21 Steps To Teach You Entrepreneurship

Are you looking for a quick start to start a business?

There is no shortcut to starting a business. From the very beginning, you have to do every step. Jumping and skipping is not feasible.

If you want to make sure that you understand all the main points of operation, but do not want to get caught up in red tape, read the following words carefully.

The first step is to have a workable idea.

At first, you should consider whether your core business philosophy can become a viable business activity.

How do you know if this idea will succeed?

Well, to be honest, I can't be 100 percent sure.

Start thinking carefully, and try to be honest and objective to yourself, and start asking such questions: is there anyone 1 needs or wants to sell?

Will the demand be very bad, or how much money do they want to get?

Think about these common sense questions.

Next is to do a thorough and comprehensive market research.

2, how do you let customers buy your products?

Although the survey results say that people will rush to buy your mousetrap, but this is not always the case.

Think about what kind of situation you will have in your startup.

3, have they bought an alternative product now?

Can you make sure that customers will take out their wallets in the future?

How do you focus on 4?

Do you have a strategy or do you plan to do nothing?

The answer to these questions seems obvious, but the advantage of doing so is to give oneself a practical test.

In essence, you are asking if there is a market for your product or service.

If you invest a lot of money, especially if it's someone else's money, such as investors, it's worthwhile doing background research.

The second step is to determine the ownership structure of the company. There is no formula to determine the ownership structure of the company, though it may embarrass you at first, if you are working with others.

But it will be one thousand times easier to do so than to wait until funds are injected.

What is the value of determining the proportion of equity, who has done what and who has come up with the idea?

This is not a long way to go.

The most direct factor is money input. If you spend time (so-called human assets) and energy, these can be converted into monetary value.

The original business idea is extremely difficult to value. I think the idea itself is of little value, because its value is related to your later work.

For now, first of all, we need to talk about ownership structure and start tomorrow together.

Third steps: complete written agreement.

Now you have clear the potential legal problems related to stock ownership.

A draft written agreement should be formed today.

We do not mean to go to lawyers by saying this. We mean to write with others who are willing to start a business together.

Now you do not need to be exposed to the formal legal language.

This will be later (in fact, on the seventeenth day).

What you want is a simple and clear agreement: equity ratio, respective investment funds, investment time and respective rights and interests.

The fourth step: to name the company, maybe you use your name, but usually you have to do more than that. The name of the company is not only consistent with business ideas, but also determines whether they can be used, and then register the name with the business department to make it belong to you in the law.

You didn't finish this thing at least, at least not yet. (we will encounter this problem again on the seventeenth day).

From the beginning of your mind, you must consider this matter carefully.

Many people will misunderstand what you can and cannot do because of the company name.

You may waste a lot of time in these misunderstandings.

The fifth step: consider the initial sales forecast.

People are reluctant to predict future sales, but without this step, your business will not succeed.

If there is no sales forecast, how can you estimate the cost?

If you don't know how to sell, how can you estimate your initial cash requirement?

This is part of the start-up cost.

Many people think that sales forecasting is a very complicated and scientific thing. They don't know what to do.

Don't worry. In the real world, sales projections can be calculated on a basis.

How can you predict something new?

Break it down.

A 12 month sales model is set up on the spreadsheet to estimate the monthly sales revenue.

Think of the number of tables, how many stalls, and how many hours?

How much revenue will each unit generate?

By multiplying these units, you can get a general sales forecast.

The sixth step is to carry out the initial cost budget.

In the same way as the sales forecast, we make a spreadsheet to make the budget for each month's preliminary step with the bar chart.

Think about rent, utilities, marketing and wages.

Remember, it also includes the wages you pay yourself.

The seventh step is to estimate start-up cost.

The startup cost includes two simple forms: the cost you will bear before you open it, and what you need to have.

The cost includes legal fees, determining office location, setting up your website and so on.

Assets include raw materials (stock) that you intend to sell.

The harder part to estimate is how much money you have to deposit in the bank to support the company's early cash flow.

You must pay close attention to this matter every month, compare your sales revenue and expenses, and pay attention to cash in and out.

Remember, in most B2B pactions, the buyer has a certain payment period.

Eighth steps: plan your marketing strategy.

Think about your target market.

Imagine a hypothetical, ideal customer.

Determine his age, sex, occupation, favorite media and family status.

The important thing is to understand your customers.

What is your advertising word?

Can you sum it up in a simple sentence?

If the customer wants to hear this sentence, what will you say?

What do you say if you send mail?

How will you achieve these goals?

Think about your marketing strategy and implementation details.

