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Entrepreneurship guide for beginners This blog brings: What is entrepreneurship? How does entrepreneurship differ from other types of business? What are the responsibilities of an entrepreneur? How do you become an entrepreneur? What are the challenges faced by entrepreneurs?   Entrepreneurship is a term that refers to a special type of business in which an individual or a group of people establishes a company. Being an entrepreneur is no easy task, but as much as it comes with its challenges it comes with rewards too. And how exactly can we define entrepreneurship? Most of us have a certain perception of what entrepreneurship entitles. Some, on the other hand, have embarked into entrepreneurial journey themselves and sigh deeply when they think of the challenges they face. These ones often hear the phrase "You are your own boss, it's easy for you" but reality is a little bit different.  Undoubtedly, starting your own business entails numerous challenges When we work for ourselves, and for realizing our own visions and ideas, the challenges become seemingly greater. This happens out of a strong desire to overcome these feats and to reach goals that are important for us personally as well as in our business. Being an entrepreneur means being ready for a different way of living, a life in which priorities are clearly defined and a life that requires a certain amount of organization. Without the mentioned things, an idea, however great it may be, cannot be realized in its full potential. Also, since small businesses are pillars of the economy, means of support for entrepreneurs should be important factors that can affect the local, national and potentially international economy. This is exactly why we have created a special offer aimed at providing support to entrepreneurs when it comes to their leap into online business.The offer lasts until November 20th.  How does entrepreneurship differ from other types of business? Although the answer to this question is quite simple, entrepreneurs can often be misunderstood. Namely, entrepreneurship refers first of all to the formation of an idea. Then, to the establishment of a business, and finally to the preparation of strategies for running and managing the business on your own. An entrepreneur is one who takes upon himself the responsibility of realizing a business idea. He aims to provide an offer to certain groups of people or certain clients. Thus, he aims to improve the quality of life of a larger or smaller number of people. So, in other words, it can be said that an entrepreneur is the owner of a small or medium-sized business. However, by realistically looking into entrepreneurship, a large number of companies close within the first two years of their establishment. Why does that happen? Let's take an example from our own experience. Can you think of a small business that didn't last more than a year or two? Now think about what could be the reason for such an outcome? To help you with this, take a look at the list of basic steps that need to be successfully completed in order to ensure a successful business path. If you're an entrepreneur, keep this list as a reminder to be on the right track and do what's best for your business. Entrepreneurial reminder Here's what you need to do when starting your own business: Market evaluation A business plan Competition assessment Enabling business funds Business management decisions Market assessment Market assessment is a practice that all businesses, regardless of the sphere, should do before doing anything else. How to do a market assessment? By assessing the market in a comprehensive way, you will be able to examine all the important aspects that can affect the future of your business. The more you do it in detail, the more aware you will be of what can set your business apart from the competition. You will also be able to understand why it’s important to be aware of these aspects in order to respond to these challenges in the right way. In addition, you should also look into: The state of the economy and economic opportunities The size and type of market in which you operate Competition Ideal customers and their habits Potential business barriers  Although this may not seem like a big deal at first, by missing some of the steps you can build a shaky business foundation. Each item is equally important, and it is necessary to devote a lot of time to it, especially at the beginning. But don't forget one thing, before you even start researching new markets, you should check if your products fit into the existing ones! If you are considering the option of placing your product on the international market, you should first be sure of the following. Can you achieve success at home? Strive for a balanced whole If we want for the things we create to be permanent, we should dedicate ourselves to making it happen. When marketing products or services you should take the time to construct the best offer possible. That offer should provide customers with exactly what they need. It is also very important to pay attention to your potential clients and understand their needs as well. After all, with better understanding, it is more likely you will know what their pain points are and how your product or service can help solve them. What is the current economic situation? This is also one of the things that you should pay special attention to. Is the current economic situation favorable? Is it perhaps optimal to wait for a better moment for marketing and establishing a business? There is no simple answer to these questions. Let's take for example that the economy is currently booming (which is certainly not the case). In these conditions numerous opportunities for business development could be available. It would be logical that any business would succeed in such an economic ecosystem. However, if the market becomes saturated with one niche for example, your business simply won't be able to compete with similar businesses. On the other hand, with somewhat scarce economic opportunities, when customers are not ready to spend large sums of money, perhaps your offer is exactly what the market is missing. Entrepreneur: one person - multiple occupations A new professional venture for an entrepreneur means that he is ready to do everything in his power to ensure the success of his business. However, in that case, many things need to coincide in order to guarantee success. A person that starts a business usually does not have enough resources to employ a large number of people. This means that they themselves will usually