another accepts, no harm is done. However, if there is a possibility that two publishers want the work, and both publishers had asked for exclusive reads, there presents some problem. While this dilemma can be remedied by simply turning away the contract by Publisher A without explanation, you will run the risk of being found out when your book is released with Publisher B. Some publishers have long memories, and Publisher A may not be so accommodating should you submit something else to them.

2) If you make a simultaneous submission, alert the publisher. If a publisher does allow simultaneous submissions, an author should be courteous to let it be known if a manuscript is sent to more than one publisher. There may be a possibility a publisher will expedite your manuscript for review if there is the possibility another will claim it. If you are a quality writer with a track record for good sales, you may be placed in the enviable position of having some negotiation power.

3) If you accept a contract for a book still out with other publishers, notify the other publishers immediately! The last thing a publisher wants to do is waste time. One major aspect of the book business is production. Especially with the romance industry, books are released at a steady rate, and publisher does not want to invest time in reviewing a manuscript that is not attainable. This can work against an author who wishes to submit to a publisher at a later date (remember what I said about publishers having long memories).

Think carefully before considering simultaneous submissions. Weigh the consequences and be prepared for every scenario. Keep track of every publisher who has the manuscript and follow-up accordingly when deadlines have passed and when offers are made. As you heed the instructions of each publisher you contact, chances are you will make an impression regardless of whether or not you are contracted. This can bode well for your writing career in the future.

Social Business: How to Clarify Your Idea – From Vague to Focused and Actionable

How to Clarify Your Social Business Idea – From vague to focused and actionable

It is common among many entrepreneurial thinkers. They had a big and great idea. However, in her head it was too large and too overwhelming. Clarity is needed in your social entrepreneurship pursuit, or any business idea. Make it simple. Otherwise it will be too big and too random and you will be unable to make it actionable.

Now get a notebook and pen, computer, or iPad, and get ready to work through these techniques. Make sure to write it out. This is very important. If you do not write it out it will keep on fixed in your head looping the same un-actionable cycles over and over.

Here are two frameworks to help you clarify your idea:

Hedgehog Concept (from Jim Collins Good to Great)
Tony Robbins OPA

Hedgehog Concept:

What are you most passionate about in the world? (What social issue are you trying to solve?) Don’t limit it to your social business idea. Just list all the things out that you are thinking. This is a crucial component for a social business entrepreneur, what social matters are you most passionate about solving? What makes you most angry when you hear about it? write them out.

Now rate them. What are your top two? Once you do this it will give you more clarity into what the social business should really be focusing on.

What are you best at in the world? Or another way to say it, what do you love achieving most in the globe? This will structure the way the corporation is run. It may even adjust the whole direction of the your social business idea. Are you best at speaking, networking, writing, selling, talking, connecting with people, administration?

What drives your economic engine? (Or if you are a non-profit, in his book Good to Great in the Social Sector, Collins says this circle can be changed to How can we develop a sustainable resource engine to deliver superior performance relative to our mission). What is your business model? How are you going to make money from this venture. you’ve clarified the one biggest passion or social problem you want to overcome. you’ve stated out what you are best at in the world (how you are going to personally solve the social problem). And additionally, how you can make money, in the best way, through your socially impacting idea.

From time to time there are aspects of our ideas that we hold extremely tightly to for no reason. Which items in your social enterprise idea are non-negotiables? What utterly makes the business? What definitely HAS to be there?

If you believe it really is important then WHY? Does it align with what you are most passionate about, what your best at, or your business model? If not, then maybe it shouldn’t be there. OPA Model – Tony Robbins Now that you have done that you should have quite a bit more clarity already. Now let’s take it one step further. By the end of this, hopefully you’ll have a specific set of action items to take away and do.

OPA – Outcome / Result, Purpose, Actions

Outcome: Write out the final outcome. Try to be very specific. Don’t just say, I want to help feed orphans. Say:

My Business is going to clothe orphans all over the globe; beginning with India. I will do this through selling my own distinctive designed t-shirts and donating one shirt for everyone purchased. These shirts will be sold in boutique clothing retailers starting in Texas, and growing from there.

This is merely a quick example off the top of my head. It should overlap what you came up with in the Hedgehog principle above.

Purpose: List out 10-15 reasons WHY you are doing this.

