Good Business Beginnings for an Entrepreneur

Where, When, Why... does an entrepreneur begin their business? Add in location, location, location. First, know that easy is NOT in the plan. There's lots of E.U.I. in the process. Good business beginnings for an entrepreneur are imperative for long range success in any business.

Unlimited $$ can ease the process of beginnings but it also has the potential of simply making a BIG pile of money into a SMALL pile. Don't spend money until you have the questions answered in advance of opening your new business. Money is only a small piece of the business puzzle you must complete.

E=education - lack of education [knowledge] about running your own business is challenge #1. Let's "assume" you're going to start up a new restaurant in a nice neighborhood, maybe near your home.

Sounds good thus far, right? Now the questions begin. Who is likely to be your future customer? Rich neighbors? Middle income folks? Your prices will have to be in range for people to come, those who can "afford" it.

ProForma - will you seat 200 or 300 daily for lunch? Breakfast? Dinner? "Butts in Seats" will make you or break you. Is there a magic number that your restaurant must serve daily to turn a profit?

Are you up to date on the latest technology of marketing, unique ways of connecting with potential customers? How do you get the magic # of people coming to your new restaurant everyday?

Even before you get past the first day of "thinking" about starting up a new business, you'll be tired of all the questions, maybe overwhelmed. Every choice you make will come with questions that require answers.

U - understanding - it's all in the details. Hiring employees, keeping them safe from harassment or conflict. Buying products and keeping your ratings at 100% to keep inspectors out of your "hair".

Are you going to know first hand what makes your chosen business type successful? Have you experience working in a similar business or is this a brand new idea? Understanding ONE phase of any business does not make us an expert.

I - initiate [take action!] When do you open for business? Everyone is not programmed as an entrepreneur or risk taker. Even with all the necessary Education - Understanding - there are NO guarantees that you'll "make it" in your own business. It's never as easy as it looks.

Our goal is not to encourage or discourage but share our experiences in the world of business success and failure. The odds are better when you have been through the E.U.I. program Vs shooting from the hip as the vast majority do and end up in failure. Statistics indicate that only 10% of all businesses started will be successful.