
<p>We are constantly improving the ikas e-commerce platform by adding new features that enable e-commerce merchants to increase their sales quickly and efficiently.</p>



<p>This month we have added new filters, sorting options, employee permissions, and much more. Let’s take a detailed look at the new features.</p>



<h2 id="h-new-shipping-rules">New Shipping Rules 📦</h2>



<p>We have renewed the <strong>shipping rules</strong> in order to offer improved shipping management to our users on the ikas platform. Previously, users were only able to input shipping rules based on the country. Now, ikas users can <strong>define</strong> rules according to the <strong>postal codes</strong> of their <strong>deliveries</strong>. </p>



<p>There is also a new delivery method called &#8220;<strong>Fast Delivery</strong>&#8220;. We have now two delivery methods in total:</p>



<ul>
<li>Standard Delivery</li>



<li>Fast Delivery</li>
</ul>



<p>Once you have established the <strong>time</strong> and <strong>day</strong> for the two different delivery methods, the corresponding rule will become visible on the payment page. In addition, you can also see the estimated delivery time on the same page.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="712" src="https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-1024x712.webp" alt="Fast Delivery Rules" class="wp-image-36686" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-1024x712.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-300x209.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-768x534.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-24x17.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-36x25.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-48x33.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules.webp 1057w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>If you have multiple stock locations, you can set <strong>different shipping rules</strong> for each stock location. This way you can choose from which stock location the order should be sent to the customer.&nbsp;</p>



<p><strong>Example</strong>:</p>



<p>You have two stock locations: One in the <strong>city center</strong> and the other <strong>outside the city</strong>. With the new update, you can set <strong>different </strong>shipping fees and rules for the warehouse location in the city center and the one outside the city.</p>



<p>If there are <strong>no</strong> products <strong>available</strong> at your warehouse location, then the shipping rules you set will <strong>not be displayed</strong>.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="827" src="https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-1024x827.webp" alt="" class="wp-image-36695" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-1024x827.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-300x242.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-768x620.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-24x19.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-36x29.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-48x39.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings.webp 1517w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 id="h-product-reviews">Product Reviews 💌</h2>



<p>Automating product reviews allow you to send <strong>emails</strong> to <strong>users</strong> who have purchased products and <strong>ask</strong> them to rate them. Furthermore, you can <strong>manage</strong> all product reviews on the <strong>product detail page</strong>. </p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="504" src="https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-1024x504.png" alt="" class="wp-image-36704" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-1024x504.png 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-300x148.png 300w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-768x378.png 768w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-24x12.png 24w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-36x18.png 36w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-48x24.png 48w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review.png 1139w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>You can access all the product reviews and respond to them in the “<strong>Automations</strong>” <strong>section</strong>. Your response will be sent <strong>via email</strong> to the <strong>user’s email address</strong>. If you select the &#8220;<strong>Private</strong>&#8221; option, the user&#8217;s rating will not be publicly visible, allowing you to modify the review.</p>



<h2 id="h-google-xml-and-update-times">Google XML and Update Times ⏱️</h2>



<p>The feed you uploaded to Google Merchant Center used to be in <strong>.tsv format </strong>which caused problems with the transfer. With the <strong>latest update</strong>, you will receive the feed file with the<strong> .xml extension</strong> from Google Merchant Center, and product feed files will be <strong>updated</strong> <strong>immediately</strong>.</p>



<h2 id="h-exclusion-filter">Exclusion Filter 🔍</h2>



<p>With the new update, you can now select <strong>custom</strong> <strong>fields</strong> and <strong>categories</strong>. There are two new options: &#8220;<strong>include</strong>&#8221; and &#8220;<strong>not include</strong>&#8220;. You can select these two options as rules.&nbsp;&nbsp;</p>



<p><strong>Example</strong>: Take a look at the example below. You can exclude the brand MEDUSA, but include the color black.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="525" src="https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-1024x525.webp" alt="" class="wp-image-36710" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-1024x525.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-300x154.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-768x394.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-24x12.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-36x18.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions.webp 1071w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 id="h-package-split">Package Split ✂️</h2>



<p>Packages with the status &#8220;<strong>ready to shipment</strong>&#8221; or &#8220;<strong>shipped</strong>&#8221; can be canceled. If the order contains several products, you can remove them now <strong>without</strong> canceling the whole order. </p>



