What’s the Purpose of Business Plan Development?

Business plan development is considered a necessary evil by many entrepreneurs – it is the process of creating a document which will help them pitch to investors and lenders. However, funding aside, you will improve your chances of business success if you take business plan development seriously.

Planning Does Help

It is a simple “out” for entrepreneurs to throw their hands up, saying “If so much of business is about flying by the seat of my pants, reacting to opportunities and threats and they arise, and changing plans continuously, there is no reason to plan for my own purposes. Certainly, a plan will be required by funders, but that plan does not have to have any similarity to the tactics which are used in the end.”

However, planning does help, even if the plan needs adjustment down the road. A plan can zero in on alternative strategies which might work and throw out those which do not fit the company’s intended brand, customer markets, or competitive situation. Without a written plan, the company is in danger of trying out strategies which seem to make sense on the surface, but really lack a good fit with the company in the long-run.

Keeping the Team Consistent

Another major reason to plan is to keep all team members on the same track. Without a written guide setting out the mission and strategy to achieve that mission, different managers may develop their own ideas about the priorities of the company and end up working at cross purposes. To serve this purpose, the business plan must be shared between the managers at least. The managers must all work to pass on guidance to their staff based on the plan.

Setting a Reflective Tone

It is extremely easy for entrepreneurs and small business owners to be caught up in the action of running their businesses on a day-to-day basis and consider reflection on where the company has come from and is going to be a luxury. Being serious about business plan development from the outset sets reflection as a priority for the company, and a business launched on this foundation stands a better chance of continuing to use planning as a tool going forward. When taken in balance with action and awareness of the present situation, reflection and planning can serve the business well.”

Youth Business Entrepreneurs – Useful Tips

Who is a Youth Entrepreneur?

A youth business entrepreneur is a passionate industrialist, who produces certain selected products and distributes them to consumers to make a handsome profit.

Youth entrepreneurs are usually more energetic to take part in all the commercial activities of their entrepreneurship. They work hard to establish themselves from a very young age in the commercial sector.

The legitimate acceptable age for youth business entrepreneurs to start any commerce is 16. The ideal time for youth entrepreneurs to undergo business training is during their academic term, when they are pursuing a degree or diploma.

Health of young enterprisers has to be stable since, business activities are demanding and can have a bad effect on the health. They are also required to work for longer hours, to achieve the set objectives of the day.

Youth entrepreneurs need to supervise almost all the business activities, and hence they have to be accessible at any time. They also need to prepare themselves to work and conclude the task effectively and successfully.

Important Factors:

Entrepreneurs have to take lot of risks, if they wish to grow and establish themselves in the market. For this, it is important that youth business entrepreneurs prepare themselves mentally to take tough trade decisions.

To start with, entrepreneurs can examine the administration and technical support system of a couple of small business development centers and participate in special management programs. Several universities, colleges, and business schools around the globe conduct venture capital forums, youth business programs, and entrepreneurship seminars.

With the assistance from several collegiate entrepreneur associations, youth business entrepreneurs can educate themselves on myriad topics. Such associations, notify, encourage, and support youth’s business ideas to mold them into successful capitalists of tomorrow.

Further, they can also extend their commercial talent by surfing the internet. They can browse several sites devoted to tips and tricks related to youth entrepreneurships, to educate both the business and mind. Some sites also entail inspirational stories of victorious young entrepreneurs to inspire upcoming youths.

Youth entrepreneurs can hone their skills for executing the business by undergoing training for manufacturing the goods, marketing, packaging, and managing good customer rapport

Youth entrepreneurs need to march beyond the boundaries to achieve huge success in their industrial venture. Therefore, it is essential for them to gain knowledge through reading, experimenting, studying, and observing.

Youth Entrepreneurs Program:

Youth entrepreneurs program motivates young people to initiate their own full-time businesses and pursue self-employment as a career option. Such program accepts applications all through the year from youth aging between 18-29 years.

Young entrepreneurs under this program are eligible to meet a grant of up to $4000 to aid in paying their business start-up costs and capital expenses.

Youths interested in such a program are required to submit a complete program application and a business plan.

The young entrepreneurs program offers grant to repay approved applicants, for suitable business startup costs and capital investments. The grant depends upon the capability of the applicant.

5 TIPS for Home-Based Business Entrepreneurs

Have you ever heard that only a small part (5%) of ‘all’ Home-Based Business entrepreneurs achieve success?

Do an online research on your favorite Search Engine
and you will understand what I mean.

In this article I’m going to show you the KEY to Home-Based
Business entrepreneurs success; you’ll find out what makes an
entrepreneur successful in the home-based business field.

