The Secret of success – Jordan French

Having been motivated to become entrepreneur like Jordan French, the next natural question one may now naturally ask is what next. Jordan French became entrepreneurs only when he showed owns an enterprise. One who does not own an enterprise cannot be termed as an entrepreneur. The business to be set up can be a manufacturing venture, a trading firm or service establishment. The manufacturing firm will encompass even those steps that will be necessary for setting up a trading firm or a service venture. 

  

The various steps involved in setting up a business enterprise will be most complex when it relates to an industrial enterprise. The steps in setting up a Small enterprise are:  

1. Deciding to go into business 

This is the most crucial decision a prospective entrepreneur has to take. The person should decide whether to take salary based employment or opting for self-employment/entrepreneurship   

2. Analysing strengths/Weaknesses 

Having decided to become an entrepreneur, one has to analyze his/her strengths/weaknesses. This will enable him/her to know what type of and size of business would be most suitable. This will vary from person to person.

3. Training 

Quite possibly the above analysis may reveal glaring deficiencies which are required to be made up through training. Such training could be: 

I.  Developing skills and change attitudes- Entrepreneurship and Business Management Training skills 

II. Developing Technical /work skills for proposed product/project  

 4. Environmental scanning 

It is essential to study the environment in which you shall operate to ensure enterprise success. Get to know the business opportunities and threats in the environment. This will assist proper project identification and selection.  

5. Product Selection 

The next step is deciding what business to venture into. The range of products shall be taken up for manufacture and in what quantity. The level of activity will help in deciding size of business and form of ownership .One could generate number of project ideas through environmental scanning, Short list a few items, closely examine each of them and zero in to a final product(s).  

6. Market Survey 

It is easy to manufacture an item but difficult to sell. So it is prudent to survey the market before embarking upon production and ensure the product chosen is in sufficient demand  Ascertain changes in product design required; determine demand supply lag, extent of competition, potential share of the market, possible pricing and distribution policy etc. The principle is to produce what people demand in a form and quantity that can be easily sold.