<p>You can create a <strong>new shipping code </strong>for the removed product and ship it separately. This function is especially useful in case of <strong>missing</strong> or <strong>wrong</strong> shipments.&nbsp;&nbsp;</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="792" height="370" src="https://cms.ikas.com/wp-content/uploads/2023/03/split-package.webp" alt="" class="wp-image-36720" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/split-package.webp 792w, https://cms.ikas.com/wp-content/uploads/2023/03/split-package-300x140.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/split-package-768x359.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/split-package-24x11.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/split-package-36x17.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/split-package-48x22.webp 48w" sizes="(max-width: 792px) 100vw, 792px" /></figure>



<h2 id="h-other-improvements">Other Improvements 🎉</h2>



<ul>
<li>The rule &#8220;Maximum cart amount&#8221; has been added to the campaign function</li>



<li>The &#8220;Gift Package&#8221; rule has been added to the order filter.</li>



<li>You can update the language preferences of the customers according to the actions performed.</li>



<li>When you copy the product description from another place, the style of the copied text is not applied in ikas. Only styles such as color, background color, list, bold, italic, underlined font, etc. will be copied to ikas.</li>



<li>You can add billing information and a custom title to the shipping label.</li>



<li>With Twilio integration, you can send SMS notifications&nbsp;</li>



<li>You can define the file names of the product images</li>



<li>If a shopping cart reminder email is sent, you can see it in the order timeline</li>
</ul>



<h2 id="h-other-functions-on-our-roadmap">Other functions on our roadmap ⏳</h2>



<ul>
<li>Grouping products and selling them with the bundle function</li>



<li>Enter separate prices for bundle products</li>



<li>When a bundle of products is sold, you can calculate the stock or product prices separately for the products in the bundle</li>



<li>The ikasPOS will be work on both Android and iOS devices</li>



<li>Collect and obtain contracts and permissions from customers on new displays</li>



<li>Etsy integration</li>



<li>New price-lists&nbsp;&nbsp;</li>



<li>Separate display of sales from abandoned shopping carts</li>



<li>Ability to download digital products</li>



<li>New website theme for beauty products</li>



<li>Dynamic customer groups</li>



<li>Better visibility of category pages on the website</li>
</ul>



<p><strong>Related Article:</strong> <a href="https://ikas.com/blog/ikas-november-update-is-live" target="_blank" rel="noreferrer noopener">ikas November Update</a></p>


ikas March Update


<p>Do you want to start a business and successfully turn your idea into reality? To achieve both of these goals, you need to create a <strong>business plan</strong>.&nbsp;</p>



<p>In this blog article we will explain what exactly a business plan is, why you need it, and how to write an excellent business plan.&nbsp;</p>



<p>At the end of this blog article, you will find two <strong>business plan examples</strong> that you can <strong>download</strong> for <strong>free</strong>!</p>



<h2 id="h-what-is-a-business-plan">What Is a Business Plan?</h2>



<p>A <strong>business plan</strong> is a<strong> road map</strong> for the next <strong>3 to 5 years </strong>and guides you through each step of <strong>starting</strong> and <strong>running</strong> your business. It describes your business, your products, your strategy, your goals, your customers, and your competitors.&nbsp;</p>



<p>The business plan helps you achieve your <strong>short-term</strong> and <strong>long-term goals</strong> and covers these four main areas:</p>



<ol>
<li>Company profile</li>



<li>Sales and marketing</li>



<li>Operations</li>



<li>Financials</li>
</ol>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-1024x538.webp" alt="" class="wp-image-35833" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 id="h-what-are-the-types-of-business-plan">What Are The Types of Business Plan?</h2>



<p>There are two types of business plans:</p>



<ul>
<li><strong>Traditional Plan:</strong> The traditional plan contains all the details and is more than 20 pages. This plan requires more work.</li>



<li><strong>Lean Startup Plan: </strong>This plan usually consists of a single page and summarizes only the most important points. The disadvantage of this plan is that it does not include all important and relevant information. For investments, entrepreneurs need a detailed plan.</li>
</ul>



<h2 id="h-why-write-a-business-plan">Why Write a Business Plan?</h2>



<p>Here are the top <strong>10 reasons</strong> why you should create a business plan:</p>



<ol>
<li>Guides you through every step of starting and managing your business</li>



