Small Business Entrepreneur Profilerô
Many people start a small business but not all of them succeed. One of the most important
factors which determines the success of a small business is the correct choice of business
corresponding to your business type. We define seven basic business types as follows:
Business Leader type can be sub-divided into Business Leader and Business Leader of Technology. Manager type is divided into Innovative Manager and Executive Manager. Here are brief descriptions of each type:
It is of great importance to know your own business type because in the event of incorrect orientation you risk losing your business together with all the money and efforts invested, as well as your confidence in your abilities.
The test is based on statistics of hundreds of businesses. As a result of the test you will obtain your business type description, its strong and weak points, an indication of the business types that are the most favorable for partnership with you, and a list of the most typical successful businesses for your profile which were started individually and in partnership.
Below is a sample of the results of the Small Business Entrepreneur Profiler for one of the business types:
Craftsmen possess high technical mastery or specific practical skills. They are specialists in their field. They are industrious and patient. As a rule, they have a good understanding of business approaches, are inventive and display balanced assertiveness. The Craftsman can succeed both in running his business by himself and when he needs to hire employees or take on a partner.
However, the Craftsman is not immune to certain difficulties which he may encounter in his business. If he expands his business by hiring employees for his enterprise, one of the problems he may experience will arise through his lack of persistence in bringing projects to fruition. He is also likely to experience difficulties in finding an optimal way out of knotty business circumstances. Good training in business management techniques will greatly help the Craftsman.
The Craftsman can succeed in expanding and strengthening his business by entering into a partnership. Especially favorable is a partnership with those who have a better grasp of unusual business situations and/or exhibit greater persistence in realizing their goals, i.e. with a Business Leader or Manager.
If you want to reach your goals you must know exactly what they are. It is very important to clearly formulate concrete measurable goals and set a deadline for their achievement. If the deadlines are realistic, it will be clear what must be done to achieve your goals on time. Do not postpone them but try to find ways to reach them on time. This will force you to become goal-oriented and will develop your ability to reach those deadlines punctually.
Do not trust only yourself while assessing the situation. You should ask for the opinion of experts in this kind of business. Familiarize yourself as much as possible with the kind of business you intend to start. Be aware of the difficulties this enterprise meets with. Try to determine if these difficulties are caused primarily by the businessman's faulty management or if perhaps they are specific to this business itself. Assess your capability to cope with these difficulties.
Unless you are in partnership with Business Leader, your business is local although aimed at a wide range of customers. Therefore you should place your commercials with the local advertising agencies, rather than with nationwide agencies. Especially important is advertising by customers' word-of-mouth and testimonials. Try to understand how the consumers' needs can be answered by your goods or service and compose your commercial so that it will meet the current requirements of potential customers. Always be in contact with your customers. Send them catalogues and samples of your goods.
Create and support your business's brand. Give your business a name which reflects the essence of your enterprise, or your own name. Develop a logo or picture which represents your business. Create and run commercials. Distribute badges, fridge-magnets, etc. of your business among your customers.
Try to personalize your relations with the customer. Let him feel that you are selling your product personally to him, considering his wishes and demands. Provide the customer with an additional service free of charge. The grateful customer will buy your goods repeatedly and will recommend your business to others. There are various ways of showing your interest and friendly concern to the customer, from giving him useful advice about your product to sending small gifts and inviting him to specially organized festivities.
Do not push your product insistently to a potential customer when speaking to him. Point out your product's advantages and why it would be especially useful to him. Explain the product's different uses and make recommendations for its maintenance. If the customer trusts you, he will trust your product as well. If he is confident of your skills and knowledge, it is very probable that he will return for another purchase.
The Craftsman is more inclined to start a new business, although in many situations it is to his advantage to acquire a running business. For example, if you are a newcomer in the field, when you buy the business you'll also acquire the contacts and contracts with suppliers as well as the customers, thus saving you money. Usually a newcomer is not familiar with local customs, and this can be a serious obstacle when starting a business and acquiring customers.
It is important to invest properly in a business. The Craftsman almost always invests significant sums in acquiring equipment. It is essential to purchase easily transferable, modern equipment, so you will easily be able to relocate your enterprise in case of strong competition in this location or the high cost of rent. Moreover, portable equipment will increase your mobility, allowing you to give service to distant customers. It is also important for the Craftsman to invest in purchasing new machinery and instruments which will expand your service or allow you to produce new goods.
It is advantageous for you to sell the products of other producers in addition to your own. service. The products of other producers should supplement your products. Offering such an addition often leads to increased profitability in a business without significantly increasing the businessman's efforts.
Among the businesses that a Craftsman runs on his own, the following are prominent:
For a comprehensive listing of franchises Click Here
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