| A lot of people do not realize that entrepreneurs play | | | | values. This is a key foundation of great entrepreneurs. |
| a big role in our society. | | | | They know what they want for themselves, (personal |
| When you put the total number of entrepreneurs | | | | vision). |
| together, they count as the biggest financial | | | | They know what they live for (personal mission). They |
| contributors to our nation's wealth. If only politicians | | | | know what they live by (personal values). These three |
| would give grants to finance small business start-ups, | | | | items constitute the foundation of passion. |
| the economy's growth could be hastened. | | | | Equally important is doing a personal assessment. |
| Knowing the obvious financial rewards and the | | | | What are you good at? What are you not good at? In |
| important role to society of business owners, many | | | | other words, you must know thyself. Great |
| individuals aspire to be entrepreneurs. The fact | | | | entrepreneurs know themselves very well. |
| remains, however, that several business start-ups fail | | | | Only when these are satisfactorily answered can you |
| and never take-off from the ground because of one | | | | decide which opportunities are to be seized. It is |
| thing : the lack of adequate and sufficient knowledge | | | | noteworthy, however, that when opportunity-seeking is |
| on how to start a profitable business. In this article, I will | | | | made, it is not pre-screened by personal wants and |
| attempt to give practical strategies on how to run a | | | | capabilities. Do not screen out opportunities just |
| successful business start-up. | | | | because you do not have the capability to do it. Seek |
| First: find opportunities in your own backyard. Look at | | | | and identify the opportunities that are present/available |
| the demand side by observing your neighborhood. It is | | | | in your area. Thereafter, screen them against your |
| good to assess the close-to-home demand for | | | | personal vision, mission, and values. These screened |
| starters. Aside from familiarity with the area, familiarity | | | | opportunities are those that you can be passionate |
| with the customer will be an enormous advantage. | | | | about. You will be passionate about it because it will |
| Your neighborhood is not strictly your home address. It | | | | serve as a vehicle for you to achieve your personal |
| can be any area that you may be familiar with. It can | | | | vision, mission and values. |
| be the university vicinity. After all, a student spends | | | | After having decided which opportunity to pursue, |
| more time in school vis-a-vis his home. Familiarity with | | | | seize it. Seize it very quickly since the windows of |
| the demand in the area will reveal these business | | | | opportunity are open and but can close just as fast. |
| opportunities. | | | | Keep in mind that you are not the only person who is |
| Therefore, an aspiring entrepreneur would simply | | | | looking for opportunities to seize. Remember that there |
| continue this statement: | | | | are others who have eyes, ears, and other senses to |
| " How I wish something like this was available in school | | | | identify opportunities. Entrepreneurs seize with |
| while I was a student! And this is..." | | | | swiftness of the wind. |
| Similarly, one could say about home: | | | | Lastly, use your personal assessment to guide you in |
| " How I wish that something like this were available | | | | determining how this opportunity can be seized quickly. |
| near the place where I stay! And this is...." | | | | If you have the capabilities to do it by yourself, then do |
| To cite an example: you are into baking cakes. Why | | | | not wait any further. Implement it at once. Additionally, if |
| not check if there is an opportunity to supply your local | | | | you do not have all the necessary capabilities to do, |
| diners with your baked products? Find out if the | | | | immediately identify, source, and mobilize them right |
| neighborhood needs another supplier of baked goods. | | | | away. Implement at once. Do not be big right away. |
| If there is no such demand in your familiar area, look | | | | Start small, relative to your resources and capabilities. |
| for another area where your supply has its demand. | | | | When your business model works, there will be plenty |
| Statements like these indicate a desire for something | | | | of people willing to lend money to you. Implement at |
| that is not yet available in the area. This approach is | | | | once. |
| based on one's familiarity with the demand. | | | | People who wait for some body else to successfully |
| Secondly, choose an opportunity that brings out the | | | | operate the business before proceeding on their own |
| best in you. Do not choose an opportunity purely | | | | are not entrepreneurs. They are investors and are not |
| because of its income potential. Income is a natural | | | | necessarily entrepreneurs. |
| consequence of the entrepreneur's passion as | | | | Real entrepreneurs do not wait for somebody else to |
| expressed in the enterprise set-up. | | | | start moving. Real entrepreneurs are pioneering. They |
| Nevertheless, before choosing the opportunity, spend | | | | are entrepioneers. |
| sometime defining your personal vision, mission, and | | | | |