<li>Helps you to clarify your ideas</li>



<li>If you write a business plan and review it regularly, you will grow 30% faster and achieve better results than other businesses that don&#8217;t</li>



<li>A better understanding of your competition</li>



<li>Investors will demand a business plan</li>



<li>You do a thorough customer analysis and understand your customers</li>



<li>A business plan will help you manage the future of your business</li>



<li>Allows you to make smarter decisions</li>



<li>Helps you determine your financial needs</li>



<li>You better understand your market, and that knowledge helps you make decisions that can improve your success</li>
</ol>



<p><strong>Related Article:</strong> <a href="https://ikas.com/blog/soft-skills-every-entrepreneur-should-have" target="_blank" rel="noreferrer noopener">5 Soft Skills Every Entrepreneur Should Have</a></p>



<h2 id="h-what-does-a-business-plan-need-to-include">What does a Business Plan need to include?</h2>



<ul>
<li>Executive summary</li>



<li>Company Overview</li>



<li>Problem and Solution</li>



<li>Market research</li>



<li>Competition</li>



<li>Service and product&nbsp;</li>



<li>Marketing</li>



<li>Financial statement</li>
</ul>



<h2 id="h-how-do-i-write-a-business-plan">How Do I Write a Business Plan?</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-1024x538.webp" alt="" class="wp-image-35777" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 id="h-1-executive-summary">1. Executive Summary</h3>



<p>The executive summary is the most important part of your business plan because it is the first thing your investors will read. Imagine that this part is your elevator pitch and you want to convince the <strong>investor</strong> in a<strong> few minutes</strong>.</p>



<p>Your executive summary should include the following information:</p>



<ul>
<li>Concept</li>



<li>Goals and vision</li>



<li>Description of the product or service and why it is different&nbsp;</li>



<li>Target market</li>



<li>Marketing strategy</li>



<li>Current and expected financial situation</li>
</ul>



<p>We recommend that you write this part last. This way, you will know what important information to highlight in the summary.&nbsp;</p>



<p><strong>Related article:</strong> <a href="https://ikas.com/blog/business-ideas" target="_blank" rel="noreferrer noopener">High Profit Business Ideas for 2023 (14 ideas)</a></p>



<h3 id="h-2-company-overview">2. Company Overview</h3>



<p>In the company overview, you provide <strong>detailed information</strong> about your company, its purpose and goals.&nbsp;</p>



<p>This part consists of<strong> 3 main parts</strong>:</p>



<ol>
<li>Mission Statement</li>



<li>History</li>



<li>Objectives</li>
</ol>



<h4>Mission Statement</h4>



<p>In the mission statement, you explain in <strong>simple</strong> and <strong>concise</strong> terms what the purpose of your company is. This part is short and usually consists of a single sentence.&nbsp;</p>



<h4>Company History</h4>



<p>In the company history, provide an overview of how and why your company was founded. Include in your company <strong>history</strong> the most <strong>interesting highlights</strong> of your journey. This part will help others understand why you started and the challenges you faced.</p>



<h4>Objectives </h4>



<p>In this part, you set goals which you hope to achieve. Your goals should be <strong>SMART</strong>, which stands for:</p>



<ul>
<li>Specific</li>



<li>Measurable</li>



<li>Achievable</li>



<li>Realistic</li>



<li>Time-bound</li>
</ul>



<h3 id="h-3-problem-solution">3. Problem &amp; Solution</h3>



<p>Describe the <strong>consumer’s problem </strong>and how your product or service <strong>solves</strong> that problem.</p>



<h3 id="h-4-market-research">4. Market Research</h3>



<p>The right market is the market that <strong>needs</strong> your products.&nbsp;</p>



<p>Choose the right market for your products and outline your potential customer and the size of your market.&nbsp;</p>



<h4>Potential market</h4>



<p>A potential market is a market that includes <strong>people</strong> who are <strong>interested</strong> in your product but are not yet buyers.</p>



<h4>Potential customer</h4>



<p>A potential customer is a person who might be interested in your product or service. There are <strong>two types</strong> of <strong>potential customers</strong>:</p>



<ol>
<li>One, who has expressed interest in your business</li>



<li>One, who has not yet expressed interest</li>
</ol>



<p>Consider the<strong> </strong>following information<strong> </strong>when <strong>searching</strong> for your<strong> potential customer</strong>:</p>