do more than one job. An entrepreneur is often a founder, director, an assistant, marketer, merchandiser, delivery person and so on. This fact is usually dismissed and we often take their work for granted. However, if you know at least one entrepreneur, or you have started a business yourself, you surely value and appreciate their efforts. How does one become an entrepreneur? In order to become an entrepreneur it is necessary to have a business idea with a plan on how to implement it. When developing a business it is necessary to get in touch with as many people as possible and gain as much visibility as possible. This is how one can significantly increase the chances of success. The visibility of your business can be greater than ever now that the Internet provides countless opportunities for promotion. Depending on your goals, these are the promotional methods you can use to increase the visibility of your business: Digital Marketing Social Media Marketing Email Marketing Google My Business account Google Ads SEO optimization Website Digital marketing as a comprehensive channel for promotion Without a digital presence, we really cannot talk about a serious and high-quality performance in the business world. According to the latest research of Digital 2022 Global Overview, as many as 4.5 billion of the total world population use the Internet. This means that with the help of adequate tools you can reach a large number of users online. This is exactly why we should pay attention to the possibilities of digital marketing. This kind of promotion uses digital means for business promotion on all existing online channels. Digital marketing therefore includes promotion on and other types of promotion. Promotion of socials for all types of businesses With the dizzying expansion of social media, more and more businesses promote and market their services on these channels. This is so due to the opportunities provided by social networks. Through them you can communicate with followers, build trust and credibility of your brand, and present the services you offer for free. Of course, as with many things in life, investing in sponsored social media posts will get you much better results. Sponsored posts allow you to target potential customers, i.e. personality profiles that would most likely be interested in your product. Email marketing Running a business also means taking care of communication with existing and potential clients. In this context, email marketing can be a way to send a professional inquiry, service promotion or notification. By creating one email you can simply send it to a large number of contacts. And besides, a business owner can get much more from email marketing than just this simple convenience. After sending a newsletter, they can see an open rate, click through rate and how many recipients decided to unsubscribe.  This can provide you with an insight into a realistic picture of the customer’s interest in the offer that you have notified them about. Regardless of the stage of development of your business, this data can help you make important business decisions. The average percentage of email open rate is around 15 - 25%; Of all those who receive your email, approximately 2.5% will click on the link you include. Of course these numbers can vary by industry and the type of email you are sending. Rank better on Google Do you have experience with digital marketing or are just starting out? Regardless, the challenge of presenting your business on the first page of Google is complex. In order to achieve the best possible Google ranking, it is necessary to do SEO optimization, which is very extensive and presents a set of practices to be done. However, why bother with those complicated concepts when the professionals can do it for you? If you want to rank better on Google, the Laganoo team has experts who dedicate their time to SEO optimization. You can learn more about this by reaching out to us. On the other hand, in addition to SEO, your business can be the first in searches thanks to a Google My Business account. What is that? Google My Business is a free Google platform that allows you to present all information about your business in one place. Here's what it looks like: And why can it benefit your business? Because having a Google My Business account makes it easier for customers to search about your business. They can find all the necessary information in one place: phone number, address, business hours, email, a link to your website, and more. Your account will be visible to those who directly search for your business name, but also to those who search for related words or locations. In this way, you become more available and visible in the market, If you think that your business would benefit from being presented on Google, we have prepared a special offer for you during Global Entrepreneurship Week. Get a custom website, and choose for free: Email marketing or Google My Business account. Build your own website: LTD If you are starting a business, you can greatly benefit from having a website in the long run. However, we are aware that it is important to invest wisely at the beginning, and that not everyone has the funds allocated to create a website. This is why we have created yet another special offer for entrepreneurs.  You can buy a lifetime subscription to the website for only $69. With Laganoo platform you can create a website independently, without any previous experience, the way you want to. Our special offer refers to the Starter package, where you can sell up to 25 products, an unlimited number of transactions and unlimited storage. In the run-up to Global Entrepreneurship Week, we believe it is very important to pay respect to entrepreneurs and congratulate them on overcoming all the challenges they face.  In response to that, Laganoo does everything in our power to make it easier for them to start an online business.  For more information about our Global Entrepreneurship Week offer, visit this link.   Wondering what Laganoo omnichannel ecommerce platform stands for?  Omnichannel is a term relating to sales that can take place on more than one channel. These channels include mobile, laptop or physical store shopping. Laganoo omnichannel platform aims to provide flawless customer experience on all channels used for sales. Ecommerce - short for electronic commerce i.e. online trade.  Platform - is a software used to host any type of application or service. In this case it relates to websites and e-commerce stores.   Hope this explains it for you!  If you have any questions, contact us, we will be happy to help!