ME AND MY BUSINESS LIFE

                                                           ME AND MY VIEWS ON  BUSINESS LIFE

 It has always been a dream of mine to one day open and run a small business. I feel that I know myself well, and that this career field would suit me best. Rather than have one large company that brought in a sufficient income annually, I prefer to have multiple small businesses which in turn lead to large profit margins. I get bored easily, and this variety of work will keep me motivated and happy through the rest of my working life. However in order to achieve my life dreams of running these businesses, there are certain steps I must climb first to accomplish my goals. I realize that education in this field is not a necessity, but will go a long way on my journey to the top. I do however plan on graduating from the St.  Aloysius Institute of Management and Information Technology and making vast amounts of benefits within seven years of my completion of college.

Starting a small business is not an easy thing. You should be psychologically and financially prepared to numerous challenges. Moreover, it is vital to know something about business, management and marketing.

To begin with, you should study the market in order to learn about the goods and services that are required by consumers. This factor is the crucial one. When you discover that people demand an item but no one has produced it yet, you have the best chances to conquer the chosen sector of the market. Secondly, you ought to think about the price and quality of your product.

There are two options. The foremost one is the production of high-quality and expensive goods that will serve long. The second option is related to consumerism. You produce poor-quality cheap goods and attract clients with the help of the lowest prices.

Sad to say but it is difficult to choose the best option. Many people are ready to pay a lot to possess a quality item. Others avoid paying a lot and prefer cheap products.

Create a business plan

Then, you should create your own business plan that will contain the entire information about the functioning of your firm. Think about the target groups of customers, production, logistics, storage and retail.

Apparently, you should produce and store your goods somewhere. Then, you will meet with such issues as revenue and expense. You will need to hire a few employees to run your business rewardingly. Without doubt, you will have to be selective, demanding and attentive in order to recruit the right people into your firm. Finally, you will meet the problem of rent, taxation, etc. A firm resembles a household. You should pay attention to the slightest problem, question and misunderstanding if you want to increase your income and develop your small firm into something bigger.

The ups and downs

As might be expected, starting a small business has many advantages and disadvantages. The most solid strong side is independence. You do not have to work for someone else. You work for your own profit. You possess the freedom of choice and actions. If you are not respected and appreciated at work, you can embody your original and amusing ideas in your own business.

Ambitious people always try to start a small business if they receive such an opportunity. You do not need to listen to the instructions and threats of your boss when you are late. At long last, you will earn more money. You are the boss and the entire profit is yours.

Nevertheless, there are many factors that cause problems to a novice entrepreneur. You should remember that independence is also responsibility. You are responsible for your firm, its prosperity and the wellbeing of your employees. Furthermore, you are responsible for the health and life of your customers who consume your products.

You are expected to know how to develop and improve your small company beneficially. You should know how to behave in case of crisis and unpredictable situations. You should be ready to wake up at night and spend the whole day at your firm in order to settle down all urgent problems and conflicts between employees. You should be a teacher, psychologist and negotiator who is able to resolve conflicts and motivate his staff practically.

Takeaway

Starting a small business is a challenging but beneficial idea. You are able to establish you own store, café, restaurant or bakery and embody your offbeat and splendid ideas there. On the other hand, you should be ready to resist numerous challenges and work hard for the protection and development of your business

Starting or running your own business is a very big task,running your own business is also challenging ,interesting ,rewarding, exiting and fulfilling indeed its is also frustrating ,exhausting, frightening and tricky. An entrepreneur is who organizes and manage a business taking risk for the sake of profits with skills to operate a business Entrepreneur is a person who willing to take risk with his money to make money. The skills need for the 21th century entrepreneur. He should be a self -starter, willing to work hard, he should have a ability to handle uncertainty. Having self -discipline .All and above the risk tolerance it’s very important. Entrepreneur is prepared for fresh approaches, come up with crazy ideas that may just work. The competencies on which the 21th century Entrepreneur have to focus. Entrepreneur has to understand that the risk taking means is to try something new. For entrepreneur networking is the key business activity from which you can provide information, collaboration, expertise and sales .entrepreneur have a strategic thinking in a sense the value of planning process and to recognize the opportunities. Entrepreneur builds trust and relationships with the customers and also generates high level of customer service and come up with customer expectation. The biggest challenge for an entrepreneur is the current global economy.

“Entrepreneurs who have tried and failed are part of the risk taking economy,

But it is not necessary to accept the current failure rate as normal”.