Entrepreneur In The Midst Of A Pandemic: A Creative Guide To Help You Leap Into An Entrepreneurship Mindset In Tough Times

By Nat Bonham

As an aspiring and prospective entrepreneur, I suggest you take you're your time to read this GUIDE thoroughly as it'll help you understand how important it can be to have the right attitude to build and develop your own business.

Most new and young entrepreneurs think it's easy to leap into entrepreneurship and it's typically not their fault because they were told it would be easy.  Once you start your own business, many things can go wrong and more will go wrong than right. If you do not understand that first, it will be very difficult and if you don't have the correct mindset, you will quickly abandon your quest to become an entrepreneur.

The start of a business and the decision to change from being an employee to being an entrepreneur are often painted in an unreal rosy picture. If you succeed though, there's nothing better than being your boss, doing something you enjoy and make your life enjoyable.

Entrepreneurship is aimed at finding engaging problems-the ones you and others are irresistibly attracted to. Many people make a mistake of choosing  problems to solve due to the potential financial advantage of solutions.

In the context of business activities, having a set of standards to comply with is crucial.  I believe this creative guide will help you leap into an entrepreneurship mindset during tough times. It explores captivating and interesting chapters such as:

How To Get Inspired To Become A Business Owner

Strengthening The Foundation Of Your Small Business

Set An Intention For Your Business And Watch It Grow

Understanding Money Velocity In Your Business        

Value Drivers For Increasing The Value Of Your Business     

Building Massive Momentum In Your Business          

How to Unlock Your Brilliance In Your Business         

How To Lose Competitive Edge And Destroy Your Business 

Finding Confidence to Succeed

Magical Entrepreneurial Keys Or Skills You Need To Learn

How To Deal With And Overcome Business Depression

Reflective Mindset Questions For Emerging Business Start-Ups     

And lots more……………………………………………….

This book will discuss new ways you will have to think when you become your boss and how challenging it is to become an entrepreneur amid a pandemic. If you are an experienced entrepreneur, you'll easily relate. If you are just beginning your own business or thinking about it, this book will give you priceless insight into entrepreneurship.

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• Language: English
• Publisher: Nat Bonham
• Release date: Feb 26, 2021
• ISBN: 9781393106630

Book preview

CHAPTER 1

Get Inspired To Become A Business Owner

Finding a brilliant idea and inspiration is a successful first step in making a business workable, but starting stuff takes more than inspiration and a great idea. This chapter will reveal some of the simplest considerations most desirable business owners ignore.

The first thing that should not be done is to travel alone without the right resources beyond a grand concept's reach. According to the Small Business Administration estimates, more than 90 percent of small businesses are not organized.

So many times you have heard of people who sat up over the entire weekend and wrote a brilliant business plan, and they went on to try capital or investors on Monday morning. The second thing that requires attention is impatience.

I'm tired of working for another guy, so often is the premise for people to start a business. This mentality almost ensures failure because this approach to business involves looking back on the wrong situation.

There is an emerging theory, Not all individuals are cut out to become business owners. For a nation like the United States that prides itself on sovereignty and control, this is a harsh fact.

Starting a business requires a commitment that can or cannot quickly pay dividends. Small businesses' primary funding or start-up costs are the main challenge, and thus, many under-capitalized enterprises are hitting the markets and having rough growth.

A little searching on the internet and public libraries is a best practice before investing in the first dollar. Research reports on the industry you intend to join. It takes more than just knowing that your competition can be more knowledgeable about the whole industry.

Perhaps you want to ask,What are the regulatory conditions to do business within a given industry?

Maybe you want to study systemic exposure or how the rest of the economy can influence it over time. It is also good to review some of the other potential competitors' strategies during the 2008 Great Recession.

Understandably, it may take several days or even weeks for this to happen. Still, you will initially understand what to expect from certain economic times by applying best practices.

It is important to understand who the business leaders are and what makes them special. It should be stressed as such consideration could help the branding and marketing. A distinctive attribute may be customer care, quality control, branding, or even presentation.

These might sound trivial, but think about this; if you were a male clothing retailer and wanted to appeal specifically to young urban men under 30. In certain cultures, brands are equivalent in respect, and a nice logo on the brand will lead to the success and purchase of your clothes. While this could be more linked to marketing and brand positioning, it must be against the competition.

