Lamarwaltersuccess Blog

December 17, 2010

Ready to take a stab at Entrepreneurship?

Filed under: Business, Inspirational, Motivational, Sucessful, Uncategorized — lamarwalter @ 11:58 pm

Ready to take a stab at entrepreneurship?

1. First, you’ve got to curb your ego
“You can’t build a successful business if you don’t have your priorities straight and a well thought out plan of action.”

While entrepreneurs should be confident, if you go overboard you’ll get in your own way.

2. Keep it simple, never complicated
“If your idea should be simple, people friendly.”
“Build a business that is nuts and bolts practical and not complex.”

“Create a simplified product or service that sells X product to Y customer for Z profit.” simple basic math

3. Always be prepared for the worst-case scenario (because it will happen)
“Every decision should be thought through; plan for the worst so you’re not caught off guard if it happens.”

“Come up with three alternatives for every decision so you’ve taken all outcomes into consideration.” Plan A,B,C

4. Be unoriginal
“Too many people think they need to reinvent the wheel, but if they do, the wheel will run them over and soon crash.”
“Instead, focus on bettering an idea that already exists.”

Use creativity to market an unoriginal idea. “Think of the guys who started 1-800-Got-Junk.”
“He put a creative spin on a pre-existing idea. At its core, it’s just a junk removal business.”

5. Make sure your business isn’t a bottomless pit
“Start a business that is efficient with few monetary demands in the beginning until the growth allows for more monetary assets.”

For entrepreneurs will minimal resources, start a business around the little cash available. “Your ideas, then, need to be focused on making money. When You start out, there may not be a huge profit at all. Stay focused on business ideas that could turn a profit quicker and not spend most of Your time concerned about low start-up cost.”


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