June 6, 2020  
 
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Articles for Entrepreneurs

 

Starting My Own Business

 

Thinking Like an Entrepreneur

Written by Richard San Juan for Gaebler Ventures

The Internet's presence in our society has created many opportunities for individuals seeking to open up a small business. The only thing needed is to develop the entrepreneurial ability to be able to create a profitable business.

Thinking like an entrepreneur is about recognizing opportunities in the marketplace when they present themselves and thinking of various ways to take advantage of these opportunities.
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When one is ready to establish new business, the key is to be able to bring an entrepreneurial and unique perspective to create a product or service that would provide good value to the targeted customers.

To get the habit of thinking like an entrepreneur involves training the mind to look at various products and services, no matter if they are good or bad, and think of how they can be improved upon even further.

Entrepreneurial thinking is easy and often involves asking questions about how certain processes are done.

For example, if an individual is selling a certain product or service, are there any possible complimentary products or services that could also be presented to the same type of customers?

Are there alternative products or services that could benefit or harm what you are selling?

By continuously brainstorming and evaluating other types of businesses, one can get a better idea on how to create ideas and gain valuable insight into a targeted market.

Developing a good understanding of that specific market or industry will allow an individual to be able to forecast what type of products or services will be in demand in the future. As everyone knows, the marketplace is usually in a state of constant flux. Thus, entrepreneurs who have been able to gain the foresight, originality, and desire have the potential to benefit from the business opportunities that may arise.

Having said all that, this does not mean that one should leave his or her job right now, since starting a business is never a sure thing in terms of success and prosperity.

While an individual is at his or her current job, the individual can start determining what sort of business he or she is interested in and begin developing a business plan.

Again, when developing business plans, it helps to ask questions that will help you give an outline on the focus of your business. What type of business would you enjoy doing? Is there a segment in the consumer population whose demand is not being met by the marketplace? If not, why have companies not taken advantage of this? What kind of initial problems or concern will one have to deal with?

As you can see, when deciding to start a business, it is a long process that requires a lot of planning.

Before starting a business, ask yourself whether you have placed yourself in the shoes of an entrepreneur. Are you ready to think like one?

Being able to utilize entrepreneurial thinking will make the process of starting a small business much easier. In addition, the Internet gives an individual access to tons of information relating to entrepreneurial topics, networking opportunities, and business contacts.

In the end, as long as you have faith in your business idea, you have a good chance of succeeding.

Richard San Juan is currently pursuing an MBA degree with an emphasis in Finance from DePaul University in Chicago. He is particularly interested in writing about business news and strategies.


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