A lot has been documented about the importance of the entrepreneur’s access to financial capital, as well as educational achievement and progress, to the enterprise’s ultimate success. The family background of an entrepreneur is often an unrecognized aspect of success. Few facts regarding the role of family for entrepreneurs are − ● Two to three times…
In upcoming economies across the world, interest in entrepreneurship is presently more than ever due to burgeoning youth population and a desire to move up the value chain. Three major components are identified in this environment that community leaders need to address − ● Culture − Acknowledgement of the importance of entrepreneurs to the local as well as national…
Starting from the initial stages, it is very important to identify the appropriate corporate layout required for the business. This should include tax and legal implementation. The chosen layout assures the success of decisions to be made in future, like raising capital or exiting from business. To identify which layout is best for the business,…
Necessary measures and steps are to be taken to frequently capitalize the business and secure ready sources of capital for growth. While some startups rely on owners’ capital, others look for investors. To determine the total amount of cash required, develop a cash-flow statement that evaluates complete expenses and income of the company. Accurate stages of expenses…
In most business plans, a description of potential customers and how they make purchasing decisions, receives much less attention than operational details such as financing, sourcing and technology. In the end, customers determine the success or failure of an enterprise. It is important to understand the customers’ demands, what affects their purchase decisions, what can…
Everybody always says that knowing your market is everything. Saying it is one thing, but understanding why it is so important will help you stay ahead of the pack. Your market includes your customers, your suppliers and your competitors – to name a few. But these three are pivotal characters that define the success of…
To validate business ideas you need to perform many small experiments. At the centre of any one of these experiments should be a deep understanding of the most critical hypotheses and why you are testing them. In the world of Lean Startup, the Build, Measure, Learn cycle is a means to an end to test…
Careful planning of business before launching it is not restricted to preparing a business plan. Preparing a business plan is an important exercise. Bachenheimer recommends the following three planning methods for a business plan − ● The Apprentice Model − Earning from direct work experience in the industry. ● The Hired-Gun Approach − Partnering or sharing with experts who are more knowledgeable and…
Being an entrepreneur is not an easy task. It is a very big decision and one has to make efforts, has to be patient, and should work hard. Before starting an enterprise, some factors should be considered and reviewed in order to increase the probability of profitability. The meaning of small business, however, changes in…
We have seen about the roles and duties of an entrepreneur. Managerial duties are also very important for an entrepreneur as well as the organization. Some of the managerial duties to be taken care of are − ● Preparing market policy and strategy. ● Managing promotion of product or services. ● Formulating pricing policy. ● Managing wholesalers and retailers….