Your Guide to the World of Entrepreneurship

Which of us doesn’t suddenly get this crazy, but a seemingly awesome idea, then the even crazier idea, to start a business based on that idea?! “If nobody is going to invent it, I’ll do it myself!”
To have a successful startup, you need to be a successful entrepreneur. It doesn’t necessarily mean that you need ‘experience’; one way or the other, the greatest businessmen today once had a first time. So why not make the first time today?

 

 

Successful entrepreneurs mostly have some common traits; whether it’s inbuilt, or they’ve had to work on it, they are curious, as well as smart. Some of their distinct traits are perseverance, persistence, and the constant urge for perfection. When you pay attention, you realize that they think outside the box; always creating & innovating.

So, keep an eye on the market; find out what exactly your potential customers want. You need an idea EVERYONE can benefit from! Make it as huge as possible; if you’re going to sell watches, make sure you have a huge range of models, to suit every possible taste.

You need to be hyper-critical about your own ideas, so that you come up with the perfect thing in the end.
Possessing significant knowledge in the legal and financial aspects is vital, and it’s wise to know a little from the technical side.
Most importantly, you need to be an expert from the business point of view. Your business penetration strategy and business model must be powerful enough, otherwise this startup would be risky. You might not find eager sponsors, or partners, if you plan doesn’t have great a prospective. You need statistics on your side before you start playing with fire.
You’ve got to be smart too; many have been in trouble because they failed to consider simple points and lost everything. Remember that you are taking risks; money, effort which could go to waste, but you might as well risk breaking the law.
Even if you weren’t aware of it, you might be looking at heavy fines or time in jail. For example, the government has to be aware of your activities; otherwise you might be considered to be skipping taxes. Just consider the legal aspect; in terms of restrictions and regulations.
Last tip: It is necessary to think and aim big, in terms of the market you want to capture. The sky is the limit; you need to believe that with enough passion, you can accomplish anything. Trust yourself; believe in your abilities! Know that YOU can change the world. And never give up; keep going until you make it.

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This Post is posted by Ayah Yasser

An IEEE AlexSB Volunteer, Reporting and Publication Committee

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