Essential Elements Required to be a Successful Entrepreneur! (Part 2)

It takes a lot of persistence to get you from a great idea to a profit-making venture!Entrepreneurs are following some special elements of success which makes them what they are.There are skills to do business. Going across some books I came across these elements of success which are followed by successful entrepreneurs-

A GOOD BUSINESS PLAN-

This is crucial for planning, implementing, and conducting a new business. It helps organize and direct the important steps for your venture and can mean the difference between success and failure.There are different workshops by various women groups, which can provide free help in writing a business plan.

2. CLEAR GOALS-

Select the goals you want to concentrate on and the direction you will take to achieve those goals. Determine daily, weekly, monthly and yearly goals, for your business. and then make a to-do list of steps that you will take to accomplish each goal.

3. MONEY-

If you want to start your business, experts say that you must have 6 months to 2 years savings with you as a backup.This is just to cover living expenses. Money for business is to be arranged after estimating how much will be your startup cost. Loans from banks, friends, savings etc can be good options while making financial arrangement for business. Then to keep your business going you have to have a cash reserve for all your purchases, bills and other expenses. Keeping good records and consulting with financial advisors will all help you to stay in business.

4. KNOW YOUR BREAK-EVEN POINT-

Using your records and advice of your accountant or financial advisor watch for the point when your business begins to make a profit. Depending on how much money you have borrowed it may take about 2 years. It depends upon the type of business, like a service business such as public relation and counselling, will generally require less start-up money than opening a small shop with inventory or another product related business.

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