who is an entrepreneur?
here on How To Become A Successful Entrepreneurs. An entrepreneur is a person who starts, manages, and organizes a business plan. him alone bears the profit and loss of the business The process of organizing and starting a business enterprise is called entrepreneurship,
Formulate a good business plan and initiative:
the first thing to do in order to become a successful entrepreneur is to have a good business plan. your business should be the one that will be lucrative and has a very high demand in the environment of the establishment
Making decisions on the kind and of business to establish:
it very important that if you want to start a business you will specify the kind of business you want to do and that will make you be able to checkmate the demand of the business not pronouncing in mind to start a business without any particular business in mind to do
Build a communication network:
a communication network is very important to build because it enables you to have the ability to know what your business needs to grow how to trade and who to trade, with, it gives you an insight into whom your manufacturer, who is your supplier and who patronizes you and whom you are to patronize. good communication aids the snoot running of your business the communication network entails.
Contact you’ve made for your business,
People you’ve met for your business to grow
Whom you’ve discussed your business with.
CREATE AWARENESS BY ADVERTISEMENT
it is important that every entrepreneur must create a good advert platform to be able to make awareness on the kind of product you sell and a kind of service you render for good and fast awareness to be created you need a face to your business which is mostly carried out by notorious celebrity who are very popular to the world at large and have gained a lot of concentration from the masses so they can be able to present your business for the whole world to see what you have for them thereby persuading them to patronize you.
CONSIDER THE SITUATION OF THE LABOUR MARKET:
This as one of the steps on How To Become A Successful Entrepreneur involves applying the core laws of demand which state that the higher the price of goods and services the lower the quantity demanded and the lower the price the higher the quantity that will be demanded by the customers. Consideration of the labour market situation enables an Entrepreneur to know the number of goods makes available in a particular market situation to avoid producing when it is not needed by the consumer.
GOOD RELATIONSHIP WITH THE MIDDLEMEN :
the relationship an entrepreneur has with the middlemen is very important because enables the entrepreneur to sell very well because the middlemen bring information about what the customers need at the particular because the transact business directly with the consumers they get exact information on what they need.
Branding is very important is good to brand business set up very well to enable people I identify very well because if you package your business very well it attracts customers.
DISCOUNTING FOR REGULAR CUSTOMERS:
As an entrepreneur, it is advised that you treat your regular customers very special by giving the discount and they will go home and bring more customer thereby you are building a good advert channel.
Consider population structure before setting your business enterprise, this entails how many people living in that area because it affects your business to avoid stocking goods and nobody buys them.
SITE YOUR ENTERPRISE IN A WELL DEFINED GEOGRAPHICAL AREA:
It is important that your site your business in a well-defined geographical area so that it will be easy for people to locate it entails you set your enterprise in a place where there good access road so that transportation won’t be a barrier to your customers.
ANALYSIS of YOUR COMPETITORS:
It is very important as one of the ways on How To Become A Successful Entrepreneurs that you identify your competitors to know their secret of business and this makes you strive to beat them at their very game.
An entrepreneur is the sole owner of his business he bears the risk of both his profit and loss all by himself he is seen as an island of his business he takes no advice from any and he manages his enterprise alone.
The characteristics of an entrepreneur include the following
Ideas and desires,
Drive to success
Benefits of entrepreneurship success:
Freedom to vision,
Reaping of full reward