New Business Break Out Strategy. New Business Or Same Old? Did you wake up today and have to go to a job that you hate?Are you fed up with the politics the absence of new innovation and constant meetings that don’t seem to go anywhere? Are you perhaps a specialist who is as good as his last project( or last five minutes)? When you were new to the company people used to say ask……………. but nowadays no one seems to care what you think. Do you have what it takes to be a fiercely independent risk taker who will comfortably handle the uncertainty of being accountable for your own pay check? Perhaps your concept of security is to never be the victim of the next corporate merger or down sizing exercise? Then, being your own boss may be the way to go. Being a square peg in a round hole put me firmly on this position twenty odd years ago and for those who have the passion for the thrill of being an entrepreneur plus commitment to follow through on your passion, this 8-part breakout formula can take you wherever you would like to go. 1.0 Find a niche market for the product or service you are able to offer. A niche market consists of individuals or businesses that have similar interests and requirements, and can be easily targeted and reached. You will need a great product or service for this highly targeted audience. Here’s an example: A friend of mine places water coolers in the offices of small businesses in his local area and delivers high quality water refills every week. Define your niche market – perform the essential research to determine if there’s a market for your niche product or service. If you want to master a niche market, you need to have a unique product or service. Look for a unique idea or create a different twist to make your service one of a kind.Try to solve a problem for someone else or do something that is essential but is not something that businesses enjoy doing for themselves.Here’s another example: a friend of mine offers a monthly pest control service to local restaurants. 2.0 Look for a profitable enterprise similar to the one you picture proudly owning, and study the way it started and exactly how it grew. Learn as much as possible about the businessperson driving it. Devour books and publications relevant to your business idea. Consult other business people to learn their best practices. 3.0 Decide whether or not to operate full-time or moonlight: There are several interesting advantages as well as some pitfalls in operating as a moonlight business. The benefits of
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starting off as a moonlighter over-shadow the hazards: Your full-time job won’t suffer should you preserve certain conflict of interest disciplines, including keeping your job and small business totally distinct worlds. Have you thought of starting a family business. If you’re a moonlighter the family can run the business while you are at work, allowing you to have a built-in organizational structure. One common pitfall to take into account is the temptation to spend time at your job dealing with your moonlight business. That is definitely unfair to your employer and should not be done under any circumstances. (You want a family member or some reliable person to cover emergency situations when you are at your job.) If you are considering with your employer you risk creating conflict with your regular job and may jeopardize your employment and also your moonlight business. 4.0 As an entrepreneur-in-training; you should build basic and advanced leadership skills. A successful entrepreneur is a bold visionary, seeing what others cannot and willing to follow that vision despite naysayers. Many small business owners never finished college, but that hasn’t stopped them from owning profitable companies. They relied heavily on their own visions, not on MBA programs. 5.0 You have to be the driving force that inspires your managers and staff to follow your vision. You’ll shoulder responsibility and hold yourself professionally responsible for the end result As a leader it’s important to concentrate on the big picture and trust others to pay attention to the details. Folks who do everything are self-employed but not entrepreneurial. 6.0 Most importantly you must grow your organization and make a profit. I have heard people say “I love it so much I’d do it for free,” are not entrepreneurs-they’re volunteers. Most entrepreneurs are willing to start small and grow slowly; however they fully expect to make money. There is nothing commendable about being poor or failing financially 7.0 You must take action.Successful people take action, unsuccessful people don’t. It is by taking action that any of us change reality and it is by taking action that people get results. Urgency is a vital component of achievement for just about any successful person. I’ve known many people who’ve had great aspirations, great plans, and great goals. But, they ended up achieving very little… It isn’t enough to aspire. It is not enough to set goals. It is not enough to make great plans. You must act. W. Clement Stone, who built an insurance empire worth hundreds of millions dollars, would make all his employees recite the phrase, “Do it now!” again and again at the start of each workday. 8.0 Behave like a CEO. Create an income and spending plan. Know where your cash is going, question every expense and keep the cash flow positive. That means taking in more money than you pay out, plain and simple. Make a budget and stick to it.
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If you are independent, determined and driven and your desire for adventure leads you to entrepreneur ship this tested blueprint will set you on the right road to your success.
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