When most people think about entrepreneurship, they think of making pitches, finding investors, and introducing innovative products to the market. While these elements are part of some forms of entrepreneurship, people are forgetting the more basic aspects of founding a business that all entrepreneurs must face.

One of the most often overlooked is bookkeeping. Maintaining accurate books is an essential part of managing finances — and it will help you make better decisions when it comes to growing your business. Bookkeeping can be more difficult than you initially thought, especially if you do not approach it from a systematic standpoint…


Entrepreneurship is an extremely broad category, and investors want to bet their money on someone who not only understands this but embraces it. Your business plan needs to reflect the kind of entrepreneur that you are or plan to be, which in turn influences the later development of your idea.

Understanding what you want out of the business from the very beginning can give you a solid growth plan and indicate to investors what they should expect in the months or years to come. Of course, you cannot identify which entrepreneur you are without knowing the different types. …


As an entrepreneur, the success of your business depends largely on hiring the ideal candidates. However, the challenge does not end there; once you have assembled a team, you need to figure out how to manage them effectively. While entrepreneurs generally have one leadership style that they prefer, it is important to get acquainted with other approaches, as what works with one employee may not work with another. Learning several different styles, including their pros and cons, will make you a more versatile leader and ultimately benefit your business. …


Entrepreneurship is a difficult path that requires a lot of self-discipline and self-directed learning. However, it can be difficult to find good resources for learning and answering questions.

Mentors are an excellent resource, but they are not always available and may not have insight into the particular issue at hand. Books are another great resource, but modern entrepreneurs have a newer tool as well: podcasts.

Whether you need help raising money or hiring new people, podcasts are a great resource. You might think of a podcast as a pre-recorded radio show you can download or stream online at any time…


While many people enjoy the thought of working for themselves, the truth is that entrepreneurship is a lot of hard work that demands certain qualities from people. A great idea is a good start, but you need much more than that to get the company off the ground and help it grow. In the end, anyone can start a business. The companies that truly thrive are those with leaders who manifest certain characteristics.

Importantly, these characteristics are not necessarily inborn but can be developed over time with some diligence and mindfulness. …


Entrepreneurship is extremely difficult, and even experienced founders do not know everything about starting a business. Excelling in the business world often means expanding your knowledge through trial and error, talking to people who have gone through similar experiences, or simply picking up a book on the topic.

While there is no ultimate guide to entrepreneurship, there is a lot of great material written on the subject, and taking the time to read through it can put you at a competitive advantage. Read on for a list of some truly great books on entrepreneurship to hit the shelves.

1. The…


One of the most important steps in starting a new business is finding a name for it. While choosing a name may be fun compared to the other challenges you face as an entrepreneur, it is also an extremely important step that should not be taken lightly. Your name needs to reflect the product or service you offer while appealing to the audience you hope to attract. If the name is not indicative of the business, you may have trouble attracting customers. Think about the name in terms of your overall brand and ask yourself what you want to convey…


Entrepreneurship is often a lonely business, as individuals tend to spend much of the time launching a business alone. However, no one can do everything by themselves and eventually you will need to hire some help.

If you have been working hard on your business for a long time, it can be difficult to trust other people. Taking a systematic approach to the hiring process can help ease the anxiety about bringing someone else to the organization.

Paying close attention to the following tips can help ensure you make high-quality hires and bring people on board that will add a…


One of the most important skills for an entrepreneur to master is the elevator pitch. The elevator pitch gets its name from the fact that it should be able to be delivered in the time it would take to ride an elevator.

An elevator pitch introduces people to your business idea and generates interest in it. The speech is not meant to cover all bases, but instead capture attention and leave people wanting to know more. As you give the pitch, focus on keeping it short, generally about 30 seconds or less. Often, this means you will need to do…


As an entrepreneur, creating a solid business plan is extremely important before launching a company. One of the key parts of the business plan is the market analysis, which is your opportunity to demonstrate the research you have done on the market and prove that your company is well positioned to flourish.

A market analysis is both a quantitative and qualitative assessment of the market in terms of customer segments, buying patterns, competitors, and the larger economic environment. In addition, this section looks at regulations your company would face and account for any barriers to entry in the marketplace.

With…

Robin Stoby

Robin Stoby has been affiliated with the Guyana Bank for Trade and Industry Limited (GBTI) since 1991.

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