So I want to become an entrepreneur. So the first things that come into my minds is providing the foods and drinks E-ordering system online as I notice that food ordering and delivering services is still not popular among the Petaling Jaya area. My company name would be HungryGoEat. In order to become an entrepreneur, of course I should provide myself with the sort of knowledge, attributes and skills of an entrepreneur.
What is Entrepreneur?
Entrepreneurs choose a level of personal, professional or financial risk to pursue opportunity. They tend to identify a market opportunity and exploit it by organizing their resources effectively an outcome that changes existing interactions within a given sector. Business entrepreneurs are viewed as fundamentally important in the capitalistic society principal objectives include the creation of a net social benefit. Entrepreneurs, seems to offer an improvement in the standard of living as well as a path out of poverty. Entrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship ranges in scale from solo projects to major undertakings creating many job opportunities. Many "high value" entrepreneurial ventures seek venture capital in order to raiseÂ capitalÂ to build the business. Angel investors generally seek annualized returns of 20-30% and more, as well as extensive involvement in the business. Many kinds of organizations now exist to support would-be entrepreneurs, including specialized government agencies,Â business incubators, and someÂ NGOs.
How to Become an Entrepreneur?
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Create a new entrepreneurial mindset.
Before become successful, I will create a new mindset to achieve the things I want. Next, I will examine the current mindset, and how that way of thinking has gotten to where I am at right now. I will look over the current results, because this will give me an accurate measure of the choices that I have made over the years. Only then I will begin to see for the new mindset in order to start living the life that I want to experience, regardless of the current circumstances. Once the new entrepreneurial mindset is in motion, I will start making very creative choices to move faster to the desired goals. Find three to four successful entrepreneurs to become my role model, and try to understand the reasons why they are so successful at what they do in their current business as an entrepreneur. Examine what they've done to make themselves to be their success, and grasp what type of mindset they have now in their lives. This will propel our own success in so many different ways because we will be able to apply what I have learned to my own mindset.
Think of a great idea.
I would think of an idea and evaluate if it is realistic. Things that I will take into consideration are cost, manufacturing time, and popularity. I will ask and record if people would actually buy my products. I will start thinking of my target market first. Then brainstorm a list of things like places the customer would buy, foods they like, and foods I like. Then I will narrow down the list to about foods, keeping cost, manufacturing time, and popularity in mind. Find the easiest, most realistic product.
Write a business plan
I would include details and descriptions, and plan everything out realistically. I am going to evaluate my product at each section. The sections of a good business plan include product description such as what will it look like? What materials will I need to? Make the product eye-catching. As for market analysis, I would analyze who will be my market? Where do they purchase food? Where are they located? Next consideration will be the competition: Who will be my competitor? What are their strengths? How am I going to beat them? As for marketing: How will I market my product? What kind of image do I want to display? Where will I advertise? What is your tagline? What is I packaging like? The next thing that I would take into consideration is sale. Question such as location that I am selling my product, how will you get your customers to buy? Operation time of my business and estimated sales forecast would also be considered. Next, manufacturing: How am I going to produce the dishes? What materials that I need to prepare food? When and where will I manufacture? What is the cost of goods sold of the product? And finally, I will concern of the finance, how much money do I need to start the food online ordering and delivery services and what is the gross profit that I gain in return.
Pitch the idea to venture capitalists to get money to the business.
Always on Time
Marked to Standard
Next, I am going to pick my idea to the venture capitalist to get some money to start the business. By hoping that they would think that we are having a good idea, they will love to invest their money in my business. I am going to make a PowerPoint presentation explaining why they would invest in our product, including each part of your business plan in the presentation. I will tell them how much estimated gross profit of the food ordering and delivering services and how much percentage of that they will earn in interest.
The next thing that I would do is selling and distributing the product. If I'm getting revenue, then I'm in business. By selling the products, actually we're testing our theories about the market, finding out what really works and what doesn't, and getting fuel for more ideas and improvements.
In order to become a successful entrepreneur, one must prepare themselves with the entrepreneur knowledge.
As entrepreneur, it is very important to have environmental awareness. Environmental awareness describes with what practices and with what intensity the organization gathers information about its external and internal environment. Every manager's should be aware of the environment in the organization, not just something that is done by top management in conjunction with the annual update of the strategic plan. Such the concept includes activities like internal needs analysis, benchmarking and inter-organizational networking.
Attitude towards risk
Each of the entrepreneur should be aware of risk assessment occurred. Attitude towards risk is captured under the concept of risk tolerance. It covers the organizations vision in the sense of entrepreneuring. This ability is strongly related to strategic thinking and planning, describes its culture of visioning and scouting new developments.
Communication is the variable taken into consideration as a major influence for knowledge entrepreneurship. The organizational style of communication and the richness of communication channels are evaluated here.
Knowledge entrepreneurship is set to improve innovativeness. Indirectly innovation can improve performance. The most important outcome of organizational entrepreneurship is long term an organization that is better able to adapt and survive.
Organizational condition described through its setting and its current leadership and its organizational culture are set to determine the general possibilities for knowledge entrepreneurship to occur. Thereby the organizational setting represents the basic factual being of the organization; its size, type of institution, business model, history and historic approach to innovation. Under leadership the style and values embraced by the current top decision makers, as well as the governance structure itself is evaluated. The concept of organizational culture is central to the understanding of the enabling or discouraging condition of the organization, as it adapts its attitude towards organizational learning and whether values like innovativeness, competitiveness, entrepreneurship etc. are embraced or rejected.
