5 Steps to be a Entrepreneur

5 Steps to be a Entrepreneur

žFirst you should write your basic idea , Understand do you want to market product or service. Think 100 times till you are satisfied with “how this can add value to a consumer”

žDo some research on search engines on similar products or service and learn all possible aspects.

žOnce you are confident that your Business idea can make a difference to a consumer present it to your family members or to your close friends. Seek their feedback.

žOnce the feedback is good invest time further on the idea, seek assistance of professional business plan experts.

žIf you are able to complete up to step 5 without losing interest there is a business man in you.

Forecast Plan for Entrepreneurs

žBackground of the Entrepreneur.

žMarket Potential and Marketing Strategy.

žSelection of Location.

žRequirement of Land and Building.

Manufacturing Process.

žRequirement of plant and Machinery.

žRequirement of Utilities.

žRequirement of Raw Materials.

žEstimated Cost of the Project.

žCost of production and profitability.

žProposed means of finance.

žBreak Even Point.

žCash Flow Statement.

žInternal rate of Return.

Advantages of being a Business Owner

žThe freedom to try new things and make their own mistakes

žThe power to control their own destiny and the ability to put their stamp on things

ž