How to be a successful entrepreneur

February 17, 2012 | By More

Entrepreneurs have big challenges and for success in business, following key points should be considered:-

  • Make a clear vision, goal and business plan to achieve set target.
  • Implement a proper system to ensure things are done in a right way.
  • Must have enough knowledge and mechanism in place to calculate loss and profits and break even considering costing, pricing, resources, profit margins and taxes etc.
  • Cleary target market having full information about customer’s expectations and competitors.
  • Create a clear difference of a product or services offered by the competitors, if any.
  • Develop a comprehensive and achievable market plan.
  • Keep enough cash flow to grow.
  • Target for leading rather than sailing in the business.
  • Allocate sufficient budget for personal capacity building and staff training.
  • Also focus on controlling unnecessary expenditures rather than just focusing to generate revenues.

Readers are also invited for comments and more tips.

By Majid Shabbir, Official Moderator BSO Forum and Secretary General Islamabad Chamber of Commerce & Industry

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Category: Entrepreneurship

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