Food Production Entrepreneur: If you want to run your own business, you’ve come to the right page.
Being an entrepreneur is a high-risk, high-reward position.
It’s full of stressful situations, sure, but it’s also chock full of rewards and a sense of accomplishment.
It’s not as hard as it seems — as long as you have some diligence, patience.
And, of course, a good idea, you’ll be your own boss sooner than you think!
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Food Production Entrepreneur
1. Think about your priorities.
Ask yourself some questions about what you want out of life, as well as out of your business.
What does achieving your goals in life look like?
What is important to you? What are you willing to sacrifice?
- Consider what you need to make these priorities and goals happen.
- Is it a certain amount of money? A certain amount of free time to spend with friends and family?
2. Decide whether your personality is a good fit for entrepreneurship.
Becoming your own boss is a goal for many people.
But some people are better suited to this lifestyle than others.
Knowing how you are likely to react to events will help you achieve your goals.
- Are you comfortable with a lot of responsibility?
- Entrepreneurs often have no backup and are responsible for the success or failure of their business.
- Do you enjoy interacting with people? Almost all entrepreneurs have to do a lot of customer service, particularly at first. If you aren’t good with people, you may have difficulty getting your business off the ground.
- Are you able to accept uncertainty and even failure? Even the most successful entrepreneurs — for example, Bill Gates, Steve Jobs, and Richard Branson — have had businesses fail on them, often several times, before they found a formula that worked.
- Do you thrive on problem-solving and creative solutions? Entrepreneurs at all levels face many problems that they need to find creative solutions for. A high tolerance for frustration and the ability to think through problems will serve you well as an entrepreneur.
- Meet other entrepreneurs to assess whether being one yourself is a good fit.
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Food Production Entrepreneur
3. List your strengths.
Be honest with yourself as you consider your strengths and weaknesses.
When you talk to potential investors or sell to clients.
You will need to have a very clear idea of what your strengths are so you can communicate them to others.
4. Determine to succeed.
Energy and determination will get you through many of the hurdles you will face as a beginning entrepreneur.
Be idealistic enough to believe in yourself, but pragmatic enough to examine the realities of your situation.
Food Production Entrepreneur
5. What is the most important reason to know your strengths if you are on the path to becoming an entrepreneur?
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6. Brainstorm a great idea.
Most businesses start with one compelling idea — whether it’s a service people need.
A product that would make life easier, or something that combines both.
The business world is full of great ideas (and many not-so-great ones).
What will set yours apart is whether you can find a niche need to fill.
- You don’t necessarily have to do something revolutionary or brand-new to be successful.
- You just have to be better at something than your competitors.
- You will likely be more successful if you do something you know and love. Going into computer programming might make your business very marketable, but if your heart’s not in it you won’t have the energy to keep yourself going.
- If you’re having trouble thinking of an idea, create a list of things about your target market, such as places they shop and things they purchase. Narrow the list down to about three items, keeping cost, manufacturing time, and popularity in mind. Find the easiest, most realistic product you can offer.
7. Research your market.
The key to starting a business is to know whether there is a demand for your product or service.
Is what you can offer something that is not being done as well as it could be? Is it a need that doesn’t have enough supply to support demand?
- There are many sources of free industry information. Search online for industry and trade associations in your target market and read the articles and press releases they post. You can also get valuable demographic information from census data.
- The Small Business Administration has a website with excellent suggestions on how to come up with venture ideas, conduct market research, how to write a business plan, and how to recruit investors. It is an invaluable source of reliable information if you’re starting a business.
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Food Production Entrepreneur
8. Talk to potential customers/clients.
You can have the greatest product or service in the world, but if nobody wants to pay you for it.
Your business will crash and burn.
Talking to others will also help you prepare to persuade investors.
- Ask for honest feedback when you talk to potential customers.
- Your friends may try to be nice to you when you propose your idea, but critical feedback that points out weaknesses or problems will be much more useful, even if it isn’t always easy to hear.
Food Production Entrepreneur
9. Determine what you can risk.
Entrepreneurship is always a game of risk and reward, but often the risk is greater (especially in the beginning).
Take stock of all your assets and figure out how much money (and time and energy) you actually have to invest.
- In addition to considering your savings, credit, and other sources of capital.
- Consider how long you can afford to go without making a profit. Small businesses are rarely profitable immediately; can you afford to not draw a salary for perhaps several months or even a few years?
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10. Understand the idea of “acceptable loss.”
According to ‘’Forbes’’, “acceptable loss” is the idea that you should first determine.
The possible downside of your business venture.
And then invest only what you can actually afford to lose.
Should your business turn out differently than you’d hoped.
This limits the scale of failure if your venture doesn’t work out.
11. Commit to a goal, not a plan.
One of the most important things in becoming an entrepreneur is flexibility.
You can’t control everything about your business, and adaptation is vital to survival.
If you’re overly committed to a plan, you may sabotage yourself.