Take the time to come up with a short and brief marketing plan to ensure that you know how to bring the business to market.

The ninth step is to determine the appearance and image of the product.

The company begins to plan the appearance of the product and understand what your buyer will feel about the company.

What will your logo look like?

What does it convey?

Nostalgic, trustworthy or avant-garde?

Every company has a brand meaning, and of course you have to make sure.

How will you pass this idea to customers and potential customers?

By developing logo, logo and letterhead, you can develop your product appearance and brand image.

These are the essence of your brand. You need to make good use of them before you go further.

Tenth steps: start building websites.

Do you start building your website?

Have you considered this matter?

It's time to start today.

If you want to build a Web 2 application website or the website will be the core of your business, your website must solve some simple problems at the end of the three weeks.

For most businesses, you can have a website very quickly.

Think about the basic elements that your website needs, at least you can get a basic information, product or service from the website.

Now, there are some good shortcuts. There are many tools on the Internet that can help you quickly build websites. It is suitable for many small companies, and there is little or no formatting work.

Eleventh steps: consider how to recover sales.

Think about the way your customers will pay.

If you sell products to consumers, you may need to set up a business account so that you can accept credit cards.

Now, because of the emergence of network providers, you have more choices.

In the past, you had to go directly to your favorite local bank, which requires you to provide a lot of details and time-consuming.

Now, you can choose to do these things in some online stores, which will help you deal with many similar matters.

If you sell products to enterprises, then think about how to provide invoices and credit policies to these business customers.

Do not underestimate how to get the importance of payment.

The twelfth step: try to do business.

Do you have the ability to sell products now?

Maybe you should consider trying to sell goods today.

Even if your business is not completely built up, a large number of enterprises (perhaps most people) start selling products and services before they are fully established.

This can help you make sure that people want to buy what you sell.

Even if you can't sell things, because everything is ready, then continue to convince others.

As long as your business is open, sales will continue.

The reason why we want to put this matter here is that many enterprises are really born at the moment of finding the first customer.

The thirteenth step is to solve the problem of insurance.

You should go to an insurance broking company or find an insurance company directly and start buying insurance for your business.

These days, you can do a lot of research, and even do a complete job on the Internet.

If not, remember to find the right person by phone.

Talk to any insurance agent you can think of and ask questions that you care about. If he is not the right person, ask someone else what kind of person you should be looking for.

The fourteenth step is to build a dream team.

Have you ever thought about how to build your team?

Do you know what kind of person you want to recruit?

Now we are looking for management team and staff, and start the recruitment process.

Depending on your specific circumstances, you may need relevant job descriptions and job advertisements on the appropriate websites.

You start thinking about your employee list.

Who do you need to help yourself develop business?

Will he become a partner of you or your business?

Do you need to hire service personnel, drivers, designers and so on?

When you start doing this, look at the financial plan you made in the first week to determine how much money you can spend to hire staff.

The fifteenth step is to determine the location of the office.

Most people know that they either work at home or find a new office.

They will consider a suitable office location: how they look, where they should be, what should be nearby, and so on.

Even if you are a family office, you should consider these things.

Now you have to decide what you want to do: desk, computer, telephone, Internet access, quiet reception room and all the office requirements you need.

For retail stores, you still need workshop or office space. If you haven't done such a thing, start looking for it.

It's almost time to make a decision.

In addition, a real estate broker can help you find a suitable broker and he will understand what you want.

Now you start building your own office, simply adding desks and phone calls to your home office, or calling people to improve restaurants or processing plants.

For some individuals and enterprises, these things may take more than three weeks.

Sometimes, you can't even decide where to choose your office.

However, planning for office space is the job you should do now. If you are too slack, this may lead to a lag in the company's opening date.

The sixteenth step: set up an account.

Using some excellent financial software, you can track every paction, every cheque, and every invoice you receive.

Please carefully follow up expenses and invoice categories.

Choose the right financial software to see if it is compatible with your bank account system.

The seventeenth step is to create legal documents.

As early as first weeks ago, the agreement you wrote with other participants was to determine the percentage of shares owned by each person, who invested in it and who invested in it.

Later, you began to use the law to protect the name of an enterprise.

Today, you should start to understand the status of Create Company entities through the Internet or with lawyers.

Of course, before you find a lawyer, you can do something yourself: make sure that you understand all the basic rules, so that you are worth a lot of money and can let lawyers do more things for you without having to bother to understand all the terms.

We suggest that we consult lawyers best.

But if you have extensive knowledge in this field, you will save some expenses.

Eighteenth steps: start recruitment