Actions: Brainstorm as many action items you can think of that you need to do. From the biggest to the smallest. Many of them will be big projects in themselves with their own set of action items. For example, you might have:

Call John to see about the price of buying product x from him.
Create a business plan
Create a website
Start blogging regularly
Meet with x about possible partnership

Obviously calling John is a one step process. Nevertheless, generating a business plan is a large project within itself. Similarly, designing a website is a project with several action items to finish. Don’t worry about this for now. Later on, after you have finished this whole exercise. You should go through each of these, pick out the projects and do another OPA framework for that. Rate each item on its importance. Go through each item, pick out the bigger projects and create another OPA for it.

There you have it. Hopefully you’ve clarified your business idea; boiled it down to one area to focus on. You should also have a clear set of action items ordered in priority to get you going.

Write out the outcome and purpose on your computer, maybe add some fitting invigorating pictures and quotes, and hang it on the wall to look at everyday. This is important. There’ll be days when you don’t want to do it, when you don’t want to get out of bed, and don’t want to write that next article. Days when you don’t want to make that next sales call, or book that next meeting. Look at it, let it re-stimulate you!

Home Based Business Idea – MLM With Online Marketing

There are several ideas for a home based business that you can implement. In this information, a business idea is presented that have been implemented mostly by stay-at-home moms and entrepreneurs that had provided them with their source of living. In fact, some of these home based workers had earned their first million with this business idea. This business idea is being a distributor of MLM combined with the power of online marketing.

MLM with Online Marketing

Multi-level marketing is a big industry with various companies starting every year. You can start a business with a small capital and work at home part time. With the MLM business model, you likely start as a distributor. As a distributor, the best way to expand is to tap the power of the internet and market your products and business online.

The income of this type of business comes mainly from the sale of the product. You can also get recurring income from the signup of new distributors. From your signups, you can propose strategic funded propositions for expansion of the business later as you build relationships.

The best method to be successful with this type of business is to stand out from the crowd. Instead of using the replicated websites provided by the company, establish your own brand with the use of a personalized website or blog. This will position yourself as an expert in the field of your choice. This will certainly provide value to your prospects.

You can learn email marketing and build relationships with time. One secret of most successful people in the MLM industry is that they never sell the business opportunity. They wait for the bigger commitment to the business when relationships are already built.

In this type of business, there are several elements and skills that need to be mastered. For one, the techniques with internet marketing should be mastered. Secondly, you should also offer a genuine offer that provides value to your prospects. Be sincere and never fabricate something from thin air. Your prospects will eventually know and you will lose business down the road due to bad reputation.

You have to understand that people do not like to be sold but they like acquiring things that are of value. You just have to provide value by positioning yourself as an expert in the field. This will create credibility and will build your reputation as your business grows.

Take action and start your own business as MLM distributor. You can start small and take your business to the next level with the right opportunity and the sincerity to help people.

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.

How To Evaluate A Business Idea For Developing An Enterprise

Why Do You Need A Business Plan?

Planning is a process that never ends for all businesses. It is extremely important in the early stages of any venture when the entrepreneur will need to prepare a preliminary business plan.

There are different types of plans that may be part of any business operation. These include but not limited to Financial plans, Marketing plan, Human Resource plan, Production plans, Sales plans etc. Plans may be short term or long term or may be strategic or operational. Whatever the type of plan or the function, plans have one important purpose; to provide guidance and structure to management in a rapidly changing market environment.

A business plan on the other hand is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. It is often an integration of functional plans such as marketing, finance, manufacturing and human resources. It also addresses both short term and long term decision making for the first three years of operation. Thus, the business plan, or road map, answers the strategic questions of where am I now? Where am I going? And how will I get there? Potential investors, suppliers and even customers will request or require a business plan.

How I Prepared My Preliminary Project Proposal

In my case, I followed the following break downs keeping each section as brief as possible.

1. Background: in this section, I established the context of the project by giving an account of the problem it is trying to address.

2. State of the art: I gave an overview of existing and emerging technology in the field, including an account of rival technologies and a comparison of the advantages and disadvantages of the various options.

3. Proposal: I wrote an overview of the proposed project and the approach, i.e. the activities which I will be undertaken to achieve the project objectives. Clearly establish the research element or novelty component in the proposal.

4. Consortium: an overview of the proposed manpower and establish the required ability to carry out the project successfully (e.g. skills, competencies, etc.)

5. Objectives and Deliverables: Identify (1) the objectives and (2) the deliverables of the proposed project.

6. Competitiveness: if applicable, establish the competitiveness or advantages of the proposed solution compared to other solutions, whether these already exist or are still being researched.

