Entrepreneurs take on the task of developing, organizing, managing, and accepting the risks for their own businesses. Entrepreneurs must display key executive summaries to open and run a successful business. They are:
1. Imagination. Through creativity and imagination, the successful entrepreneur develops a list of ideas for the business. Through careful research, he narrows down the list of ideas until he determines the idea that he can develop into a successful business.
2. Vision. After the entrepreneur decides on a winning idea, the entrepreneur will use his/her vision to devise a workable business plan to bring that idea to life. The plan will include goals and objectives of the business, how the entrepreneur will go about operating and building the business, and a detailed financial plan. Through his/her vision, the entrepreneur analyzes the feasibility of the plan. The characteristic of vision helps him/her make an accurate assessment.
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3. Development. Another characteristic of an entrepreneur is the ability to take that plan for the business and put it into action. The entrepreneur develops the business by following the plan. This means he finds space for the business, orders supplies and products, sets up the office, and hires staff. The entrepreneur also takes the time to research and choose a winning brand for the business and to obtain business cards, website, and brochures as needed to keep the business before the public.
4. Organization is another important characteristic of an entrepreneur. This means that he/she not only keeps the business organized but has the focus to keep things on track. Organized work area- staying organized in business is extremely important. Handling all the paper work can be a bit tedious. If you plan your business, then you will be organized and your life will be much easier. Keeping an organized workplace is even more important in businesses that involve paper work. There is no mercy for businesses that lose important data, and they may lose the opportunity in succeeding a business plan.
5. Management. It takes a hardy, self-assured business person to accept the risks involved in entrepreneurship. Those who are self-assured and used to ensuring their own success fall into this category. The entrepreneur also manages the progress of the business and does not let his self-assuredness get in the way of making good business decisions. If the business is not doing well in one area, the successful entrepreneur knows it and makes adjustments. Some good ideas just don't work out. The good entrepreneur knows when to step back, take a hard look at what they are doing and abandon what doesn't work in favor of a new and better plan.
In general, entrepreneurs fall into the category of having the characteristics of creativity, perseverance, and resilience. Through these executive summaries, the entrepreneur creates, implements, and maintains the business of his/her dreams.
Every business startup needs a business plan. A business plan enables the entrepreneur to capture an exciting business idea on paper. Ideally, a formal or informal feasibility study will precede the business plan. The feasibility study should describe market factors the company is likely to face and indicate the level of need that exists for the product. Seeing the plan on paper may indicate weaknesses in the business idea and suggest adjustments that need to be made when the business becomes a reality.Â
A second purpose of business plans is to provide clarity about the business to lenders and potential investors. Many small businesses need to raise capital, and numerous options exist other than assuming debt. For example, many communities have business incubator programs and provide information on other grants and financing opportunities. All of these programs require a business plan as part of the application process. Fortunately, many of these business programs include mentoring assistance in writing business plans.Â
When it is time for my business strategies I will gather my business plan at cosmetic industry meeting of cosmetic investors, venture capitalists and investment bankers who can provide seed capital to start-up and early stage enterprises. At each meeting, several entrepreneurs have the chance to give a presentation on their business and answer questions from the cosmetic industry. Each entrepreneur is given several minutes to make a presentation and the cosmetic industry investors may ask questions for up to any available minutes. The meetings take place in locations in US cities in a relaxed, informal atmosphere where the entrepreneurs and investors have a chance for social contact.
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As an entrepreneur I will do an Industry analysis includes all up-to-date statistical data that support the business idea. Proper evaluation of the industry forces is a key factor in developing a briefed well structured industry analysis that will depict the potential of the venture idea to investors as a result of favorable industry trends. Typically, industry analysis includes an upside-down pyramid that starts from the general environmental and demographic trends and narrows down to local competition, a SWOT analysis that identifies the strengths and weaknesses of the venture as well as the threats and opportunities of the industry, and a competitive analysis that portrays the positioning of the new venture in relation to competition.
As an entrepreneur, presenting my business ideas to the cosmetic industry investors must show that I have a serious business proposition that is worth the investment. This means that in addition to having a business idea I must convince the investors that I have done my homework and can demonstrate how and why my business can succeed. This means preparing a business plan showing how the business will earn cash and the expected pattern of income and expenditure in the opening years of the business.
As an entrepreneur, I should give a clear picture of the product or service being offered by the business and the customer need that is to be met by the product. The presentation should contain plenty of hard facts and figures. The cosmetic industry investors are certain to ask about projected sales in the opening years, and will pose questions about pricing, start up costs, capital expenditure and opening year profits or losses. The cosmetic investors will want to ask questions about the demand for the product, any orders or expressions of interest already received the number of competitors in the industry or the ease with which another company could duplicate the business idea and take away a share of the market.
For a start-up business, cash flow is very important and the entrepreneur must show that the funds being raised, together with the capital put into the business by the entrepreneur personally, will be sufficient to bring the business through the opening years and into a profit-making situation. As an entrepreneur, I shall show a willingness to put my own money into the business to demonstrate faith in the business idea. It is important for the entrepreneur to show that he possesses the relevant knowledge and skills to make a success of the business. Even though this may be the first business that the entrepreneur has set up, I should demonstrate knowledge of the industry or past experience through employment in the relevant business area.
As an entrepreneur, I should be looking for more than just the funding, but should consider the contribution that a cosmetic business planner may make to the business in terms of bringing experience, industry knowledge and most importantly contacts. This, together with a well thought out business plan, demonstrates to the cosmetic industry investors that this is a serious business proposition that may be worth backing. As an entrepreneur, I should be careful not to exaggerate the value of the business at such an early stage and should accept that the business cosmetic may need to take a relatively high percentage of the equity as compensation for the contribution to be made and the high risk involved in any business start up.
When looking for a business cosmetic, as an entrepreneur I should take into account that different investors have different experience and backgrounds. As an entrepreneur, I should look for a business cosmetic partnership with relevant knowledge and experience and will contacts the industry and will provide valuable advice on the way forward. As an entrepreneur, I should therefore research the background of the business cosmetics before the presentation and show why investors with the relevant background may help the business forward.
Entrepreneurs may apply online for the chance to make a presentation to the gathering of cosmetic business planner. As an entrepreneur, I should state the amount of funding required, give a description of the business and the management team, and disclose the amount of profits earned by the business in the previous year of my employment. Details of projected profits for the next three years and the size of the market in which the business is to operate should also be given. As an entrepreneur, I should describe in the application the benefits that the business could offer to outside investors.
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As an entrepreneur, understanding the competitive landscape is vital to the success of the venture. As an entrepreneur, I must also look beyond the current needs and look at potential opportunities that may be available either in the short term or long term. It gives further insights into identifying the right customer, the profitable market, the competition I will be facing.
As an entrepreneur, I will create a marketing plan includes all the marketing and advertising efforts that take place in order to promote the venture idea to a broader audience. Product, price, place, promotion is the marketing mix model, that is typically used in the marketing plan section of a business plan. Besides, the marketing plan involves product forecasting methods and estimates for the first three years of operation as well as control patterns of business processes to ensure a constant flow of business.
The organizational plan includes the description of the legal form of the venture (Sole Proprietorship, Partnership, Corporation, Limited Liability Company LLC), the management team, and roles and responsibilities of personnel.
If the entrepreneur obtains a slot in one of the monthly meetings of the gathering of cosmetic business planners, this opportunity should be seized and great care taken in putting together the presentation. Professional help should be sought if necessary to ensure that the best quality information is communicated to the potential investors. Above all, as an entrepreneur, I should be ready with facts and figures to answer questions from the cosmetic industry at the meeting.