Saturday, September 2, 2023

The Entrepreneur’s Vision


The word entrepreneur is getting very popular, which is a good thing. Providing a product or service to a niche is the correct direction to riches. What will make the vision a reality requires three main elements:

1.      Sense of purpose

2.      Optimism

3.      Resilience

Having these three components is how business owners increase their chances of becoming successful.

            A profitable business idea can come at any moment. The problem you solve will be the sense of purpose in your journey. For example, many people buy the lottery in hopes of a better life. Why else should it happen? Why would the public be interested? This is where branding, logos and slogans influence the consumers. The Public must have an emotional connection.

            The feeling of optimism is the goal. Of I drink this or wear that, I will be…The truth of the matter is that nothing needs to happen but perception creates that euphoric response. i.e use a particular beauty cream to look younger.  This group think can take a while for the public to take notice. Is there a structure in place to absorb the time gap?

            Endurance creates resiliency. Some frequently asked questions during this time are:

1.      What did I learn while waiting?

2.      How should I try my new approach?

3.      Was the marketing appropriate for this the targeted community?

Seniors prefer TV and radio, while millennials prefer social media, especially through their phones. Creativity is a must.

            Whatever business idea you have in mind, be sure to devise a solid business plan; develop a business structure, for instance, create an LLC. If the business is in the US, use an EIN instead of your social security. That way, you keep personal and business issues separate. Have a path; stay positive and remember that it is over only when you are six feet under.