How to Start Small Business
Small business 1. Proceed methodically. Don't take excessive risks. In a recent study, titled Portrait of the Predator Businessman, Michel Villette and Catherine Vuillermot argue that, contrary to popular myth, very successful entrepreneurs such as Ted Turner, Sam Walton and Bernard Arnault do not have as great propensity to take risks as one might think. 2. Plan effectively Every effort you put into planning exponentially increases your success at the execution stage. For a new business, everything hinges on a business plan. Successful entrepreneurs write down specific goals. They devote considerable effort to key tasks such as researching their target market, defining marketing strategies and compiling cash flow forecasts. They also make useful contacts within their industry. 3. Define an effective value proposition It may sound complicated, but it's just about making sure your products or services are more attractive to customers than those of your competitors. Successful en...