7. Cost: give an overview of the project cost (including start-up cost and working capital requirements).

8. Impact: this section should include:

i. Markets and Uses: identify possible uses and markets for the deliverables of the project.

ii. Benefits and Beneficiaries: identify the beneficiaries of the project’s results (e.g. the project participants, the general public, third parties) and the manner in which they will benefit.

iii. Roadmap: give an indication regarding what further steps, effort, costs and timeframes are necessary before tangible benefits can be realized from the deliverables or results of the project (unless these are realized within the lifetime of the project).

iv. Spillover Benefits: identify any secondary benefits of the project (e.g. facilitating participation in funding programmes, improving Malta’s ranking, strengthening Malta’s reputation in a particular area, etc.)

Preparing a Detailed Business Plan

Stages of writing a business plan are: After deciding to go into business, before starting the business and when updating is required.

Business plans can be written for retail business, wholesale business, service business, manufacturing and any other type of business.

A business plan is written by doing the following:

Identifying all the questions that could be asked about the business.

Determining what further information needs to be gathered to answer all the questions.

Obtaining all the necessary information.

Comparing various alternatives

Making a decision on each question.

A business plan should:

Have a good appearance

Provide an index

Provide a summary

Number each copy

Be signed to show who is submitting it.

Depend on the nature of the business.

A business plan should be organized to carry a cover page, table of contents, executive summary, business description, Marketing plan, organizational plan, operational plan, financial plan and appendices.

Outline of a typical business plan is as below;

1. Title: Feasibility study Report on______________________

Commissioned by_________________________

2. Project consultants

3. Table of contents:

Executive Summary

The Report

Project Background

Objective of study

Project description and

Loan advancement

Promoter

Location

Market and marketing plan

Potential customers

Competition

Pricing

Sales Tactics

Advertising and Promotion

Distribution.

Technical Feasibility and management plan:

Factory

Machinery

Overhead charges

Packaging materials

Raw materials Manpower and Labour costs.

Financial Projection/Feasibility:

Overview on capital requirement

Financial plan

Projected cash flow

Projected profit and loss account

Projected balance sheet

Break-even analysis

Source and application of funds

Organization Plan:

Form of ownership

Identification of partners/Principal shareholders

Authority of Principals.

Management team background

Roles and responsibilities of members of organization

Assessment of Risk:

Evaluate weakness of business

New technologies

Contingency plans.

Schedules:

12 months projected sales

12 months projected purchase

Fixed Assets and depreciation schedule

Profitability index.

Thanks for reading

Should You Match Your Entrepreneur Personality With Your Business Startup Idea?

Did you know that the word entrepreneur comes from a French word “entreprendre” which means “to undertake? If you want to get more analytical and you speak French, you might think it comes from combining two verbs “entre” and “prendre.” “Entrer” means “to enter” and “prendre” means “to take” so combined they would mean “to enter to take.” That works too because a person following a business startup idea who enters markets to take advantage of opportunities for profits by assuming the risks is by definition an entrepreneur.

Let’s look at some interesting facts about entrepreneurs:

People who become entrepreneurs either seek out an entrepreneurial life or they fall into it. Not everyone who becomes an entrepreneur grew up thinking that it was their dream to become a business owner.

Entrepreneurs fall into different entrepreneurial personality types–the professional, expert or pragmatist, and the inventor. Maybe as a small business owner, you have not given much thought as to the type of entrepreneur you are. You were too busy focusing on getting your business operating and profitable and not so much on what kind of entrepreneur you are.

Those entrepreneurs that are referred to as professional entrepreneurs start one business, and another, and another. They are very good at establishing a business and making it very successful in a relatively short period of time. Sometimes if luck would have it, the first business does well and they sell it. Soon they start another business because now being an entrepreneur is in their blood and they can’t go to work for someone else so they start another business.

Did you think that every person who becomes an entrepreneur set out to be one? Sometimes an entrepreneur comes looking for someone who is an expert in a particular field that is needed for their business such as accounting, finance, marketing, or sales. It can also be that they need an expert in a particular industry such as software, pharmaceuticals, or cosmetics. Then they go looking for someone who has that knowledge and ask them to join their venture by making them a partner. Voila! they are now an entrepreneur.

The expert entrepreneurs are often well-educated and become experienced in their trade by working in a corporate setting for a number of years. There they hone their skills creating the expertise that makes them so valuable as an entrepreneur.

The third type is the inventor. Bill Gates is an inventor type entrepreneur that has made this type very well known. This type of entrepreneur may have the classic inventor personality. You know the “absent minded professor” who gets so caught up in his technology and invention that they do not function well in a fully functioning business setting. As a result, they cannot function as a leader of a company because they have much too narrow a focus.

