21 Steps on How to Start Your Own Business Book

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Image Credit: Smart Investor Nothing succeeds like success, and nothing succeeds more in jump-starting a business plan than a successful precedent. The 21 Steps on How to Start Your Own Business book is full of such precedents, as well as tried-and-tested formulas in starting, sustaining and succeeding in a business. Dean Pax Lapid of the Entrepreneurs School of Asia, and self-help guru and motivational speaker Ping Sotto combine their vast experiences and share the formula to business success in this user-friendly workbook. Are you ready to learn the how to start your own business in 21 steps? Here are the summary of the steps mentioned in the book 21 Steps On How To Start Your Own Business. Master Self 1. Ambition Big dreams are important, but it is more important to have the commitment/passion and right attitude/effort to pursue that dream till it become reality. 2. Believe Commit to what you believe and have the passion for your idea.

A Compelling Reason One of the most important factors for success (whether in business or in any personal endeavor) is to understand clearly your reason for doing what you are doing. 4.3. otherwise competition can kill your business. The secret to business success is commitment to get started and to keep going despite the odds. then you can achieve it. and to push yourself to overcome future obstacles. Choice. Estimate Your Sales Your idea is a successful business opportunity if anchored on a product or service that adds value . airplanes. 10. There is nothing wrong with going into business for financial reasons. not Chance Your decisions. Your reason should be personal and compelling enough to motivate you to make your business happen. Can you imagine a world now without light bulbs. 12. Maximize what God has given you in term of talents and abilities. So Choose then Change. cars… and more recently cellphones. Master Opportunity 8. Bright Idea Bright ideas run the world. but you have to go beyond the money. Differentiate or Die Now that you have a bright ideas and have a chosen market. Dream Big. 7. build your skills and network in the industry that you plan to do business in. Employee or Entrepreneur? Both! While you’re young. computers and the Internet? What are your bright ideas that you can turn into a product/service that will add value to your target end-user? You can focus now on which of these ideas you love to do and what you’re good at. 6. This is the thing that divides the ordinary from the successful ones. Go Master Self All it takes to have mastery of self is to dream. Start Small DREAM BIG is an amazing principle. Vision must be accompanied by passion and action towards goals. Where your customers will come from and why and how your customers might buy your product or service? 11. Take and break your plans into bite-size pieces that you can handle and chew. not your conditions. believe and achieve. When you have a BIG DREAM and you believe in it with enthusiasm and conviction. 9. not Crisis. Fear of Failure To live a life in fear is to live a life half-lived. you need to differentiate to stand out from the rest. you need to be very clear about your reason for starting a business. So. Choose Your Market Know WHO are your best customers. determine your destiny. 5. What are their life stage and income level.

Can you described in detail what your products/services would be like? 6.to the customer (market) where DEMAND (SALES) is big and sustainable (so that you may earn profit). et. franchise. Exporter/Importer – involved in the buying/transporting/selling of products to/from abroad.. you need to count many buying customers you can attract. 13. Who are your target customers? Have you observed or talked to them already? 5. Once the heart is won. vegetables. Customer Count To be able to sell. After competing in the mind of the customer. etc. 16. Producer – Involved in the growing of agricultural crops or livestock like rice. What are your compelling reason for going into business? Which business set-up are you going to go for: own start-up. meat products to wet market vendors. 14. Go Master Opportunity 7 Final Questions to Master Opportunity 1. newspapers to newsstands.) Retailer – selling through its own shops where end-user or consumers buy the products. It happens by choice. they sell to retailers (e. Business Model/Set-up Here’s the definition of the various business models you can start with: Manufacturer – Involved in the manufacture of industrial or commercial products like food. 17. What do you currently know about the business you are going into? What is your distinct competence or advantage? 4. the actual product must be able to compete first in the customer’s mind. you must compete in the customer’s heart. Actual Product In order for the bright idea to be a big hit. Can you estimate sales for your product? Master Set-up 15. etc. How are you different from dominant competitors? 7. Fit = Value There will be TWO THINGS that people will value. What potential opportunities/trends do you see in the business you are going to enter? 2. chemicals or printing materials. branded TV sets to appliance shops. clothing. The market does not come by through miracles. Solutions to their PROBLEMS/NEED + A HAPPY and GOOD FELLING. the hand automatically goes into the wallet to get the money to buy your product. cattle or pigs. fruits. or taking over/expanding an existing business? 3. Warehouse/Distributor – involved in the storage or transfer of products from manufacturer/producer to point of sale (wholesale or retail) Wholesaler/Traders – involved in the bulk sales of products as agents of manufacturers/producers. metals.g. corn. . they repackage products into smaller units which.

