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What should be the initial step toward your Entrepreneur goal if you allready have an idea.

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Savings should be your initial goal, as investment should not started with borrowed money, then execute your ideas, put your ideas into action

Report Reacho Fiona's answer

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If you already have an idea in mind , try to create a prototype and will be beneficial if you can validate the same with a small customer base.

You will get lot of insights and market understanding if you pilot the model before you actually starts the whole project

This exercise will give a better clarity as well

Hope you are having a business plan at hand

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Develop a marketing plan. Ask yourself this question: "How can I do it if I cannot plan it?"

If you wish proceed with a plan,here are a few ideas:

WRITE YOUR PROBLEM STATEMENT This identifies the problem you'll solve for your customer and provides the underlying reason people will frequent your business

BUSINESS DESCRIPTION Describe in detail your products and services and your business model.

TASTE, TRENDS AND TECHNOLOGY What does your research indicate is the trend in your field? Will it stay the way you are currently offering supplies and services or will it change? This item covers the developments you expect for the next few years. Evan a 'perfect' business can become obsolete overnight due to future developments. Specify in this section a 5 year forecast of your field in your area.

SALES REVENUE FORECAST Have you developed these targets? This section shows your estimates of future sales revenue for your business. To finish your marketing plan, you'll need to spell out the specific actions you will take to achieve your forecast sales revenues.

COMPETITION ANALYSIS When customers consider patronizing your business, they first consider whether or not you can solve their problem. But they don't stop there. They also compare your business with other businesses. It's helpful for you to make a similar comparison so that you understand how your customers think. This exercise, as any exercise in the marketing area, requires some mental gymnastics. Your job is to place yourself in your customers' frame of mind and objectively compare your business to the competition.

DIFFERENTIATE YOUR BUSINESS FROM THE COMPETITION (YOUR NICHE) Your next job is to describe how your business differs from the competition's strong and weak points.

DESCRIBE YOUR TARGET CUSTOMER The next step is to describe your target customer in specific, individual terms. The easiest way to do that is to create a mythical target customer and individualize that target customer so that you consider him a friend. Be as specific and as personal as you can.

DECIDE HOW TO REACH CUSTOMERS Once you describe your target customer, it's easier to create a list of possible ways to reach that person. One of your jobs as a businessperson is to decide which of all the possible methods of communication will give you the most exposure for the least cost in money or time. Write down the five or so methods you think will reach most of your customers. Remember to select methods that are appropriate for the overall number of people in your target market.

CREATE A MARKETING BUDGET Now that you have a wish list of things you'd like to do, it's time to decide which of the promotional ideas you can afford and which are too costly. However, if you didn't allow enough money, or, if you're not sure how much money is enough, you'll want to stop here for a moment and think about it.

Start by listing each of the promotional items you decided on for your promotion together with their costs. Then add up the promotional costs and fill in the total. Next, list each of the promotional items you plan to use during the next two years of your business together with the monthly cost of each. Those two groups of specific actions and costs, promotion and monthly marketing, advertising and promotional costs will become the blueprint for your marketing plan.

DISCUSS THE RISKS FACING YOUR BUSINESS Every business faces risks. The people whom you will ask for money will want to see that you can not only face reality but also deal with possible difficulties. The following discussion outlines risks small business owners typically face. Once you've analyzed these factors, you'll be ready to write a summary of the risks that apply to your own business.

COMPETITION: Most businesses have competition. How will your business differ in significant and positive ways from your competition? If your competition is strong, don't minimize that fact, but figure out ways you will adjust to or use that strength. For example, if you plan to open a restaurant next to an extremely popular one, part of your strategy might be to cater to the overflow. Another might be to open on days or evenings when the other restaurant is closed.

PIONEERING: If you anticipate no direct competition, your business probably involves selling a new product or service, or one that is new to your area. How will you avoid going broke trying to develop a market?

CYCLES AND TRENDS: Many businesses have cycles of growth and decline often based on outside factors such as taste, trends or technology. What is your forecast of the cycles and trends in your business? For example, if your forecast tells you that the new electronic product you plan to manufacture may decline in three years when the market is saturated, can you earn enough money in the meantime to make the venture worthwhile?

SLOW TIMES: Every business experiences ups and downs. Is your business small and simple enough, or capitalized adequately enough, to ride out slow times? Or do you have some other strategy, such as staying open long hours in the busy season and closing during times of the year when business is dead?

OWNERS EXPERTISE: Nobody knows everything. How do you plan to compensate for the knowledge you're short on? Write your risk analysis by first thinking of the main dangers your business faces. This shouldn't be hard, as you have probably been concerned about them for some time. Some of these may be on the list set out above; others will be unique to your business. Once you have identified the principal risks facing your business, write out a plan to counter each. But don't bog yourself down worrying about all sorts of unlikely disasters.

SUMMARY

Complete the above marketing plan to finalize your business model. You will then have the tools to attract and retain customers. It will be time to execute it and succeed. Your brand name will have occurred to you during this process.

Report Kenneth's answer

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  1. Refine your idea.

  2. Write a business plan.

  3. Assess your finances.

  4. Determine your legal business structure.

  5. Register with the government and IRS.

  6. Purchase an insurance policy.

  7. Build your team.

  8. Choose your vendors.

  9. Brand yourself and advertise.

  10. Grow your business.

For details follow my page

Report John's answer

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You got a pretty good answers and my simple answer is to check the viability of your project, go to googletrending and check the demand in your local area, go to youtube and learn a about google adwords anch check the demand in real time. If this is enough then take the action.