<ul>
<li>Location</li>



<li>Income</li>



<li>Age</li>



<li>Gender</li>



<li>Education</li>



<li>Profession</li>



<li>Hobbies</li>
</ul>



<p><strong>Related Article: </strong><a href="https://ikas.com/blog/digital-skills" target="_blank" rel="noreferrer noopener">Top 5 Digital Skills You Should Learn In 2023</a></p>



<h3 id="h-5-competition">5. Competition</h3>



<p>Identify other companies that currently offer products or services in the market you want to enter. List <strong>3 to 5 companies</strong> you see as competitors.&nbsp;</p>



<p>To identify your competitors, you can perform a <strong>SWOT analysis</strong> to help you identify the strengths and weaknesses of each competitor.</p>



<h3 id="h-6-product-and-service">6. Product and Service</h3>



<p>Describe your product or service and provide all details such as costs, suppliers, distribution, production process, etc. Explain what benefits you offer your customers and why your offerings are better than those of your competitors.</p>



<h3 id="h-7-marketing">7. Marketing</h3>



<p>List your <strong>key marketing activities </strong>and answer following questions:</p>



<ul>
<li>How do you plan to generate sales?</li>



<li>How do you want to convince customers to buy your products or services?</li>



<li>How do you want to retain customers?</li>
</ul>



<p>The <strong>4 Ps of Marketing</strong> can help successfully market a product or service.</p>



<ol>
<li><strong>Product</strong><br>Define your product. Who needs it, and why?&nbsp;</li>



<li><strong>Price</strong><br>Set a price for the actual value of the product. What amount are my potential customers willing to pay?</li>



<li><strong>Place</strong><br>Where should your product or service be available?</li>



<li><strong>Promotion</strong><br>How will you communicate with your customers? Promotional activities include advertising, public relations and media strategy.</li>
</ol>



<p><strong>Related Article:</strong> <a href="https://ikas.com/blog/brand-awareness-101-how-to-measure-it" target="_blank" rel="noreferrer noopener">Brand Awareness 101: How To Measure It</a></p>



<h3 id="h-8-financial">8. Financial</h3>



<p>If you are just starting out, you may not have a lot of financial data or reports. Investors want to work with businesses that can <strong>provide</strong> a clear <strong>financial statement</strong>.&nbsp;</p>



<p>To give investors a clear statement, you need to create a <strong>budget</strong> and <strong>financial plan</strong> with following information:</p>



<ul>
<li>Income</li>



<li>Profit and loss</li>



<li>Cash flow</li>



<li>Balance sheet</li>
</ul>



<h2 id="h-what-are-the-advantages-of-preparing-a-business-plan">What Are The Advantages of Preparing a Business Plan?</h2>



<p>Here are <strong>7 benefits</strong> of creating a business plan:</p>



<ol>
<li>A clearer picture of your business as a whole</li>



<li>Brings clarity to the decision-making process</li>



<li>Helps you identify critical priorities&nbsp;</li>



<li>Allows you to track your progress and identify new developments</li>



<li>Helps you define marketing aspects such as target market and customers, how to promote and place your product, etc.&nbsp;</li>



<li>All important information such as profitability and revenue is summarized in one document</li>



<li>Helps you to track the right and important things</li>
</ol>



<h2 id="h-tips-for-creating-a-good-business-plan">Tips for Creating a Good Business Plan</h2>



<ul>
<li>Organize your business plan into sections so investors can read it quickly and identify all the important information&nbsp;</li>



<li>Check for typos and grammatical errors</li>



<li>Create a business plan with high-quality design and printing</li>



<li>Update and revise your business plan</li>
</ul>



<h2 id="h-business-plan-examples">Business Plan Examples</h2>



<p>Here are <strong>2 business plan examples</strong> that you can download for free. Click on the <strong>file</strong> and <strong>download</strong> it as a <strong>Microsoft Word file</strong>. </p>



<ul>
<li><a href="https://docs.google.com/document/d/1rgkqZwf-JbD0PH2ILgd4bG8TClLj-qQLXjKPGJAUukI/edit?usp=sharing" target="_blank" rel="noreferrer noopener">Download Tradition Plan</a></li>



