It is a common belief that it is easy to be one’s own boss rather than working for someone else. But in reality it is the opposite, as running a business and operating as an entrepreneur in a market requires a lot more than simply devoting 8-10 hours in a job.
As an entrepreneur one has to remember that an ability to run one’s business cannot be attained by simply learning few lessons in a business school.
It is about dedication and strategic planning. As an entrepreneur one can come across several issues and it is always good to have some idea of them so as to be mentally prepared for them, to an extent.
Entrepreneurs usually face a common issue of ignoring the planning aspect and are scared of accepting new strategies, as demanded by the region of their operation.
This should not be so and they must welcome the new ideas that suit the needs and ideology of the region where they wish to operate. They must respect the policies and rules of different countries and should keep themselves updated with the changes happening around them.
Also, no business is a good business, if it focusses too much on profits. An entrepreneur must adopt a balanced approach towards one’s target audience such that it takes into account the demands of internal as well external audience and pitches in for the sustainable development of all from holistic perspective. Good market research is a common factor that is ignored by the entrepreneurs.
It should not be, as it helps one in judging the success of one’s idea in real terms. Also, the budget estimated by the entrepreneurs during the initial stage is not an apt amount most of the time and usually what they require in reality is the double of it, especially during their first operational year.
Marketing and advertising of one’s product and services is something that should never be ignored by the entrepreneurs. They must spend atleast the 25% of their total capital on it. And the last and the important issue faced by entrepreneurs is the hiring of wrong people for the job. They must avoid it and hire as well as fire people as per the need.