There are several ways to achieve success and attain financial freedom. In today’s post I have considered Entrepreneurship as the key to acquiring wealth and attaining financial freedom. So in this post we are going to talk on the skills a person must possess and work towards so as to become a young successful entrepreneur, remember it is always beautiful to make money at a very young age especially when you are still a bachelor or a spinster. All you need to do to achieve this great success is to head towards the right direction.
To become successful in life takes years of hard work and determination, some few hard working people take just a few years to achieve unlimited success while some people takes decades to achieve success. So becoming successful differs, it depends on how much effort you put in your work, your stipulated goal and ambition and how determined you are to meet those goals.
So therefore, I recommend that you follow this 7 steps of becoming a successful young entrepreneur.
1. HAVE AN IDEA
To become successful in life you must develop an idea of what you want to do, remember ideas rule the world, this ideas you have within you must come from your heart, you need to have your business in your heart. Come up with a good idea, the first thing you need is a problem you are passionate about solving and build your business on top of that solution.
You also need to package your ideas as a service if you can, remember services is easier to start because you can make money from it. You need to go into extensive research of your new product, product development, manufacturing and distribution. When you sell it don’t be too desperate of selling it, however takes out your time to survey the market before lunching in your new product. But first you need to start from somewhere either as a staff of the company producing the product you love so much and which to go into or you render service for them just for the sake of learning the way stuff are made.
2. RESEARCH ABOUT YOUR NEW BUSINESS
Google your business, research more about it, find out if other people are doing the business as well, if no one is doing it try asking yourself why is no one doing it and find answer to that question before moving forward. You also need to learn from competitors, you should take a look at every detail of their business and if you are bold called them and inquire some few things from them.
Find a good mentor, a teacher or a coach, this person being skillful in the business will save you many years of mistakes. Contact the person and ask questions concerning the business you are venturing into, listen to their advise and work with it in expanding your business.
After establishing your idea, budget and environment for your business, then start recruiting people, workforce, team that will assist you in building a unique business empire. You need to have a leadership skill and managerial skill so that you can be able to manage your employee very well and maintain good relationship with your competitors.
3. FIGURE OUT EXACTLY WHAT YOU ARE SELLING
Plan your success, figure out exactly what you are selling, determine the problem you are solving, because is the most important thing you need to have at the back of your mind as an entrepreneur. So all your focus should be on problem solving. Research about the product and get information from other companies producing your kind of product. Check your budget to see if your account is willing to cater for that particular product, and then figure out the price you will be willing to sell your product so as to gain and not to lose. Focus on the real value of your potential customers and price according the value of the product.
4. MARKET YOUR BUSINESS
Select your target audience, target your market, focus on them, select the most absolute and appealing customers and work towards their needs. Then give your company and your product a unique name, use name that best describe your product and name that is unique that will attract customers to your products.
Build your company logo and state the visionary and objectives of your company. Create website for your company and start talking about your new product. Then register your company with government and official agencies to avoid them shutting down your company or confiscating your products.
5. REACH YOUR POTENTIAL CUSTOMERS
Get a business card and start advertising your new product to your potential buyers and customers. Attend entrepreneurship network conference and meet with new clients and competitors. Learn how to market your product so as not to fumble when people ask you what do you do.
Send your products to bill board, posters, televisions, radio, journals, newspaper, magazine and internet for advertising. Make sure that a lot of people are aware of your new product and will be willing to patronize you.
6. GROW YOUR BUSINESS
Become more efficient in your business and grow your network, expand your businesses and recruit more staff, the more staff you have the more your business expand, then start looking for sub-locations to establish your business and use the leaders you have trained to manage the business in various locations for you.
The best way to grow in business is to get more customer, so focus all your energy on that, you get more customers by creating unique product, create a brand image for your product and company and you will see customers queuing up just to purchase your product. Hire more manager that will act on your behalf when you are not around, work with trust worthy people and be nice to them.
Take a vacation and rest, while you have leaders already building your business empire for you, what you do is to be passing calls across and supervising what is happening in your business. Remember before getting to this level you must have built a unique business empire just like Bill Gate who built Microsoft and has thousands of workforce.
8. DIVE INTO OTHER BUSINESSES
Invest in real estate, buy properties like land, houses and rent them out, invest in other businesses that you are passionate about. You can start producing other products your customers may be asking from you. You can also invest on movies, which I believe has a lot of streamline revenue and income. You don’t do anything special, just release the money to a movie producers or directors and there will handle the rest for you, in this category you are automatically an executive movie producer.
You can sponsor a musical label, find a unique artiste that is highly talented and promote him or her, you will get a return of share of revenue from the artiste performance.
Are you ready to get started with Entrepreneurship?
Then start now, delay is dangerous, stop procrastinating and start now. Then in the next five years you will be in the league of world business executives.
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Patience, dedication, passion, hardworking and prayers to God are the fundamental keys to financial success and freedom in life.
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