An entrepreneur is a person who discovers a business opportunity and gathers the necessary resources to start and run a business. While entrepreneurship can be rewarding, it is also risky.
So, an entrepreneur bears most of the rewards and risks of a new business. Not all entrepreneurs are successful. It’s because the process requires specific knowledge and skills.
It takes a wise and knowledgeable person to start and run a business from scratch. Regardless, some very successful entrepreneurs like Elijah Norton have experience and successful ventures.
Elijah Norton, the CEO and founder of Veritas Global Protection understands what it takes to be a successful entrepreneur and take a business from the ground up.
Elijah Norton Veritas Global Protection offers the best vehicle protection packages. According to Elijah, starting a business or becoming an entrepreneur requires the following:
Market Research
According to Elijah, extensive market research is essential when starting as an entrepreneur. The research involves acquiring statistics on prospective clients, competition, growth projection, and market dynamics.
Additionally, Elijah Norton explains that you should not enter a business without knowing the 4Ps; product, place, price, and promotion.
The 4Ps will give you perspective when conducting market research. The information is essential in making strategic and informed decisions to achieve your goals.
Draft a Business Plan
Elijah explains that the next step after market research is drafting a solid business plan. Your business plan should include a record of your procedures and objectives. The plan will help you collaborate with others quickly and attract stakeholders for your new business.
Obtain Financing
Perhaps this is the hardest part of being an entrepreneur. While there are numerous ways of obtaining funding for your business, it is not an easy process.
If you have the money, you can choose to be an investor in your own business. However, you can seek a loan or look for external investors if you do not have the money.
Whether you decide to pursue a loan or look for external investors, you must present a convincing case for your business.
For instance, you must convince your potential financiers that your business or idea is worth investing in. The market research and business plan will come in handy here. Elijah Norton explains that you should map out your company and have something solid to present to the financier before approaching them.
Besides obtaining initial funding, you must also develop strategies to ensure financial stability for your company. Ensuring financial stability for your company will help you focus on growth and other elements of your business instead of constantly worrying about making money.
Furthermore, you must set financial targets for your business. Determine how much money you hope to bring in monthly and what percentage of the profit you plan to inject back into the business.
Also, creating a financial strategy for your expenses would be wise. While doing this, ensure to include all your costs, including petty cash, so you do not have surprises in the future.
Gather a Strong Team and Structure Them
Starting a business is not a walk in the park. You will need a strong team around you to help you bring your visions to fruition. Your choice of teammates will significantly impact your success or failure.
However, according to Elijah, hiring a team in the first stages of starting a business is one of the most significant challenges for entrepreneurs. This is mainly because of budgetary or financial constrictions.
Naturally, experienced and qualified workers will require good salaries. Therefore, the key is to choose quality over quantity. In other words, hiring one or two key individuals would be wise instead of hiring several people who will accept small wages and provide shoddy services.
Once you have the right team, developing a proper company structure is next. Here, the key is to ensure that everyone works in their area of expertise so you can maximize their full potential.
It would help to describe each team member’s roles and responsibilities and what the company expects. Doing this will help things run smoothly and leave no blurred lines.
Strategize Your Growth
The goal of starting a business is to ensure its growth. However, you cannot assume that your business will grow naturally. Growth takes work and strategizing.
So, the key to ensuring the growth of your business is gathering resources that will promote growth. The beauty is that you can utilize numerous technological resources to strategize your growth.
For instance, you can use mobile tools to improve your business. Elijah explains that technology gives entrepreneurs better insight into their customer preferences, which is critical to business growth, just like the case with Elijah Norton Veritas Global Protection.
However, most first-time entrepreneurs have difficulty selecting the right tools. So, assess all the tools at your disposal, plan how you intend to use them, and compare your options.
Also, it would be wise to pick tools that can grow with your business’s changing needs and processes.
Do Not Stop Learning
Elijah Norton noted that entrepreneurs who constantly seek information and monitor their market and competition ensure that their business remains successful. Companies that experience long-term success have to evolve accordingly.
Evolution requires you to keep up with market developments, which you cannot do if you sit back, relax and stop learning. Technology is also significant, as technological developments can impact your business.
So, you can do this by attending conferences, interacting or networking with other practitioners in your industry, and joining organizations in your sector. Elijah Norton also explains that his success at Veritas Global Protection comes from learning from past mistakes in his entrepreneurial journey.
Conclusion
Besides the key elements above, Elijah Norton also explains that perseverance is the key to successful entrepreneurship. Elijah notes that the success of his current venture took a lot of perseverance and getting back on his feet after failed ventures.
Besides his entrepreneurial success, many regard Elijah as a visionary leader and important influencer. In slightly over a decade, Elijah Norton has created a vast empire of three companies, including Veritas Global Protection.