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5 Things Every Aspiring Entrepreneur Must Have

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So you have that big idea and have decided to go into business. Here are five things that will help to position you for success:

1 Business card
You will meet potential investors, customers are even partners. It is important that they have a way of reaching you. The simplest way is to give them your business card. A basic business card should have your name, the Business name, What the business is about,and contact information. Ensure that the graphics is modest and reflects your brand.

2 Elevator Pitch
Once you begin to talk about your business or attend business development functions you will often be ask “What is the business about?”. Many times those persons asking will be either potential investors or potential customers. Therefore it is important that you take full advantage of the opportunity. To do so you will need an elevator pitch. It should be no more than one (1) minute long and must include all the vital information about the business. These include the product, summary of business, and projections. It should be like you executive summary in a conversational tone.

3 Slide presentation/Pitch
Now say the person likes your elevator pitch, they might ask you to present your idea to a board or potential investors. For this you will need a longer presentation. Prepare your slides, continuously revise them and practice! practice! practice! Use 10-15 slide and spend about a minute per slide. Ensure that your presentation covers all aspect of the business including: financials, income projection, market research and exit strategy.

4 Business plan 
One of the most important things to have when starting a business is a business plan. You will need one if you are seeking private funding. Also it will help you to map your plans so that execution is easier. Here are templates you can follow. From time to time as your idea or business evolve you will need to make changes to your business plan.

5 Social media Presence
It is important to start branding as soon as possible. Even before yours start trading you can begin to build your fan base. If this fan base if managed correctly it will translate into customers. You can also use it for market research and to interact with customers and potential customers.

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