Other things need consideration before we get into marketing and branding, such as your thinking, your ego, your time, the start-up capital available, and feasibility. The next step is the feasibility test after trolling through the data and knowledge from your analysis.

You are recommended to do so before you write a business plan. It allows you to easily determine whether you should reach the market and, if so, at what price. A common mistake for new business people is to confront industry leaders.

This is an ideal way to break down quickly. Set ambitious targets for yourself, then get the idea that the internet can make your business globalized. It would be a terrible business model. Think about your area and the local competition to see how much it would cost your business to operate without constant revenue for the first three to five years.

This will once again require more local research on your particular area and will not take the differences between macro-research and your more localized micro-research. The difference between these two areas will potentially become the filling niche. This enables you to have a specific niche in the area and a larger hybrid. So, you might ask Why?

The fundamental attitude that business and industry have to operate according to their ideology or belief is another temptation to stop.

This technique never works positively. You have seen these owners of business listen to their customers seldom and as a result both customers and employees have a revolving door and the business stagnates and doesn't grow.

Growth must play an important role in defining your market, as it is the opportunity to attract clients, staff and investors. You will need to purify your mind as a future business owner and see your organization as your concrete boss.

This may seem counterintuitive, but the cascade is like this because the economy drives consumers and businesses driving behavior, which will eventually lead your business to make the right decisions to meet demand.

You have done your homework so far, and you know how hard you will have to compete in your local market. The next thing is to take into account is your liabilities concerning the business. You can also use this to decide what type of business ownership works for you.

It is a good business practice to integrate wherever possible, and there are variations in rates according to estimated sales in certain countries. It provides you with more security than a DBA or partnership.

You will learn another strategy that many successful business owners will delegate tasks to professionals with their fields, which require professional expertise. For start-ups, a good business lawyer, accountant, and business consultant are important.

This is a void that many business people want to breakthrough. Another benefit is that these practitioners can also provide knowledge vital to the development of a detailed business proposal. You can help with the work you have done to meet the needs.

In summary, you perform analysis and feasibility studies, select your form of business, change your expectations, employ experts who know the laws and regulations more than you do, and are ready to get the business proposal going. Who are your clients you might ask; marketing research needs to be done in your field or online for real individuals, or organizations who use your goods or services.

One question I have to ask, How much does it cost me to contact a potential buyer until a transaction is complete? And secondly, you need to figure out how best to reach these individuals or organizations.

There is no exact science to forecast revenue; therefore, the aim is to have a very plausible theory and approach. Resist the temptation to lift standards, as others did in the dot-com period and split.

The projected revenue increases should be small and operate according to Standard Rule 10, which would mean that expenditures would never exceed 10 percent of revenues.

Today, some businesses have a lower profit margin of 50 percent, so it's equivalent to $10 per $20 in revenue. As you can see, pricing strategies for your goods or services are critical, and only those with high capacity transactions can benefit from the amount. This is why 99 center stores have such low production costs and a fast product turnaround.

The difficulty in starting a business at low prices is that it generally attracts the cost-conscious customers who are rarely branded and use a comparable competitor. You see this action in consumers who may buy certain exclusive products in Wal-Mart's 99 Cent Stores.

The risk is that these cost-conscious consumers typically leave as prices increase. Therefore, your pricing model has to be established to sustain the business based on the added value customer, who can sell items or services upstream. This is important for the growth and expansion of your business.

CHAPTER 2

Do You Have The Right Mindset?

This chapter may not make too much sense at first if you are new to being your own boss, or you've been a businessman for a while now, this will make perfect sense, I promise you. Keep on reading as I help you understand how important it can be to have your business' right attitude. So, what would the thought of a leader be for your business?

In this chapter, I'll discuss how new it is to become your boss. If you are an experienced entrepreneur, you'll easily relate if you just begin your own business or think about it, a few things will happen, no matter who you are: So, it's crucial for you to know this in advance and learn, right now, how to cope with these difficult situations.

Your mind won't matter too much at the beginning of your undertaking. You think you're going to excel and you're going to do everything, yeah. Wrong. Most young entrepreneurs think it's easy and typically not their fault because they were told it would be easy.

Once you start your own business, many things can go wrong. Clearly, at first, more will go wrong than right. If you do not understand that first, it will be very difficult and if you don't feel the right way of thinking, you will quickly abandon your quest to become a businessman.

Using the S.C.R.E. definition to help you overcome the challenges ahead:

This