<li><a href="https://docs.google.com/document/d/1a9gAUGwJAzpkJkBQvzYE0Vl8H9VwBJdXon3gc5-G4iU/edit?usp=sharing" target="_blank" rel="noreferrer noopener">Download the Lean Startup Plan</a></li>
</ul>


Business Plan: Best Business Plan Examples for 2023


<p>The biggest challenge for <strong>e-commerce businesses</strong> and retailers is inventory management.</p>



<p>By creating an <strong>SKU number system</strong>, e-commerce businesses and retailers can professionally track the inventory, organize the warehouse, increase the visibility of the sales data, improve customer experience, identify products, and many other benefits.</p>



<p>In this blog article, we will explain what exactly an <strong>SKU number</strong> is and how you can create your own <strong>SKU number</strong>.</p>



<h2 id="h-what-is-an-sku-number">What is an SKU Number?</h2>



<p><strong>SKU </strong>means <strong>Stock-Keeping-Unit</strong> and is a barcode, which consists of <strong>letters </strong>and <strong>numbers</strong>.&nbsp;</p>



<p>With the SKU number, you can easily <strong>follow all details</strong> of the <strong>product </strong>like price, product details, manufacturer, stock level, size, color, etc.&nbsp;</p>



<p>The SKU Number has the following functions:</p>



<ul>
<li>Identifying a product</li>



<li>Tracking inventory</li>



<li>Identifying the most profitable products</li>



<li>8 &#8211; 10 characters long</li>



<li>Seeing all the details of the product</li>
</ul>



<h2 id="h-difference-between-sku-and-upc">Difference between SKU and UPC</h2>



<p><strong>SKU </strong>is used for <strong>warehouse management</strong> and is an alphanumeric code. E-commerce businesses can create their own SKU codes.</p>



<p><strong>UPC </strong>is a <strong>barcode </strong>and is used for<strong> identifying products</strong> and <strong>manufacturers</strong>. Unlike the SKU, the UPC consists of <strong>numbers </strong>only.&nbsp;</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-1024x538.png" alt="SKU Number" class="wp-image-33366" srcset="https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-1024x538.png 1024w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-300x158.png 300w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-768x403.png 768w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-24x13.png 24w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-36x19.png 36w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-48x25.png 48w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Here is a summary:</p>



<h3>SKU (Stock Keeping Unit)</h3>



<ul>
<li>Internal use</li>



<li>Between 8 and 12 characters</li>



<li>Used to track inventory</li>



<li>Alphanumeric</li>



<li>Individuals for each e-commerce company</li>
</ul>



<h3>UPC (Universal Product Code)</h3>



<ul>
<li>International use</li>



<li>Always 12 characters long</li>



<li>Identifies manufacturers and products</li>



<li>Consists of numbers only</li>



<li>Used by the Global Standards Organization</li>
</ul>



<h2 id="h-how-to-create-an-sku-number">How to create an SKU Number?</h2>



<p>Now let&#8217;s see how you can create your own SKU number.&nbsp;</p>



<h3 id="h-1-top-level-identifier">1. Top-level identifier</h3>



<p>Define a top-level identifier of <strong>2 &#8211; 3 characters</strong>. Your top-level identifier is the first character of your SKU number and can be a category, supplier, or department.</p>



<h3 id="h-2-middle-numbers">2. Middle Numbers</h3>



<p>Now you must define the middle numbers, which exist of the <strong>unique features</strong> of your product like color, size, category, or other features that help you organize your products.</p>



<h3 id="h-3-sequential-number">3. Sequential number</h3>



<p>Finish your SKU number with a <strong>sequential number</strong> that helps you to identify your older and newer products for example<strong> 001, 002, 003</strong>. Or like we said before, whatever makes logical sense for the products you sell.</p>



<h3 id="h-4-pos-inventory-management-system">4. POS &amp; Inventory management system</h3>



<p>After you have defined your SKU number, you can add it to your POS, inventory management system, or e-commerce platform. After you added your SKU number to one of these systems you can create scannable SKU barcode labels for easy checkout and inventory counting.</p>



<p>With the e-commerce platform ikas you can easily create barcodes for your products. The function &#8220;<strong>Scan barcode</strong>&#8221; enables you to connect your <strong>barcode reader </strong>with the <strong>ikas e-commerce platform</strong>. When you scan the barcode, the ikas e-commerce platform automatically counts your inventory.&nbsp;</p>



