Moving in the Right Direction

An entrepreneur must have the right mindset. Maintaining focus throughout your entrepreneurial journey is the key to success. Motivation is at its peak when starting a new business. However, it waives off with time. Keeping yourself motivated all the way through is essential if you want real success. Take the example of Dave Linton who only had a budget of £700, was from a small town and had no prior experience in the business. With his motivation, he crafted his idea into reality and now runs a successful bag business called Madlug. 

Besides staying motivated, it is crucial to take the next step. Many aspiring entrepreneurs allocate so much time to analysis and evaluation before making a decision or moving forward. Therefore, you must create actionable objectives to assist you in moving forward. 

Refining Your Business Idea

Many business owners stress the importance of doing what they love. And while passion is a necessary driving force, other elements like profitability and competition cannot be ignored, and require a little more than enthusiasm to tackle on your part. Test your business idea against different scenarios and work on your products to make them stand out from the rest. Entrepreneurship is all about facing the unexpected and coping with the challenges that make your business improve. From financing to logistics, you never know the problems that can arise almost immediately. 

Being persistent in these situations and fighting your way uphill is the right way to move forward. Take the example of two female entrepreneurs, Janna and Shira who run a business selling grains, beans, and flour. They encountered endless challenges from the breaking of equipment to having their business permit revoked. Powering through these times is the best way to proceed and in the end, there will be an experience to learn from and improve. 

Conducting Research

Understanding your competition is also a necessary step when setting up or running a business. Trying to excel in a highly saturated market might not be a good option. To overcome issues like these, Avi Lasarow, CEO Europe, Middle East and Africa at Prenetics, suggests going for a niche-based service. For example, Instead of providing general cleaning services, focus on one area like a garage cleanup or home cleaning service. Maintaining this approach helps in promoting your brand, decreasing competition, and allowing your business to focus on improving the provided services. Besides doing primary and secondary research, go for a SWOT analysis to get valuable insights into your product. 

Working on Your Business Plan

Your business plan serves as a framework upon which your business will grow and prosper. It is compiled in the form of a document and provides all the relevant information regarding the company. A business plan should include the following sections.

• Be clear about your role in the company description. Comprehensively explain the products or services you are providing. Don’t forget to mention your business idea in the description. 
• Add a market analysis to your business plan so you can clearly understand your position in the current market. 
• Mention your goals clearly in your business plan including a mission statement. Most entrepreneurs suggest using the SMART goal strategy to make your goals actionable, achievable, time-bound, and measurable. 
• Add financial and marketing plans so you have a clear idea of how you will utilise the investment and the ways to market your products or services.
• An executive summary that highlights the business plan like the set goals and strategies to achieve them successfully. Always write the executive summary when you are done compiling the other sections so you don’t miss out on any crucial details.

Choosing a Business Type

There are four basic types of business structures you can build your organisation around. When choosing a business structure, consider the safety of your assets, how it will affect your business, and the way your daily operations can be affected. The following briefs you on the four types:

• A limited liability company or an LLC is a structure that can be owned by a single person or shared with partners. Each owner holding a share is referred to as a member. An LLC business structure ensures that you are not held liable and the personal assets stay protected. 
• In a sole proprietorship, a single owner leads the business and takes full responsibility. The business owner in this structure can be held liable for financial damages if the business fails. 
• A corporation is similar to an LLC where your assets are protected. Depending on your business type, you can either go for a C, S, or A corporation. These different types of corporations have varying tax regulations and requirements. 
• A limited liability partnership is normally used by individuals offering their professional services. Examples include law and accountancy firms. 

Staying Focused

Even if you have the best business idea, trying it out practically can lead to failure which should be taken positively. Denise Woodward, a popular entrepreneur in the food industry suggests learning from the failures you face down the road. She had an idea of making allergen-free cookies after experiencing the daily struggle her daughter had to go through. Through perseverance, she achieved her goal of perfecting a recipe that is healthy, allergen-free, and can be produced on a large scale. 

As you move on to establish your business, understand that succumbing to rejection is never an option. Accept your failures and learn from them. Shifting your mindset and acknowledging rejection is the way to move forward. Lastly, don’t forget to get your team on board and ask for suggestions and feedback so you can further establish the business and improve its outcomes.