Insights on Successful Entrepreneurship and Exclusive Distributorship

Regardless of the definition of success, there are a large number of common characteristics business people share. What it takes to become a successful entrepreneur? Is it being born a genius or Is it having a Type-A persona? or Is it about spending all the time tinkering around on projects?

Insights on Successful Entrepreneurship

Don’t fret if you are not having those entrepreneurial traits. Not everyone is born with an intelligence that will change the world. Most can be learned with time and by developing a win-win attitude, through strategic planning.

So, if you’re not a born mastermind or overachiever. Here are 5 common personality traits that an entrepreneur possesses:

1. An Unwavering Passion: Everyone says, “Find your passion.” But that is easier said than done. Being an enterpriser demands dedication and commitment. If you’re uncertain or mildly excited about your products and services, then it’s not going to uphold you through the highs and lows that will occur inevitably.

2. Strong Leadership Qualities: Do people ask your opinion or to guide or make decisions for them? Are you the go-to person most of the time? A leader is someone who values the goal and makes an effort to make it happen. A leader has good communication skills and the ability to take a team of people towards a common objective in a way that the whole team is motivated and works effectively. A leader earns the respect and trust of his team by exhibiting qualities, and confidence, then bringing up an environment that multiplies these values throughout the team.

3. Serial Innovators: Entrepreneurs are defined by their drive to develop new ideas constantly and improve on already existing processes. Successful people always welcome change and try to improve their effectiveness as leaders and ultimately their business success as many business concepts rely on improving services and processes to win business.

4. A Constant Flow of Ideas: Handling one project that’s doing well is great. But the successful businesspersons don’t rest on their laurels. Instead, they keep discovering, “What’s next?” They believe in thinking, finding, and implementing ideas that can lead them to success.

5. Create a Competitive Spirit: Entrepreneurs enjoy challenges as they love to win. In business, competition is common to win business and increase market share. A business must have a distinctly defined unique selling proposition like ‘Why should people choose to do business with you or buy your product and service instead of doing business with your competitor’. A good entrepreneur creates that level of competition in the business.

Embrace these qualities and you will become a better entrepreneur.

In addition to these traits, individuals interested in entrepreneurial ventures can explore exclusive distributorship opportunities. Becoming an exclusive distributor offers a money-making business opportunity due to less competition for the products you are selling. An exclusive distributor is also known as a sole distributor permitted by a manufacturer to distribute his company’s products within a specified location.

If you are looking for sole distributorship opportunities in India or Worldwide, follow the given steps:
  • STEP 1: Find the products you want to distribute

Keep a continuous check on a product that is not being sold in that particular location and check if it is useful for the people there or not. Decide the structure of your business by asking a few questions like, Will you have to target the mass market or limited areas? Will you sell to wholesalers, retailers, or directly to end-users?

  • STEP 2: Choose the best supplier

Make contact with suppliers and opt for the most suitable one among them. Consider a couple of factors while choosing a supplier like the selling history of a product, and whether the sales price will meet the marketplace appeal and will be gainful. Attend trade shows held in local areas or abroad to build a network with suppliers.

  • STEP 3: Review and negotiate the distribution agreement

Once the agreement is made by the manufacturer. Make sure the rights and regulations, warranty of products, method of payments, shipping logistics, and responsibilities of both the parties i.e. the manufacturer and the distributor are agreeable.

  • STEP 4: Apply for the necessary licenses

You need to apply for a business and state sales tax license If you are planning to have employees obtain a federal employee identification number. If you are importing the product from any foreign country, apply for an importation permit.

Following the above-mentioned steps will certainly help you to become a great independent distributor.

Posted in: Business Tips

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