To become a successful entrepreneur, we must inhibits the following attitudes.
Observe and Taking Opportunities
Being an entrepreneur, it is important for me to observe the business opportunities of the environment and grab any given opportunities. I would take into the consideration of the business opportunities as such the customer demands, if there is a huge customer demands, the business opportunities would be huge also, it will be right time to start the business.
Commitment towards the career
Commitment is the next important attitude an entrepreneur should have. Being entrepreneur we needs to work hard to improve ourselves constantly, to come out with new ideas, to try many different things and we are willing to put forth whatever effort is required to achieve success.
Next attitude that the entrepreneur should have is to be persuasive. As entrepreneur, I should be able to convince the customer to purchase my product. An entrepreneur should provide a strong value proposition so that customer would come to purchase the product. Promotion and advertisement should be make attractive so that customer would come back to purchase my product and build the trustworthiness among customers.
Innovative is an important factor to become an entrepreneur. An entrepreneur needs to be creative and innovative. Innovative enables the entrepreneur to come out with the something new, or to modify something old into something useful will be very crucial in the world of entrepreneurship. Innovative and creative idea can somehow attract the customers.
Sale and marketing
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Sales and marketing are the important skills when I plan to start my own business. I will bear in mind that business is nothing if it has no customers. As I am planning my business, I will do some research and survey about the current market situation and get the niche of my possible target user. In order to increase my value proposition, I must understand the customers need and provides the services and offered the packages of food based on the customer demand. After knowing the customer, need I would start my marketing strategy.
Starting a business will never be an easy job. After I get the funds for the business plan, I will hire some assistant who will help me to organize the office space and control the assets such as the computer devices, incoming invoice and preparation for the food, paper and mails. In terms of collecting the payment, billing, printing the invoices and managing receivables, I would rather choose a close relative that I can trust so that some issues such as not honest and steal would not happened. By improving my administration skills, I would have to attend the talk and workshop and learning the skills from the speaker.
One of the features of the business is the money. So it is important to handle the money well. Knowledge of finance must be provided to become a successful entrepreneur. Balance a check book and keep track of numbered invoices must be performed carefully. It is important to scheduling the time for my finance management. I would manage the cash flow carefully and ensure them spent on the necessary asset and equipment. Besides, it is also import for me to choose the best pricing structure in terms of cost savings.
After doing some survey on the business opportunities in the market, I decided to provide the service food online ordering and delivery service names HungryGoEat. HungryGoEat is a business dealing with the food online ordering and delivery services. It enables the customers to perform online ordering by having one click on package they desire as long as the internet connection is available. It provides a healthy food with the balanced nutrition that a human need to consume as recommended in the food pyramid. For each package of the meal, the food will consists of rice, vegetables, meat, either it is fish, chicken or beef, and fruits.
One of our target users will be the working housewives. Nowadays, increasing in the living standard has made most of the housewives to seek for the job in order to pay for living fee. Most of them are tired after working and it is inconvenience for them to cook. So HungryGoEat would be a good choice for them as we provide the online food ordering and delivery services. All they need to do is just click on the packages of food they want 1 day before delivery is made. Besides, we also target on the residents who are having transportation problem. We notice that in certain area, especially in the area which has no cafeteria, residents have to travel far away in order to purchase food. Lot of time would be wasted on the way travelling to purchase food. HungryGoEat would provide a good solution for them. Next, our target users are the peoples who wish to consume the healthy food. In the current market, most of the delivery food is the fast food and it contains a lot of chemical such as MSG. There will be a health problem occurs if they keep on eating this kind of unhealthy food for a longer period of time. HungryGoEat would provide the packages of nutritious food which is helpful to our body.
Things I am going to do
Next I am going to start my business. I will reserve the host and domain name for the website. Then I am going to setup a merchant account for payment gateway to receive fund from customer and do some advertisement to promote my services by using the 4P of marketing strategy. Next I will specify my product which is the menu by taking 3D photo of each meal and the menu of each day. Next, I am going to prepare human resources and asset such as internet software, personnel computer, e-mail application will be provided to process the orders. Lastly, I will think of the delivery, the geographical area of delivery and the time the meal should be delivered.
So the given website is the homepage of the HungGoEat business. In the website, you can see the logo of HungryGoEat. In the website, I briefly describe I business description that is providing the healthy food ordering online and delivery. Inside the webpage, there is a contact us link that enable the customer to call us regarding to the online ordering information that they would like to know. In the webpage, I also include the popular dishes that are mostly ordered by the customer. Next, the webpage will also include the recently added menu so that the meal has variety of choices and the customer will not get bored of the food. Besides, I also include promotion package and provide the consumer with the cheap price meal. If the customer wish to order the meal, they can click add to cart icon and add the dishes into the cart. If the customer finds the page useful, they can share to their friend by using facebook and twitter. It fulfills one of the features of ecommerce which is providing feedback and recommends it to their friends. Indirectly, this can help us to advertise and promote our product. I also include the search engine so that the user can search the product easily. In the menu tab, the user can know each of the description of meal and its price. The user can know of our organization by clicking the tab about us.