Instead, to become a success as an entrepreneur, they compensate for their shortcomings by surrounding themselves with experts that can provide the business expertise that they lack. In fact, they may hire the “professional” entrepreneur as a partner to focus on the growth aspects of the company so that they can continue in the inventor capacity which they do best.

There are blends of these three entrepreneurial types. It is possible to find a professional-inventor type who is fortunate enough to have both skills at their disposal. They can become super-creative geniuses who can invent and start businesses that do extremely well and become very profitable taking full advantage of their creative and business potential. They can become billionaires!

The blend pragmatist-professional entrepreneur is one that takes a combination expert who also understands the operation of a business. They use their expertise to develop an idea for a business that will lead to a very profitable business idea and set about hiring all the talent they need in every area to make it extremely successful. For example, someone who knows the pharmaceutical business very well comes up with an idea for marketing and managing pharmaceuticals in a new and more efficient way. His expertise as a professional entrepreneur allowed him to dig in and help with the startup process of the business while supervising the development of the pharmaceutical end of it.

Another interesting fact is that certain entrepreneurial types go better with specific types of businesses. You increase your chances of success if you choose a business that matches your entrepreneurial type. Often when you are thinking of starting a business, you do not give any thought to what kind of entrepreneur you are. Success often depends on your knowing your own strengths and weaknesses and your ability to find people that complement you.

How to Start a Home Business – Getting the Idea For Your Business

Too many people never get beyond thinking about how to start a home business. To start your own small business requires action.

The first action is to create or choose a business idea. This first step is often an obstacle that is never overcome because people do not know how to go about looking for business ideas.

This article speaks to these people. It is about how to find ideas for your own business.

How to start a home business – open your eyes and you will see real opportunities

Real business ideas are all around you – all the time. You just need to become aware of them. If you are thinking about how to start a home business, you will become more aware of them.

You will find ideas for a business in your

back yard
basement
living room
kitchen
children’s room
garage

You will find ideas in your car, in the stores you visit, in the meals you eat, in the movies and TV programs you watch, in the homes of your friends, in the newspapers and magazines that you read. Ideas for a business are everywhere. You just have to open your eyes to see them.

How to start a home business – begin by looking at your hobbies and interests

The best business for you to start would be a business about something you enjoy.

Chances are that you have spent many years working at a job that you may not like – just to earn a living. You may

be working longer hours than you wish
be experiencing unwanted pressure and stress
look forward to Fridays, beginning on Monday at 9AM
spend a part of Saturday and Sunday dreading Monday at 9AM

What do you think work would be like for you if you were your own boss and your business was about the things that you really enjoy?

Look closely at the areas of your hobbies and interests. Find problems that people have in these areas and solve them. How would that be for a business?

How to start a home business – You dont need to invent a new product

Look at how you can turn an existing product or service into a new product or service. This is where most ideas for new business come from. There aren’t that many newly invented products and services.

landline phones gave rise to cell phone businesses
desktop computers gave rise to laptop computer businesses
laptop computers gave rise to hand held technology businesses like Blackberry and PalmPilot
supermarkets gave rise to home food delivery businesses
car washes gave rise to mobile car wash and car valet businesses
sit down restaurants gave rise to fast food and “take out” food businesses

Make a list of the stores you visit offline and online. From what did each of these businesses evolve? Make a list of all of the services you utilize. From what did each of them evolve?

How to start a home business – are there services you can provide that people dont want to do?

It seems that people are busier today than ever before. Issues surrounding work – life balance are more prevalent than ever. This opens an opportunity to start service businesses that customers

dont have time to do
dont want to do
dont know how to do
cant do
cant find others who do it
cant find others who do a good job

Some examples of services that can become a business are dog walking, care for the elderly, care for the young, tutoring or coaching of a skill you have, carpentry etc. Millions of business owners profit by selling routine and sometimes unglamorous services such as window washing, car repair, sandwich making, building maintenance, house cleaning, and plumbing.

The business you start now can become another business tomorrow

One of the fastest growing business types today can be categorized as the information business. Today people are hungry for information – particularly information about how to do things.

If you already have a skill that you think people would like to learn, you can teach them that skill through seminars, lectures, coaching, books, courses, e-books, e-courses etc. If you do not feel that you already possess such a skill, you may soon have it after your new business has been up and running for a while. Your new business could morph into an information business that helps others to do well in their own similar businesses.

Don’t give up on starting your own business because of a half-hearted attempt to find an idea for your business. You can and will find the idea if you systematically look for it.