Smart entrepreneurship: Every youth is an entrepreneur
Business growth is about more than just increased revenues and profit. It is preparing for new customers, new markets and bigger opportunities.
1.The first step in business growth is professionalizing and legitimizing your business.
- Legitimizing your business means having the proper business license, correct tax identification, business insurance and other government requirements to be considered a legitimate or “registered” business
- Formalizing your business is the first step in creating trust with new customers.
- Formalizing your business also opens the door for participation in government business support programs.
- Good understanding of economic policies that support entrepreneurship and business startup and growth.
- There are business-friendly policies that emphasize buying from local businesses and buying in small amounts.
- Procurement policies can really help expand growth opportunities for small businesses and have a positive impact on the economy.
- financial regulations and protections for small businesses that ensure a level playing field as new enterprises are created. Programs and policies will likely be different depending on where you live. So be sure to do your research.
- 3. Access capital
- You will likely need additional capital or financing to pursue bigger opportunities and access new markets for business growth.
- Small business loans are a common avenue for growing businesses. At this stage, you have a track record for revenue, and a lender can easily determine whether your business is able to pay back the loan with interest
- Depending on your economic environment, you may need to be more creative about funding your business. Search for online crowdfunding platforms that are available in your country. You will need to tell a compelling story and be able to explain the profit, revenue and return on the investor funding.
- Other options for creative funding are business plan and business pitch competitions. Again, you’ll need to tell a compelling story of your business and be able to convince competition judges that your business is worth the investment.
- Lastly, loans from friends and family can also help get your business much-needed short-term funding. Be sure to sign an agreement with a repayment schedule for your friends and family as you would any another investor.
- Financing is seen as a sign that your business is successful and people are willing to invest in it. However, a large part of success is failure. I believe you always learn more in your failures than you will in your successes.
- Think of the marketplace as a laboratory. Scientists undergo hundreds — even thousands — of trials to find cures.
- So remember to fail fast and fail often! Create processes in your business to test and gain your additional knowledge about new products, services and processes that make your business stronger and better prepared for bigger opportunities.
- You can also learn from what others have done in similar situations.
- Creating sustainability in your growing business.
- Sustainability means your business is resilient and can withstand changes over time. You can create a sustainable business through:
- Stakeholders engagement: Stakeholder engagement is about receiving feedback and input from existing and potential customers, partners, collaborators, employees, service providers and even government officials.
- Environmental Consciousness: Environmental consciousness is about making sure your business has limited adverse effects on the environment
- Social Impact: Regular review of your social impact helps you to understand the effect your business is having on the society around it. Businesses that have social impact goals are more likely to retain great employees and have committed customers and business partners. A positive impact on society often equates to positive cash flow in your business.
- Ultimately, being a successful entrepreneur means
- Making smart choices.
- Understand the rules and regulations you’re required to follow.
- Gain the expertise necessary to run your business. Have a realistic plan for growing your company.
- And make a positive impact on your community by providing employment opportunities and economic growth.
Being an entrepreneur begins with you and today is the day.