Business Success, Determining Business Sectors and Starting Enterprises

Posted by Imam Larh on Friday, 23 March 2018

Business Success, Determining Business Sectors and Starting Enterprises
1. Business Success

Basically, every entrepreneur has an opportunity to move forward. However, the reality of these business opportunities did not produce satisfactory results. Basically, entrepreneurs do not try to explore the opportunities that exist. To explore business opportunities, an entrepreneur must think positively and creatively in between:

  1. Must have a choice and be confident that the business can be implemented
  2. Must accept new ideas in the business world
  3. must self-inflict
  4. Should listen to the suggestions of others
  5. Must be encouraging and cheerful
The business opportunity is not an opportunity if you can not find the possible action to make it happen. Business opportunities can be sought in all types of businesses you want and which are profitable. Increasing number of big cities can cause changes and developments in the field of business. 

By studying the dynamics of life of an advanced society, you must look for opportunities, approximately what works well and match and provide a profitable opportunity.

Businesses that provide opportunities for advancement and benefit are profitable businesses by creating products that meet the needs and wants of consumers. The opportunities and opportunities that exist in the business, are numerous and will provide an advantage. As for the main capital to achieve success, including:
  1. A mindset that leads to an attitude and a willingness to succeed
  2. A strong personality to succeed
  3. Skills in managing the business to succeed
  4. Implement good business management
  5. Dare to bear all the risks in business In more detail
the success of an entrepreneur managed the business can be identified as follows:
  1. Confidence in trying
  2. A positive mental attitude in trying
  3. Full belief in oneself
  4. Responsible behavior
  5. Creativity and innovative
  6. A big goal that is challenging in trying
  7. Excellence in trying
  8. Self-development
  9. Effective and efficient time management
  10. Ability to work
The success of an entrepreneur in running his business, not only depends on the level of education they have. In fact, not a few entrepreneurs who succeed in managing business come from the class of people who are educated.

the success of an entrepreneur in managing his business can be identified based on:
  1. Willingness and concrete actions
  2. Courage to take the initiative
  3. Skill or expertise
  4. Activity and confidence
  5. Education and experience
2. Business failure

The success or failure of the entrepreneur depends heavily on the entrepreneur's personal abilities. Zimmerer (1996) in Suryana (2003: 44) found several factors that caused entrepreneurs failed in running their new business as follows.

1. Not competent in managerial.

Not being competent or lacking in the skills and knowledge of managing a business is a major contributing factor that makes the company less successful.

2. Less experienced both in technical skills.

the ability to visualize the business, the ability to coordinate, the skills of managing human resources, and the ability to integrate the company's operations.

3. Lack of financial control.

In order for a business to work well, the most important factor in finance is maintaining cash flow. Manage spending and acceptance carefully. The mistake in maintaining cash flow will hamper the company's operations and cause the company to run smoothly.

4. Failed in planning.

Planning is the starting point of an activity. If we experience a single failure in planning it will have difficulty in the implementation.

5. Inadequate location.

The location of strategic business location is the determining factor of business success. Non-strategic locations can cause companies to operate less efficiently.

6. Lack of equipment supervision.

Supervision is closely related to efficiency and effectiveness. Less supervision can lead to the inefficient and ineffective use of tools.

7. The less serious attitude in trying! That attitude

half of the effort will result in a failed effort and fail. With a half-hearted attitude, the possibility of failing to be great.

8. Inability to make the transition / entrepreneurial transition.

Entrepreneurs who are less prepared to face and make changes, will not become successful entrepreneurs. Success in entrepreneurship can only be obtained by courageously making changes and making transitions at all times.

In addition to factors that make entrepreneurial failures, Zimmerer (1996) in Suryana (2003: 45) suggests some potential that makes a person retreat from his business, namely:

1. Uncertain income, both in the early stages and in the growth stage, in business there is no guarantee to continue to earn a sustainable income. In entrepreneurship, at any time can lose and at any time can profit. Conditions that are not can make a person retreat from the activities of entrepreneurship.

2. Losses due to loss of investment capital. 

The failure rate for new ventures is very high. According to Yuyun Wirasasmita (1998), the mortality rate/failure of small businesses in Indonesia reached 78%. Failure of investment leads to a retreat from entrepreneurship activities. For an entrepreneur, failure should be
seen as a valuable lesson.

3. It takes hard work and long time. 

Entrepreneurs usually work alone from purchasing, processing, sales, and bookkeeping. A long time and the necessity to work hard in entrepreneurship leads people to become entrepreneurs to retreat. He is less used to facing challenges. The entrepreneur
succeeded in generally making the challenge as an opportunity to be faced and occupied.

4. The quality of life remains low despite its steady efforts.

The quality of life that does not immediately increase in the business, will result in someone withdraw from entrepreneurship activities. For example, a trader whose quality of life does not increase, he will retreat from his trading business and enter into other ventures.

Based on the analysis of the business environment, entrepreneurship is not necessarily a failure in its business, if since its start its business can analyze the strength, weakness, opportunity, and threat (SWOT) or the Future. Although the risk of failure in business is always there, entrepreneurs take the risk by accepting their responsibilities and actions.