you don’t want your business to be illegitimate or be copied/taken away from you by someone else in the future. and quasi-government finance corporations like Small Business Corporation. Go Master Set-up The challenge in Master Set-up is: If you cannot make profit with little money. DSWD. local cooperatives. 21. Smart entrepreneurs use their savings as leverage for BANK LOANS from friendly savings bank. 19. then you won’t make profit even with lots of money. Just be ready to pay the business registration fees. PNB and LANDBANK. One you put your own money in the business. and experienced on the dynamics and business basics of setting up a business and making it a success. Google+ and Facebook. Do it Right. registration of books of accounts. Other sources of funds are parents and very close family friends. microfinance institutions. government banks like DBP. Equipment. please share with your friends on Twitter. get business permit from your municipality or city and register your business with the Bureau of Internal Revenue (BIR) and apply for your business’s taxpayers identification number (TIN). Risk and the Flow of Starting it Right What Henry Sy Can Teach Us To Become a Successful Entrepreneur in Retail Business 8 Great Ways to Market Your Business What John Gokongwei Can Teach Us to Become a Successful Self-made Entrepreneur .18. please watch the video below… If you like this Best Ways to Invest Money post on starting your own business. government agencies like DOST. To be legal is easy! Just choose a name and then visit the Department of Trade and Industry (DTI). THANKS! Source: 21 Steps on How to Start Your Own Business (GoNegosyo) What to Read Next:      5 Steps on Applying for Business Registration Online Starting a Small Business: Rewards. Extras This part of business set-up can either make or break the wannabe entrepreneurs’ passion for the upcoming business because by this time he’ll be swamped with all the M’s. MATERIALS – MACHINE – MAN – METHODS – MONEY. and authority to print. Do it Legal In a business set-up. company savings and loans associations. researched. You also need to get Barangay clearance. These are 21 steps (simple powerful nuggets) of business wisdom learned. 20. you will make all the effort and time to make the business successful. Employee. For additional knowledge in starting a business. Funding the Business The biggest reason why people with good business ideas cannot go into business is because they do not have the money to fund the start-up of their business.

Your information will never be shared to any third party without prior consent. starting your own business.Like this article? Get all the latest articles sent to your email for free every day.What do you think? Posted by Smart Investor . start your own business. setting up a business. Delivered by FeedBurner . good business ideas. how to start your own business. Delivered by FeedBurner  LIKE US ON FACEBOOK . what business to start  Hot Posts Off The Press o Free Kindle Ebook: The 10 Best Dividend Paying Stocks in the Dow Jones Industrial Average o Cheap Life Insurance for Family for P3 Monthly Premium o Never Miss a Sale: Get Intuit GoPayment and Accept Credit Cards Anywhere on Your Mobile Device o 8 Great Ways to Market Your Business o Stock Trading Using Fundamental And Technical Analysis o What is the Perfect Time to Start Investing in the Stock Market o How to Use Pinterest for Business and How to Earn Money from This New Social Network o Starting a Small Business: Rewards. setting up your own business." Your email will only be used for this daily subscription and you can unsubscribe anytime. owning your own business.February 14. Enter your email address and click "Subscribe. starting a business. 2012 at 3:38 pm Categories: Small Business Tags: business basics. Risk and the Flow of Starting it Right Popular Posts o 21 Steps on How to Start Your Own Business Book o Best Ways to Invest Money for Better Return on Investment o How to Choose Where to Invest Money o What Henry Sy Can Teach Us to Become a Successful Entrepreneur     Get FREE Updates! Enter your email address here. start your own business book.

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