At its most basic level, entrepreneurship refers to an individual or a small group of partners who strike out on an original path to create a new business. t is the entrepreneur who assumes the greatest amount of risk associated with the project. As such, this person also stands to benefit most if the project is a success. 

THE SUCCESSFUL ENTREPRENEUR NEEDS TWO ESSENTIAL SKILLS:

- Being able to write a good Marketing Plan 

- Having the skills to sell their product / service effectively. 

We will summarise these below. 

THE MARKETING PLAN / BUSINESS PLAN: The essential elements

1.0   The Product / Service

• What need does it meet? This can be a "latent need" - something people do not know they need until it is explained to them (see particularly 1 and 5 in selling skills below)
• What are its key features?
• What benefits does it deliver (turn a feature into a benefit by using "Which means that...")
• What is your "USP" - unique selling proposition? What makes you different and hopefully better?
   

2.0   The Market
You can define your market any way you like e.g.:

• Age
• Geography
• Demography / social groups etc

3.0   Competition

Who else is selling similar products to your target market?

4.0   S.W.O.T Analysis

In relation to this new product / service and your target market - what are your:

• Strengths (internal to your setup) 
• Weaknesses (ditto)
• Opportunities (external in your target market) 
• Threats (ditto) 

5.0   Marketing Conclusions

So what does all the above mean?

Have you really got  a winning idea?

Is it going to be feasible to make it happen....?

What are your risks (do a risk analysis! Google it - here is just one example)

6.0   Segmentation & Positioning

Imagine a pie cut into slices - the market and segments - one of which is your target.

Positioning is "What you do to the mind of your prospect" - think of you favourite brand - how you see it in your mind is what you need to create for your product / service.

Create your own "positioning grid"

7.0   Objectives

When you have completed all the above hard work and are 100% confident you have an opportunity that will fly - set some key objectives...

8.0   Strategies

What strategies will you employ to achieve your objectives?

• Selling
• Social media
• PR
• Advertising...

9.0   Action Plan 

Make a lovely spreadsheet of actions over time and define your "critical path". 

Google it - here is just one example.

10.0   Financial Plan 

This is going to cost you money!

So you need to have a realistic "Profit and loss account" - guess what? Here's just one example!

And finally - keep it simple!

If you do an excellent job on all the above - in say 10 pages - you will have a very good feeling about whether or not to take the risks and go for it!

There are thousands of websites covering all the above - here is just one that you may find helpful which expands on all the above (and may help you understand certain things in more detail).

And remember - you plan is a living document that you can continually refine and tweak as you go along.

It is also the vehicle you will use to attract investment and shape all your business activities.

1). Take the customer through AIDA (particularly with new products/customers):

• Awareness – do they even know about your product/service
• Interest – how can you then make them interested in it…
• Desire – so they desire to have it…
• Action – and make a decision to act (i.e. buy it/use it etc)…

2). Identify the M.A.N (sell to the right person!)

• The person with the Money
• The Authority to purchase.
• And the Need.

3). Understand the DMU (Decision Making Unit) – who is key to the buying decision?

• Decider (often the authority figure – the boss)
• Influencer (someone with power to influence the decision)
• Budget holder
• End-user (e.g. a nurse in a hospital who can also be a big influencer but will not necessarily have the budget or authority to make the buying decision)

4). Understand the basic elements of the selling process:

1. The pre-call objective – what do you want to come away with, achieve etc?

2. The opening benefit statement – what’s the exciting topic you want to talk about?

3. Questions - open/closed – what do you need to know?

4. Focus on customer needs – sell to their needs not your own!

5. Using visual aids – use skilfully - don’t lose control by handing them over!

6. Sell benefits not features – sell the sizzle not the steak! (“which means that…”)

7. Active listening – empathise, sound and look interested (nods etc and body language)

8. Pre-handling & overcoming objections – anticipate and deal with effectively

9. Reinforcing desired responses – feed back things said that reinforce your story (e.g. “So delivery is a problem with your current supplier (reinforces) - we can help!”)

10. Action close –what are you and the customer agreeing to do next, by when etc?

5). Apply FACE – a selling approach that ensures the customer realises the importance of what you have to offer…

• Facts – about the customers situation – “are you 100% happy” - find out the facts!
• Affects – explore issues/problems by asking “How does/will this affect you….”
• Consequences – probe further “What will be the consequences of this for you…”
• Explain – get them to explain the best solution “So could you explain your preferred solution in this situation…” in return, explain how your solution could be their answer!

6). Develop a positive mindset (Adapted from Covey’s “7 Habits of highly successful people”)

1. Be proactive – make things happen – not let things happen to you

2. End focussed – be clear about what you want to achieve in the long run

3. First things first – focus on the important things first (time management)

4. Win/win – adopt a “both win” approach

5. Understand others – before seeking to be understood yourself

6. Synergise – where can 1 + 1 = 3 or more?

7. Stay sharp – manage work with rest and relaxation

YOU MAY ALSO LIKE TO EXPLORE....

https://online.stanford.edu/what-is-entrepreneurship

As we shared in the section "It's your choice" - this is also the famous university where Steve Jobs, the founder of Apple, gave his memorable speech to graduating students (40 million views on YouTube).

It is the most watched graduation speech of all time – and not without good reason. You will definitely be encouraged.(an 8-minute introduction then 14 minutes of Steve jobs)

https://youtu.be/Hd_ptbiPoXM