August 1, 2008

The New Entrepreneur

Do you think all those successful entrepreneurs out there have an MBA degree? Now, everyone knows that Bill Gates was a drop out.
Degrees can get you jobs but if you want to venture out all by yourself you'll definitely need more than degrees.
I am a novice too. And learning everyday. And I can see myself making steady progress.
Here's a list of things to keep in mind before you venture out:
Do a reality check of the concept. Is it saleable, will anyone sponsor it (for ads or funds)?
You will surely need more than yourself to belive in the idea for it work.

Planning your finance
You really have to count out all the money you and your family will need to survive. The rest can go to business. You can sell your car and probably the gold but do not put your house at stake.

Your visiting card
You will be surprised but getting a visiting card is very vital to your business. I suffered a major setback because I was focussing so much on staff, advertising and other stuff. But in chance that I lost I realised without a visiting card I really don't exist. It is as essential as registering yourself or trademarking your logo. You can get an average style V card for as less as 800 bucks in India.

Advertising

They say, "If your business is doing well it's good to advertise, but if your business is doing bad you must advertise." It's true. Basically, advertising means visibility. And the mass psychology is more the visible you are, better your product is.

But on modest budget traditional ways of advertsing like tv, hoardings and newspapers etc. seem out of reach. But the key element here is Innovation. I gave out mugs embossed with my company logo and URL on it. I put a bumper sticker on my husband's car with my company name and URL. You can give out calenders, bookmarks or handouts. Believe me, for small, local businesses it works.

You can share your tips here too...

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