Entrepreneurship For Dummies Cheat Sheet

Technology affects practically every entrepreneurial venture, and savvy entrepreneurs know which tech resources to turn to. You use technology to help determine what to sell, how to sell it, where it’s selling, and who’s buying it. To keep on top of technology, browse these Web sites periodically for helpful information:

• Wired.com: Find articles on what’s happening in the world of technology.

• Slashdot.com: See tech information before it hits the newsstands.

• CNN.com Technology: All of CNN’s great tech resources, including archives of its popular technology TV shows.

• CNNMoney.com Small Business: Great online articles about businesses that use technology to get ahead.

• ZDNet: Everything you ever wanted to know about e-commerce, even technical help.

• CNET: Home of tech news, auctions, hardware and software reviews, helpful hints, Internet tools, and Web building tools.

• Free Websites Directory: Ratings of free hosts on their reliability, features, ease of use, speed, and size.

For entrepreneurs, an effective marketing plan is crucial. Entrepreneurs need to determine who’s going to buy the product and how to let those customers know that you have what they want. Creating a marketing plan is manageable with these steps:

1. List your options.

   Brainstorm all the possible ways you can make customers aware of your business and what you’re offering. Get ideas from customers, suppliers, other business owners, books, magazines, and websites.

2. Think like a customer.

   Put yourself in the customer’s shoes. What does the customer want to see when they visit your business in person or online?

3. Scrutinize the competition.

   What makes your competitors successful? What are their marketing strategies, and how can you improve on them? Where do your competitors fail to satisfy customers? (That might be your best niche.)

4. Analyze your options and rank them.

   Scratch options that don’t meet your customers’ needs or are not feasible at this time. Rank your choices and start writing your plan.

Entrepreneurs develop business ideas all the time, but how do you know when to take a deeper dive? Some entrepreneurs have a hard time screening product ideas, but you can do it very quickly by answering a few simple questions. You’re on the right track if you answer “Yes” to the first three questions and  positively to the final two:

1. Am I excited about this idea or opportunity?

2. Do others also think it’s a great idea?

3. Are there people willing to pay for what I’m offering?

4. Why am I the person to make this happen?

5. Why should I go forward with this idea or opportunity now?

Thorough entrepreneurs test their product ideas before they begin producing them. Even if you’re in love with your idea, ask yourself the following test questions. They compel you to look closely at the following areas: the product or service; the market it will enter; the customers in that market; your finances; and your team.