Released on: March 27, 2008, 4:54 pm

Press Release Author: happy singh

Industry: Management

Press Release Summary: Ralph Waldo Emerson said, \"Build a better mousetrap, and the
world will beat a path to your door.\"
But when you\'re starting your own business, there\'s no guarantee that your \"mousetrap\" is going to survive, especially in today\'s fast-paced business
world.




Press Release Body: Ralph Waldo Emerson said, \"Build a better mousetrap, and the
world will beat a path to your door.\"

But when you\'re starting your own business, there\'s no guarantee that your
\"mousetrap\" is going to survive, especially in today\'s fast-paced business world.

Nearly half of all small businesses fail within the first two years of operation.
The number one reason for business failure is inadequate planning. The second reason
is under-capitalization.

So before you mortgage your house, or go into debt financing your business, you need
to know if your business is going to do more than survive -- you want to know if
it\'s good enough to thrive! Here are three things successful businesses that have
stayed in business for five years or longer have in common:

1. The idea. A successful business start-up always starts with an idea. Something
that makes your business stands out from all the rest. So how do you know if you\'ve
got a good idea?

You\'ve probably got a good idea if you can answer yes to any of the following
questions: Does your idea provide the solution to a significant problem for your
target market? Does it satisfy a need or want? Does it create an opportunity?

The most successful businesses either fix problems (either real or perceived), or
they increase your customer\'s pleasure. They create a repeat need for a product or
service among the target market.

2. The market. Your chances of survival are better if you can answer the following
questions with a yes: Is there already a market for your product or service? (It\'s
much easier to fill a need than trying to create an entirely new market.) Can your
target market afford to buy your products or services? (If they can\'t afford it, it
doesn\'t matter how great it is, you won\'t sell any!) Will your target market
perceive your product or service as valuable? (If they want it, but don\'t think it\'s
worth what you\'re selling it for, you won\'t make any sales.)

3. Your ability. Do you have the people, the resources and the knowledge to be able
to consistently provide your products or services to your target market? Can you
maintain a competitive advantage? Do you have enough manpower? Can you purchase the
supplies and materials you need over the long run?

Your first step always is to create a solid business plan. Your business plan is
more than an essay on \"Why I deserve to get funding for my idea\" however. Don\'t
spend all the time creating a business plan and then toss it in the bottom drawer of
your desk. Your business plan should be a living, breathing roadmap that helps you
make sure you\'re on course and reaching the goals that you set for your business.

The second step to business survival is getting enough financing. Although the term
\"bootstrap entrepreneur\" describes most small business owners, having enough capital
to be able to keep your business afloat is vital to your survival.

When you\'re creating your financial analysis of your business, make sure you\'re
being realistic about costs and expenditures, so that you give yourself the cushion
you need to succeed.

If finding financing is a problem, either because you don\'t have enough credit or
equity, or there are other problems, takes the time to look into the resources that
are available in your community. There are a wide variety of grants and loans
(including micro loans) for entrepreneurs, if you know where to look.

Some great resources will be:
-The Small Business Administration
-Local Small Business Development Centers
-Women\'s Organizations
-Local University or Community College
-Chamber of Commerce
-SCORE (The Association for Retired Executives)
-Nonprofit organizations that work on economic development in your area

Use other successful business models as a guide. When you\'re getting started, look
around. What businesses are successful? Why? What is it they\'re doing that is
working? What attributes do you admire, and why? You stand a better chance of
succeeding if you\'re modeling someone who is already successful.

Find a mentor. Most entrepreneurs have great skills and abilities, but no one does
everything well. You probably already know what your strengths and weaknesses are.
(If not, there are many resources and tools that can help you figure it out!) Rather
than ignoring your weaknesses, find a mentor who can help you either build your
skills in your weaker areas, or offer advice for getting what you need.

If you take the time to plan to succeed, you could be creating a legacy that will be
enjoyed by future generations, and that other entrepreneurs will look at as a model
for building their own businesses.

Web Site: http://www.greatindustrialguide.com

Contact Details: S.C.F 111Phase 10Mohali0172 5091197lovepreet47@gmail.com