But when you''re starting your own business Allen Iverson Grizzlies Jersey , there''s no guarantee that your "mousetrap" is going to survive, especially in today''s fast-paced business world.
Nearly half of all small businesses fail within the first two years of operation. The number one reason for business failure is inadequate planning. The second reason is under-capitalization.
So before you mortgage your house, or go into debt financing your business, you need to know if your business is going to do more than survive -- you want to know if it''s good enough to thrive! Here are three things successful businesses that have stayed in business for five years or longer have in common:
1. The idea. A successful business start-up always starts with an idea. Something that makes your business stand out from all the rest. So how do you know if you''ve got a good idea?
You''ve probably got a good idea if you can answer yes to any of the following questions: Does your idea provide the solution to a significant problem for your target market? Does it satisfy a need or want? Does it create an opportunity?
The most successful businesses either fix problems (either real or perceived) Dwight Howard Grizzlies Jersey , or they increase your customer''s pleasure. They create a repeat need for a product or service among the target market.
2. The market. Your chances of survival are better if you can answer the following questions with a yes: Is there already a market for your product or service? (It''s much easier to fill a need than trying to create an entirely new market.) Can your target market afford to buy your products or services? (If they can''t afford it, it doesn''t matter how great it is, you won''t sell any!) Will your target market perceive your product or service as valuable? (If they want it, but don''t think it''s worth what you''re selling it for Zach Randolph Grizzlies Jersey , you won''t make any sales.)
3. Your ability. Do you have the people, the resources and the knowledge to be able to consistently provide your products or services to your target market? Can you maintain a competitive advantage? Do you have enough manpower? Can you purchase the supplies and materials you need over the long run?
Your first step always is to create a solid business plan. Your business plan is more than an essay on "Why I deserve to get funding for my idea" however. Don''t spend all the time creating a business plan and then toss it in the bottom drawer of your desk. Your business plan should be a living, breathing roadmap that helps you make sure you''re on course and reaching the goals that you set for your business.
The second step to business survival is getting enough financing. Although the term "bootstrap entrepreneur" describes most small business owners, having enough capital to be able to keep your business afloat is vital to your survival.
When you''re creating your financial analysis of your business Marc Gasol Grizzlies Jersey , make sure you''re being realistic about costs and expenditures, so that you give yourself the cushion you need to succeed.
If finding financing is a problem, either because you don''t have enough credit or equity, or there are other problems Mike Conley Grizzlies Jersey , take the time to look into the resources that are available in your community. There are a wide variety of grants and loans (including microloans) for entrepreneurs, if you know where to look.
Some great resources will be:
-The Small Business Administration
-Local Small Business Development Centers
-Local University or Community College
-Chamber of Commerce
-SCORE (The Association for Retired Executives)
-Nonprofit organizations that work on economic development in your area
Use other successful business models as a guide. When you''re getting started, look around. What businesses are successful? Why? What is it they''re doing that is working? What attributes do you admire, and why? You stand a better chance of succeeding if you''re modeling someone who is already successful.
Find a mentor. Most entrepreneurs have great skills and abilities Bryant Reeves Big Tall Jersey , but no one does everything well. You probably already know what your strengths and weaknesses are. (If not, there are many resources and tools that can help you figure it out!) Rather than ignoring your weaknesses, find a mentor who can help you either build your skills in your weaker areas, or offer advice for getting what you need.
If you take the time to plan to succeed Lorenzen Wright Big Tall Jersey , you could be creating a legacy that will be enjoyed by future generations, and that other entrepreneurs will look at as a model for building their own businesses.
Teamwork is a process that can be experienced outdoors and well as in the workplace. A lesson learned in one environment can be applied equally well in another. Teamwork: We Have Met the Enemy and They Are Us, a book by Dr. Steven Stowell and Matt Starcevich, describes actual teams that have participated in a variety of outdoor teamwork training programs. These programs have been as long as five days and as short as one. Each account has been chosen as illustrative of one of the phases all teams go through in the progression from inception of a team to fully functioning interdependence. This sampling of teams has been selected for each particular event Mike Bibby Big Tall Jersey , one or another best illustrates why some teams work together better than others. Not all teams engage in the events reported here, nor are these events an exhaustive report of all the teamwork training actives that could be used to improve teams.
A majority of the accounts in this book describe teams that have failed to succeed at their assigned task. We focus on their failure to highlight those factors that contributed to the team''s demise. We do not to suggest that all these teams are failures. The best discussion and insights have resulted when the teams have had to explain why they did not accomplish their objective in a teamwork training event.
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