What business books to read in 2021?
What is important to know before starting your business from scratch in 2021
Before starting your own business, you need to prepare mentally. After all, the success of an entrepreneur depends not so much on the chosen ideas as on the ability to overcome the difficulties that arise. And they will definitely be. If you are going to start your own business from scratch, try to honestly answer yourself to 5 questions.
Do I have strong nerves?
In a hired job, the manager solves problems. Experienced colleagues can provide advice and support. An entrepreneur, on the other hand, needs to overcome obstacles on his own: settle conflicts with clients (employees, suppliers), look for additional sources of funding, prove his case in the tax and other state offices.
IMPORTANT. Stress resistance is a must for starting your business from scratch. We also reccommend you have The Essential Managers Handbook read.
Why do I want to start my own business?
Some motives help an entrepreneur to develop, while others inevitably lead to collapse. You cannot make a decision on emotions and in a hurry. The table below will help you determine when to really start your own business.
Can I suggest a better solution than the one on the market?
Before starting your business, analyze the proposals of potential competitors. You have to give the market something more. For example, provide services at a more professional level, sell goods cheaper, or offer convenient delivery terms. Otherwise, you will go broke in the first year after opening.
What is the unfortunate scenario for the development of events?
Even before starting your own business, take off your "rose-colored glasses" and calculate the risks. Here are examples of potential problems that arise for those who decide to start a business.
What do I really understand?
It is better to create a business in an area that is familiar to you. That is, "to be in the subject." Then you can easily calculate the risks, immediately notice and correct mistakes, and quickly make useful contacts.
Advice. Financial literature will help newcomers to psychologically prepare for starting their own business. In particular, the following books: Robert Kiyosaki "Before Starting Your Business", "Fifty quick ideas to improve your user stories, Cal Newport "Stop Dreaming, Get Started!", Napoleon Hill "Think and Grow Rich!". All these business books PDF free download can be done at E-BOOK.business online ebook store.
How to start your business - a practical step-by-step instruction for a novice businessman In this section of the article, you will find detailed recommendations on how to start your business from scratch. If you take a responsible approach to each step, you can avoid many mistakes. Unfortunately, beginners often ignore the listed points, so they go broke at the initial stage.
Step 1. Choosing a specific niche
Routine duties in a hired job can be performed in a state of deep despondency and apathy. When opening your own business, this approach does not work. Ideally, you should be “burning” at the thought of developing a project. Only then you will not lose heart in difficult moments.
The blog already has an article on how to start a business. When choosing an idea for starting a business, start not only from personal interests, but also from current knowledge, skills, and professional experience. Let's say you know how to write competently, search for information on the Internet, explain complex things in simple words. Then you better start a copywriting business.
Or, for example, you often buy goods on Chinese Internet sites, you know where to get quality items for meager prices, you constantly order something for your friends and acquaintances. Then try to open your own business on the Internet in the field of commerce.
You will find ideas on how to make money for a girl and a woman in this article.
Step 2. Analysis of competitors
This step can only be skipped for those entrepreneurs who have an exclusive small business idea. The rest of the newbies will have to analyze the market in detail.
It is best to start by visiting a company in your niche as a mystery shopper. Or ask a friend to do it. Your main task is to identify the strengths and weaknesses of your competitors. And when implementing your own business idea, leave only advantages or come up with new improvements.
Let's say you are about to open a popcorn outlet. Let's look at this example, what strengths and weaknesses competitors may have.
Of course, the information in the table has been greatly simplified. But even it helps to understand how, ideally, a new popcorn outlet should look like.
Before starting your business, pay attention to the positioning of competitors: where they advertise, what promotion strategies they use, whether they hold promotions for customers and how often. Subsequently, you will have to include such expenses in your business plan or come up with a cheaper but effective advertising method.
IMPORTANT. Service will play a huge role in business in 2021. Today, customers and buyers are important not only the quality of the goods (services) sold, but also the respectful attitude of the service personnel, efficiency.