What inspired successful entrepreneur must do to gain profit stability

While people sometimes think that starting a business is an easy venture, simply hanging a shingle and opening a storefront are not enough to guarantee success. It takes quite a few more steps to become a successful entrepreneur in the real world. It takes the education, knowledge, persistence and determination necessary to become successful business owner.

As a facilitator at Slymedia concepts centre for human capital /entrepreneurship development (www.slymediaconcepts.com), I have always concentrated the efforts of my clients/students towards due diligence, or the proper homework. As part of that effort students and business owners are tasked with creating a comprehensive business plan ensuring that all the necessary steps for creating a successful business are implemented. Successful entrepreneurs who start with careful preparation are far more likely to run successful businesses. This is just the first building block in the foundation of a strong business.

The first step, of many, when considering opening a business is the creation of a succinct plan based on the due diligence/homework effort.. Business plans are broken into separate sections, each addressing important issues. There are sections outlining the business goals and mission statement, detailed descriptions of the products or services being offered, an outline of financial standings and budgets, and a listing of what resources and assets are available. Here at the Slymedia concepts HC/E centre, I have given support and advice on setting goals and writing mission statements, as well as teaching how to use these tools in the real world. Creating a business plan can take time, more than most people will allot, but it is a step that should not be overlooked.

Another consideration is operational legalities. Certain types of businesses are required to acquire permits and licenses to operate legally. Contact your lawyer, a business advisor, or mail to:info@slymediaconcepts.com to complete theses steps correctly because the consequences of inaction could result in fines, and in some cases loss of operational privileges. Procuring licenses and permits is an important step in order to avoid legal problems that could put an entrepreneur out of business.

In addition to permits and licenses, entrepreneurs should secure the appropriate forms of insurance. Liability insurance covers anyone involved in an accident on the property while workers compensation insurance protects employees in cases of work related injuries. Professionals like lawyers, accountants, and health care providers can get errors and omissions insurance that provides protection against losses that occur from work being performed in a manner that is not up to industry standard or is contrary to policies, rules, or regulations.

Creating a business plan, applying for licenses and permits, and securing insurances are all important steps toward success; however, they simply are not enough. The implementation and learning of the necessary skills and tools offered in various programs around the country or at any Entrepreneur Institute, is the next step in the business process. Many entrepreneurs fail to meet their true potential because they lack the discipline and know how to run a business smoothly. For home-based businesses, this means setting a work schedule and creating a work-type environment. Entrepreneurs with an office or storefront outside of the house need to show up on time to open the doors, return missed phone calls and keep a professional yet friendly atmosphere and attitude. These are the stepping stones that open the gateway into business success. The right mindset combined with appropriate knowledge and preparation make up the best steps to become a successful entrepreneur in the real world.