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June 29, 2010

4 Steps to Entrepreneurship

If you’re starting a new business, you’ll need a business plan.

Watch this free presentation to discover how to finish your business plan in 8 hours (or less)!

And here are the 4 steps to entrepreneurship…

An entrepreneur is a jack of all trades. You must be creative, to be able to spot opportunities; analytical, to assess which opportunities are worth pursuing; focused, to select and commit to a plan; and driven, to see the plan through to long-term profitability.

1. Creatively spot opportunities.

The entrepreneur sees opportunities everywhere. These types of observations often arise from a dissatisfaction in the entrepreneur’s own life as a consumer of products and services.

Do you see consumer or business market needs in which you think you could perform better, faster, or more economically than the existing companies do? If so, then you can spot opportunities. Keep a log of all the opportunities you see. You will repeatedly refer to them later.

2. Analytically evaluate opportunities.

While spotting opportunities is a creative act, assessing opportunities is an analytical skill. Do you think you have the technology, proprietary information, and other necessary resources to fill the market needs you spotted? If not, do you have the ability to acquire those resources?

Also, will the venture be profitable? Remember, your business plan must show that there is a large and growing market for your product or service, and that you can deliver on it economically. Conduct or purchase in-depth market and industry research reports pertaining to the arena in which your business will operate.

3. Commit to a single opportunity.

Among the opportunities you have spotted and analyzed, which ones are the best? You must select a single opportunity. It must be feasible and profitable. The growth opportunity must be present, both for your own sake and for those of investors, who are in the investment game to win it.

Remember, however, that you must choose an opportunity you will enjoy pursuing. Take an hones look at yourself. Do you really want to do this? If so, commit to it and do not be sidetracked by other paths.

4. Execute long-term.

The first assurance for executing long-term is writing a professional business plan. You can write a business plan from scratch using a template, or you can hire a reputable firm to work with you in creating one. This will establish your short-term and long-term goals. The safe driving maxim “Aim high in steering” applies here. Keep your eye on the horizon and stay the course by using a business plan.

You must also exercise the mental stamina, intellectual agility, mission focus, and management ability to be the main driver in achieve long-term success.

Want to finish your business plan faster?

Watch this free presentation to discover how to finish your business plan in 8 hours (or less)!

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