Report Alicia's answer

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See Idea is like a seed ... If you are having a good quality seed then it has good chances to become a tree one day but first you need soil, water, air, n some fertilizers with lots of patience. It might happen that you'll become restless in few days that nothing is happening only my money is going and results are not according to it...This is the time you have to be patient... At the start people have Courage+Energy+Motivation+Money but as time passes slowly motivation energy n courage gets weaker... My suggestion is to plz hold on yourself, keep faith and work accordingly you'll definitely succeed. Frame a good business plan first, Check when you'll reach to break even point - until you did not get it your struggle will not end, Built a very good team, Make proper execution plans with your team mates and Measure it weekly... N at last try try until you get your desired results....

Report Smita's answer

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Good morning mar I was on my Facebook An watching my YouTube channel Ans I was this site cames up to me about helping people most people that has a great ideas about making life a better kindly or I should said business project find an investor so I take my time to sing in and start looking for one if I could find so I find you mar my name is Moses oluwaseun and I'm full of lot of ideas Ans I have the world in my hands if you might give my a best of your trust and happiness that you will support my history to be calls bigger in life I believe and I see what's going on here that I can find an investor that will help. me with just little money or call is cash to start but I'm using this time to tell you that you will like to work with me I'm from good family and I'm not seeing things like the way others are seeing things I believe in what brains can do not to hurt others only if I'm good to have that brain to make milions and I like to ask and see reply if you don't might you might ask me how much are we talking about to start I don't want much I just want to happy in my life and kill the hate of not making it happens in my life I Believe in God sent an if you're let me know mar I speaks good English Ans I understand good business relationship mar ones again my name is Moses oluwaseun and I'm on WhatsApp if you which to reach me for more better I will honey your company like never before my number his. +2349082750312 my email is mosesoluwaseun212@gmail.com this is real me if you ask any other Nigerias ask you for business ask them for their real traveling passport or bank BVN that's save an investors more better Nigeria it's a place of home where we can make it the land his full of honey and milk oil and gas golds and diamond in Africa I can find them.for you if you don't mind real estate farming lot more to make it bigger for ourself Ans have great future for are kids kids to come take your time and read my words and I hope you will understands me more better I need your help mar be my boss and I will share with you in a win cup ot listen to are new project what I have in my project of files if rich for us to be bigger then trump or who so every that wants to try with who in somes years to come and thank you so much for your reply and I know it's takes a time to understand how you think of ricks sometimes but risk of just $5000 to me to $10.000 coming back for you okay let call it. A loan from anyone to me in scerct of me having my dreams done Ans I will always pay back in respect to my boss lady I find you and I will love to believe in what you can do how you can listen and understand more from my mouth to say Nigeria government don't knows how to give money to the poor but if they see you rich they will give money to you by me by are project oil and gas Africa Golds and diamond let change the world startup with me now don't let my dreams die for nothing sake I'm not what people might think I love when you ask questions mar help me out my cry in needs Africa has what you want I'm not selling anything to you but my brain in me in do to call project of jobs to the poor making things happen and make the poor has some. Better job under us I will sell anything to make your tax mar I swear with my life God his able I have this brain of a think from my father by understand his words like looking for an investors but now it's old I need to start from where he stop let makes this world great Ans the changes comes from Nigeria no job for little ones in Nigeria but you knows we have jobs for them don't worry about me I don't need much to say but to let you know that I'm real music change life I'm a musician I sing smoking in the yard by adedayo_mo check on Google I don't do all kids things Ans I was born on 12 14 1985 family of 6 kids mommy and daddy makes its 8 married to America lady's from Alabama Tuscaloosa so lot more to know about me if you calm you shall eat the honey of the land and make it yours Bible said we look for is kindom first Ans all things will be added onto us in Jesus amen nice to meet you here I willing too hear back from you it takes my time before I wrote all this pick every world's an pasege and ask what I'm 'll waiting for can't you give a try okay let take it for funny and hear from this guy call Moses oluwaseun it's happening everywhere milions around the someone need to make it happens okay see you later mar Mrs and MR plz find it in your helpful heart to help 🍾🍾🍾🍷🍸🥂🇳🇬🇺🇸

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Report Linda's answer

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My advice is consider all the above, plus, The first step do you have resources, yes Do you have qualifications or you can get help to develop your idea e you, yes Prototype is very important but my advice do them in an incubator environment with expertise to address all the planning steps before starting production, and marketing. Be careful to study the market and competitors, registrations of your business legally, and if there is trade mark or patent. All these must be studies as essential or at least you have to have plans.

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Talk it Out with Trusted Allies Once you have a business idea that you think has real potential, don't keep it to yourself! Share it with trusted associates for their help in refining and perfecting your vision, especially if they're within your target market as a potential customer for your business idea. Make sure to ask questions: Do you think this business idea has potential? How can I flesh it out? Would you buy this product or pay for this service and if so, at what price?

What if you don't have any associates in the business area you are pursuing? Hone your networking skills, and don't forget that even people who aren't involved in your business can provide vital feedback by playing prospective customers. Getting honest feedback, while sometimes painful, is an essential first step in turning your business dream into a reality.

Report Emmanuel's answer

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If you could tell me more about your vision i can give you a pathway to your goal(s).

Report Jake's answer

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