Entrepreneur Advice For Creating A Business

By Justin Timory

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Entrepreneurship is not an easy career path. There are a lot of challenges to face along the way. Success is uncertain and the demands will pile up as you progress. It is stressful at times too and rewards take long to reap. There are even issues that come up in the process that no clear entrepreneur advice can be given. Aside from this, entrepreneurship is governed by bureaucracies that tediously must be accomplished in order for your business to be legitimized.

Indeed, there is no easy way to creating a business. Steps stem to other steps and create a web of tasks for the "would be" entrepreneur. There is however, an understandable way to summarize the feat as the sequence of events are usually the same. To expound, here is an overview of the business creation process and some entrepreneur advice to help those just starting out get by.

1. The Brainstorming
This phase basically involves the development of a business concept, an innovative product or service and the identification of a target market. Though first on the list, this phase is often times undermined and overlooked in preference of entrepreneurial ventures that are mere reproductions of existing businesses. What people don't appreciate is that investment in the discovery phase of business creation allows one to carefully map out his business direction. This phase actually serves as the foundation of your enterprise and will compel you to find answers to relevant questions such as: how do you create value for your potential customers, is your business sustainable, and is it adaptable. So take time to observe. List the things that you find useful and enlightening. Gather opinions and information. Widen your exposures, broaden your mind.

2. The Feasibility Study
This is again another phase that's overlooked by aspiring businessmen, mainly because research for them requires too much effort and too much time. However, research is deemed vital in business as it paints a clearer picture of the possible expenses, revenues, problems, and obligations the entrepreneur will have once the enterprise is created. Hence, it is best for those interested in putting one up, to pursue a feasibility study, or have a reliable researcher do it for you.

3. The Business Plan
This phase coincides with the previous given that once you have an idea of the future, you must then work out a plan to achieve all the good things and avoid or solve all the bad. Business plans usually reveal how intend to collect and allocate of funds for your venture. It also records how you intend to carry out your operation, administration and marketing responsibilities. Business plans can be short term or long term. It's better if you prepare both. Make business plans SMART - Specific, Measurable, Attainable, Result-Oriented and Time-Based - and comprehensive. Above all, in creating a business plan, an important entrepreneur advice is to always stick to your budget - as much as possible leave 20% of the capital untouched. Refer to the feasibility study for your budgeting. If you are still testing waters with regards to a marketing scheme or a production strategy, spend 30% of the amount first and check if the results gain equal or greater return on investment. Consult an accountant if you are not confident in interpreting financial data.