Entrepreneurs: Checklists
- Talk to shop owners, farmers, and business owners in your community and discover how they became successful.
- Visit the library and check out a book on how to write business plans.
- Visit a bank or financial institution and ask if they offer micro loans.
- Find a business mentor — someone you respect in the business community who can listen objectively and give you guidance along the way.
- Keep a journal of business ideas.
- Find someone in your community who has received a loan and talk to him or her about that process.
- Learn what personal paperwork is necessary to talk to a bank or loan official; for example, a state identification card, valid address. Make sure that the required documents are in order, readily accessible, and up-to-date.
- Many countries provide microloans to their citizens. Perform research online to determine whether or not your country provides this financial service.
- Even the poor have assets. Make a list of all your assets, such as livestock, jewelry, a television set, or a sewing machine. These items can help make you creditworthy and attractive to a lender.
- If you have never had any work or financial experience, see if you can help out in a store or restaurant to see the day-to-day life of a small business.
- Stay open to change. If something in your business is not working as planned, you may have to change it.
- Constantly search for people who can help you reach your business goals.
- Get started on your plan even if you might feel nervous or afraid. Success begins with confidence.
- Create a business plan. You can learn more about building your business plan at http://durban.thebeehive.org/en/content/372/400
- Learn how to take risks. Sometimes the “safe” route is not always in the best interest for you or your business.
- Talk to people and write down any business ideas you may have that can offer solutions to difficulties people may be experiencing.
- Once you decide on a business remain focused on your product or service and how you will establish and grow your company.
- If you believe you need to make changes to improve your business, you must be prepared to improve yourself while sticking to your vision.
- Remember that your business may not always work as initially planned. If something is not working, then look to improve it.
- Stay informed about business trends and forecasts in business magazines such as Reuters or the Economist. Keeping current can help your business flourish.
- Keep separate account books and records for your business. This will help you stay organized and allow you to review your business’ profits and losses easily.
- Report your business’ income and pay any necessary taxes to avoid any future problems with the government or loan officials.
- Insure your company. This will protect you and your customers. It will also help your business remain reputable.
- Ensure that you are complying with local laws regarding zoning and licensing when operating your business.
- Keep good records of any transactions your business makes. This will help keep your organized and your business will run more efficiently. You will also feel better knowing how it is performing.
Learn more about elements of good leadership in business.
Speaking to community members can help you assess your businesses success.
Running a successful business will bring you greater happiness in life.
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