Below are 5 TIPS for Home-Based Business Entrepreneurs:

1. It’s their mindset that brings success

Serious entrepreneurs have ‘programmed’ their mind to succeed no matter what. They don’t lack focus on their home-based
business and let nobody stop their plans in achieving what
they want.

They know what they want and they have the DESIRE to succeed. If you don’t know exactly what you want when it comes your
home-based business, think about it again and re-consider your
plans, what you want to achieve, a get-rick-quick or a
profitable, long term business.

2. It’s their start-up plan that brings success

Smart entrepreneurs know that it takes time to set-up and grow a profitable home-based business. They plan to succeed. They
have a start-up plan that might fail but they never give up and
start again with a better plan.

Serious entrepreneurs know that it takes discipline and
time to build a strong and solid home-based business, which delivers ongoing income through many years to come.

3. It’s their initial RESEARCH that brings success

Smart and serious entrepreneurs know the importance
of market research. They know that in order, for a home-based business to succeed, they have to research their target market (their potential customers) and study their competitors.

Research your target market and study your competitors
in order to have a long-term, profitable home-based business.

Know what your customers want and give it to them.
Keep an eye on your competitors, study their offer(s)
and make sure you come up with a better deal than
them.

4. It’s their marketing strategy that brings success

Study each successful entrepreneur in your marketing
field and you’ll notice how they market online / offline.

Each of them have their own ‘unique’ marketing strategy
but they use the same basic principles.

Don’t re-invent the wheel. Use the main marketing concepts
that are proven to work but try to improve and adjust them
to your own situation. Make them work for your home-based business. Make your offer better and unique than your competitors if you want to WIN in this business, or simply quit (I know that’s no what you really want!)

5. It’s their investment that brings success

Smart entrepreneurs know that the KEY is to work SMART, not hard. If you don’t have the required skills to develop a NEW marketing tactic for your home-based business why not hire a consultant who knows his stuff?

If you have ‘enough’ money why not invest in someone who can help you grow your home-based business and give me something to work at too?

What is more valuable to you, your time or your money?

A serious entrepreneur is ready to invest (both time and money). He knows that he will build a long-term successful business for him and the one he loves (friends, family, children, etc.)

The final (or first?) STEP you need to take in order to succeed
is to act (take ACTION!). Yes, put into practice what I have
told you above (the 5 TIPS for Home-Based Business
Entrepreneurs) and you’ll succeed, no matter what. Trust me!

Business Entrepreneur Ideas

Finding ideas for a new business involves identifying something someone wants, or better still something someone needs. Any salesperson will tell you that needs-based selling is much easier to achieve. The cliche is that the top salespeople can sell ice to Eskimos. That is most assuredly not needs-based selling.

If a business entrepreneur cannot identify a need in their audience, the next best thing is to find an idea that taps into a passion – a want. When people are passionate about a subject, their rational mind is relegated to the back seat and their heart takes over. Often, wanting something defies logic. All luxury goods in the world defy any rational reason for their existence, but companies make millions from selling them.

Combining a needed product with desired qualities is a sure-fire way to make money. Everyone in the developed world wears shoes, therefore you’d class them as necessities, but it is the fashion industry that has turned shoes into must-have items.

Thus you have this third hybrid group of products:the must-haves. Not simply needed, not only desired. Must-have products are a marketing dream, and this should be the pinnacle for any business entrepreneur.

the Must-Have Entrepreneurial Idea

So where exactly would you look for the next big must-have? One area that is arousing increasing interest and is set to continue in that trend is the whole eco-friendly and sustainability business. As the earth’s natural resources are plundered to death and we all belatedly wake up to the realization that we need to reverse the damage we have done to the planet, ideas and products designed towards this end are becoming ever more popular. These might not create the products we usually think of when we imagine a must-have item – which in truth are usually quite dispensable luxury goods – but as we are forced to readjust our priorities, eco-friendly products and services may well come to define the ultimate in must-have, and business entrepreneurs who can tap into this vein will, and already do, make serious profits.

Another evergreen area for entrepreneurial business ideas is the personal health and fitness industry. Anyone reading about the shocking and worsening obesity statistics in the developed world might think that people no longer care about their health and well-being, but the inevitable by-product of this is a massive backlash in the form of a parallel quest for increased fitness in the non-obese, and a desire to shed the weight in those who are obese.

The bottom line is to find something that a person can feel truly passionate about. Both the longevity of the planet and our own personal longevity are ideal candidates for the genesis of some great entrepreneurial ideas.