In the face of globalization era and world trade liberalization, an entrepreneur must continuously improve the quality of performance in its business. According to Korakaya and Kobu in Acting Tedjasutisna (2004: 109) identify three groups of problems that cause business failure, namely

1. The first group deals with products and markets, including:
  • a. inappropriate product launch time;
  • b. product design that is not in accordance with the wishes of consumers;
  • c. inappropriate product distribution strategy;
  • d. not being able to define the business being run;
2. The second group deals with financial issues that include:
  • a. too low to calculate funds;
  • b. too early to owe in large amounts;
3. The third group deals with management issues, ie
  • a. to nepotism;
  • b. low human resources;
  • c. not using team concepts.
3. Determining the Field of Business

Making a decision to start a business and run a business is easy. Whenever you want you can start your business immediately. Precisely what is difficult is determining what effort you will be in. Therefore entrepreneurs usually have to think for themselves about the business ideas that are most suitable for themselves. The idea of a time business may emerge from two paths, namely inspiration and analysis results. From inspiration include, among others:

1. There is a market need that can not be fulfilled by an existing supplier.

2. A new way out of existing problems, new discoveries, and a new process or method. Meanwhile, the results of the analysis are to analyze the interests and abilities (competence) of your business. To determine which areas of business are potentially successful at the same time as your interests, the best way is to conduct a Personal Evaluation.

In this case, there are many variables or personal traits that you need to consider before deciding which business you will be in. Here are 15 variables that you need to consider in determining the business field, namely:

1) Revenue

From the business field you specify later, how much revenue do you want? Based on the amount of income you want, start your selection of business options that are unthinkable. One area of business that you take into account. A way is to investigate other people who have been in the business field. How much is it? If it is still below the income you want, then you do not choose the business field.

2) Buying and Selling

Do you like buying and selling activities? if not, then you do not select the field of business that requires you to do buying and selling activities.

3) The morning man or the night man

Do you include a human night or a morning man? If you are happy to wake up in the morning, then choose a business that requires you to get up early, for example opening a restaurant business or rice stall. Conversely, if you are a human night, then choose the business of night bus, café or night entertainment.

4) Travel

Do you include people who like to travel or people who feel at home? This is worth noting because businesses that require long trips, will not be successfully managed by people who prefer to stay at home or vice versa.

5) Employees

How do you lead people? Before you make a choice on a business, calculate carefully whether this effort will require your leadership? If yes, then would you like the task of leading the crowd?

6) Holidays

If you include people who used to spend holidays with family or friends, then you are not suitable to choose a business that will take your time off.

7) Status

Choose and define areas of business that can support your business. If you think the business will drop prestige then do not you push yourself.

8) Working with family

Before deciding on a business, you need to think about whether you plan to get your family members involved in the business? Should they be involved in order for your business to succeed? Do they support your idea of opening a business?

9) Special exercises

To work on the business you are considering, do you need to add special knowledge? Will you be able to learn that new knowledge or skill if it is really needed? If yes, then the cost for that is still adequate in terms of profit to be gained?

10.The work time is longer

Many choices of business fields require more hours than your current working hours. Can you cope with lifestyle changes due to the increase in working hours? Can you physically handle a bigger workload than now? or if you want to do the business as an existing business enhancer, can you provide the time required by the new business field? If so, then can you still physically, mentally, and socially handle both?

11.Potensi in the future

Have you studied the business potential under consideration? What are the market possibilities? Will MelUn, will narrow? If you want a moderate effort, then you do not have to grow rapidly, then the analysis of potential business in the future that is so unnecessary. However, if you want a fast business, growing into a big business field, then the potential business is very necessary you need to consider.

Physical stamina

Will the field of business you are considering the results of a business that demands high physical endurance (stamina)? If yes, then can you fulfill it?

13.Connect with people

If you do not like to connect with all sorts of other people, then you are not suitable to open a business in retail sales.

14. Set Your Own Working Hours

If you include people who want to freely manage the working hours, then you are not suitable to open a store business that must be open at certain hours.

15. Owner's Mix
Will you interfere in the management of the business you are considering? If so, then the management issue should be considered. But if not, then does the considerable effort generate enough money to hire a manager as a business manager for you? Can you pay a manager fairly and you still earn the income you want? Some business fields that you can choose, among others:
  1. Agricultural business, which includes agriculture, forestry, fishery, and plantation.
  2. Mining business field, including sand excavation, excavation, stone, brick, and others.
  3. Field of manufacturing business covers industrial business, assembly, and synthetic. 
  4. The field of construction business covers building construction business, bridge,  and highway.
  5. Trade business field covers small trading business, wholesale, agent, and export-import.
  6. The business field of financial services, including banking, insurance, and cooperative business.
  7. Individual service business field, including haircut, salon, laundry and catering business.
  8. Field of the general services business, including transportation, warehousing, telecommunication, and distribution.
  9. The field of tourist services, including three groups of tourist business, namely
A. TouThe tourismrvices business group, including:
  1. - Travel agency services
  2. - Travel agent services
  3. - Guides services
  4. - Tourism consultant services
  5. - Tourism information services
B. The operation of tourist objects and attractions, including:
  1. - Exploitation of natural attractions and attractions
  2. - The exploitation of cultural attractions and attractions
  3. - Exertion of objects and attractions of special interest
C. Business tourism facilities, including:
  1. - Provision of accommodation
  2. - Provision of food and beverages
  3. - Provision of tourist transportation
  4. - Provision of tourist facilities and so forth

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