Start-up Risk
There are three main risks to consider when starting a business.
The first is market risk. Know where your prospects and their needs are, and whether the market is stable or prone to sudden changes. If there are no customers and the need for the products and services that you are trying to sell disappears, your business will be in jeopardy. Even though there are few prospects and needs are low, trying to sell at the timing when you don't want it will not work. If you have a firm grasp of market risks, it will be easy to understand how you can provide customers with what they want, when they want it, without failing.
The second is the risk of competitors. It is very important to know your competitors in the market well, how many competitors there are, whether they are aggressive in advertising, new product introduction and cost competition. Whether there are few rivals and there is an oligopoly, or whether the entry barrier is low and there are many rivals, the way you compete will change depending on the number and level of competitors. No matter what market you start your business in, if you don't take steps to stay ahead of your competitors, your business will suffer. Even if you start out in a "blue ocean" with few competitors, competitors may come later. Understanding and dealing with competitors is an important issue when starting a business.
The third is the entrepreneur's own risk. The biggest risk in starting a business is the entrepreneur himself. In fact, the biggest reason entrepreneurs fail is what they think, say, do, or don't do. What kind of mindset should you have to be successful as an entrepreneur? What should I say to attract customers and make people around me want to cooperate? What should you do and what should you not do to make your business successful? Entrepreneurs must be careful about their own thoughts, words and actions.
Market risk, competitor risk, and the entrepreneur's own risk should be well understood when starting a business. In particular, those who are about to start a business should consider themselves to be the biggest risk factor and should be careful.
Entrepreneurship is to start a new business, to challenge something that has not been done before. New challenges come with risks. Before starting a business, it is a good idea to research the risks. But if you only care about risks, you will not be able to seize opportunities. It's not good to be half-hearted because you're afraid of risk. You should be cautious when starting a business, and be bold at the same time. Too cautious and you won't take chances, and too bold and you'll likely fail.
Imagine being successful. Visualize how you want to be successful. You can also set numerical goals or express them in words. But if possible, use drawings, illustrations, or photographs to describe the future you want to achieve. Rather than looking at numbers and words, it should be easier to get the feeling of wanting to realize it. Make a picture of what kind of success you want to achieve by starting your own business. Then, while looking at that image, let's have a strong desire to realize it.
In fact, the motivation and mood of the entrepreneur himself is the most important factor in a successful startup. Motivation is what drives an entrepreneur to make the business they set up successful. And the mood is the ups and downs of the person's feelings. If the person's passion and enthusiasm for making the business successful is conveyed to the people around them, people around them will naturally cooperate with them. Bright and positive people attract people. If the entrepreneur himself seems to be dark and depressed, it will be difficult for the business to succeed. Your motivation and mood can make a huge difference in the success or failure of your business.
You have to find the right timing to start a new business. The success or failure of a business depends greatly on whether the timing is good or bad. If you can start at the right time, it will be easy to do well. It's not a dream to put it on orbit at once. However, if the timing is off, even if you start a business, it may not go well, and you may slip towards failure. Entrepreneurs have to be very careful about when to launch a new business in order to succeed.
When starting a business, it is important to make good use of local advantages. Depending on where you start your business, the environmental conditions will change greatly. The materials that can be obtained there, the customers that gather there, and the rivals that are already there affect the business in various ways. If possible, I would like to start a business in a place where there are no rivals and many good customers, but places with such good conditions are not common. Once you have chosen a location and started a business, it is important to understand the environmental conditions of the location and make good use of the geographical advantage.
The important thing in starting a business is the harmony of people. No business can succeed without the cooperation of the people around it. Even if you gather information, strategize, and make a good plan, if no one cooperates, your business will not succeed. What entrepreneurs need is a centripetal force and popularity that creates harmony among people. If you are someone who makes people around you think, "Let's cooperate with this person," "Let's make this person's dream come true," or "Let's follow this person." It makes it easier for you to succeed, even if you have problems with . Harmony among people leads to success in entrepreneurship.
Starting a business costs money. You need funds to start a business. If you're going to spend money on something, you want to be able to earn more than the money you spent. When starting a business, it is customary to research the cost-effectiveness of the business to be launched in advance and estimate the profit potential. You start a business because you think it will make money. However, when you actually start a business, it is not uncommon for unexpected situations to occur and things to go wrong. Also, if you do not manage your money properly, you will end up with a management that does not leave money even if you set up a business. When you start a business, you have to take care of your money.
What knowledge and wisdom do you need to be successful as an entrepreneur? What should people who want to start a business know? There is a lot of knowledge and wisdom that will help you succeed in starting a business. However, cramming too much knowledge does not guarantee entrepreneurial success. What kind of knowledge and wisdom will help you succeed in starting a business? What kind of knowledge and wisdom will help you when you are in trouble or when you are stuck? What kind of information should entrepreneurs obtain and decide? Let's think about the knowledge and wisdom to succeed in starting a business.
Entrepreneurship means starting a new business. Once the launch of the new business is on track and stable, the activity as an entrepreneur ends. Sometimes a business ends in success, sometimes in failure. At the end of the start-up, the success or failure of the start-up will be evaluated. Even if the business is going smoothly until it is launched, there are times when internal conflicts and troubles occur frequently and it reaches a dead end. Even if the business itself does not go well, the know-how at that time may be utilized in the next business.
What is true “success” for entrepreneurship? If you become rich, famous, or admired by those around you, you may be able to say that you have "succeeded." If you imitate people who are said to be successful, you may be able to get closer to success. But maybe it's just a veneer of success. Were you able to do what you really wanted to do by starting a business, were you able to change the world, or were you able to make people happy? In order to get real "success", it seems necessary to look at more essential and deeper things and work on them.
