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“Hey there you all are invited to my stall, settled in the main ground of xyz department. Looking forward." Then you can calculate the amount you want to spend to further calculate the profit and loss. What is all this? This is not merely a stall! We are looking deep inside micro entrepreneurship.
Micro means small and entrepreneurship means a small business. And the ones who do the entrepreneurship are commonly known as entrepreneurs. So starting a business at a small-scale is the base of micro entrepreneurship.
For a better understanding let us have a glimpse on some renowned entrepreneurs: Thomas Edison (who was the first entrepreneur), Steve Jobs, and Bill Gates etc.
“How to become an entrepreneur?” is asked often by only uncommon people who dare to take risks. Well here are some steps that may lead you to decide to start your small business:
- You must have a high level of discipline, dedication, persistence and creativity. Because for being an entrepreneur you don’t need to have a BBA or MBA degree, what matters is your creativity and will power to do something.
- Secondly you must have some money in your pocket and you must act optimistically. You have to ask yourself “If I lose I will learn and if I succeed then will I improve further?" This will also help you to fight against your failures.
- Third step is really challenging -- you have to decide the right business. Make a list of what you would like to do. What is your field of study? Make sure you can do it yourself. Investigate the market and its needs. Consult with others. Review market demand and the competition. Calculate an estimated profit and loss. Ask yourself: Who are my customers? And last but not the least “don’t sell sweaters in summers!!!”
- Never compromise on quality. Trust is the basic relationship between the client and the seller.
- Select your brand name and do advertisements through messages and social media like Twitter, Facebook, etc.
- Finally if your hard work brings fruit then try to expand your micro business to a medium scale, or if you have other ideas and enough aid then try something new. It will help you broaden your vision.
Requirements for any business venture
Suppose in case you are short of money and you want a startup, you may find some investor that invests in your business and in the end you divide the profit / loss if any. So here we introduce three requirements for any business venture:
- Capital
- Land
- Workforce
The investor has capital and the entrepreneur has nothing but the entrepreneur says to the investor, that if you give me this much capital, I will arrange the workforce and land myself and we both will share the profits. But if you are able enough to manage everything then you don’t need any investor at all.
Some mini business ideas
- You can make online money by doing Copy editing, Proofreading, Ghost Writing, and Resume Writing. For example visit the website www.odesk.com.
- Magazine article writing, jewelry making, Web development and advertising App Developer, blog consultant, computer trainer, freelance writer etc.
And in the end I would like to share the most famous quote of Thomas Edison,
“I haven’t failed I have just found 10,000 ways that won’t work”