<h2 id="h-sku-number-example">SKU Number Example</h2>



<p>Imagine you sell <strong>face cleansers</strong> and your <strong>brand name</strong> is &#8220;Kadarius&#8221;. To create an SKU number you must list the needed attributes of the product and define for every single attribute an indication.</p>



<p>Example:</p>



<ul>
<li><strong>Brand</strong>: Kadarius (KA)</li>



<li><strong>Category</strong>: Face (02 or FA)</li>



<li><strong>Type</strong>: Natural (100 or NA)</li>



<li><strong>Gender</strong>: Women (01 or WO)</li>



<li><strong>Size</strong>: 200 ml (200)</li>
</ul>



<p>Now you can create an<strong> SKU Code</strong> in two different ways: Either you create an <strong>alphanumeric </strong>SKU code or only one with <strong>letters</strong>.&nbsp;</p>



<p>SKU code example for the Kadarius face cleanser:</p>



<ol>
<li><strong>KA-02-100-01-200</strong></li>



<li><strong>KA-FA-NA-WO-200</strong></li>
</ol>



<p>You should keep your SKU number <strong>short </strong>to make the consignment as easy as possible. If you sell only one product, for example t-shirts, you can use the same <strong>SKU number </strong>for all products and only add a number at the end.&nbsp;</p>



<h2 id="h-sku-number-faqs">SKU Number FAQs</h2>



<h3 id="h-is-the-sku-number-the-same-as-the-item-number">Is the SKU Number the same as the Item Number?</h3>



<p>The SKU Number is at the same time also the item number of the product.</p>



<h3 id="h-do-my-products-need-an-sku-number">Do my products need an SKU Number?</h3>



<p>All products need a unique identifier. That means you should use SKU numbers for all your products to differentiate from another and to follow the inventory of every single product.</p>



<h3 id="h-can-two-products-have-the-same-sku-number">Can two products have the same SKU Number?</h3>



<p>No. Every product should have another SKU number to follow the correct inventory and details of the product. But if you need to use the same SKU number for two different products, you can add at the end of the SKU number a letter or number.</p>


What is an SKU Number? (Guide for Businesses)


<h2 id="h-what-is-a-niche-market">What is a Niche Market?</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-1024x538.webp" alt="" class="wp-image-28938" srcset="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>A niche market is a subsection of a larger market that can be characterised by its own particular requirements, preferences, or identity, distinguishing it from the market as a whole.&nbsp;</p>



<p>For instance, there are numerous niches in the market for shoes. Shoes for plus-sized people, shoes for nurses, and shoes for athletes would all fall into the category of niche markets.&nbsp;</p>



<p>Almost every market can be further segmented or refined based on its participants&#8217; unique requirements and preferences. Some popular standards used to define a niche include Price, Quality level, Demographics, and Location.</p>



<p>Focusing on a particular niche allows companies to serve a specific customer base better than their competitors who pursue a larger market.&nbsp;</p>



<h2 id="h-what-are-the-advantages-of-niche-markets">What Are the Advantages of Niche Markets?</h2>



<h3 id="h-greater-return-on-investment">Greater &#8216;Return on Investment&#8217;</h3>



<p>Since niche marketing targets particular user groups, these users are more likely to purchase your product than those caught in a mass marketing reach. It may seem implausible to have less traffic than a more significant site, but if Site X receives ten purchases from 100 visits while Site Y receives ten from 1000, then Site X has a 10% conversion rate while Site Y has 1%. Quality over quantity is the key to maintaining a high return on investment.&nbsp;</p>



<p>Additionally, focusing on a niche market makes it much easier to save funds on marketing since more comprehensive mass marketing strategies typically cost more the broader your target audience gets and if you want to appear on TV or a billboard.</p>



<h3 id="h-customer-loyalty">Customer Loyalty</h3>



<p>One characteristic of niche marketing is the loyalty of the consumer. You can demonstrate what customers want or need using the niche marketing strategy. In contrast to general offerings, if they visit, they already have the intention to purchase. It can also give you an advantage over competitors because a niche product or service stands out much more, thanks to its advantages.</p>



<h3 id="h-less-competition">Less competition</h3>



<p>Niche marketing faces much less competition than mass marketing. For example, if you can offer something that not everyone can do for various reasons, you&#8217;ve already surpassed potential competitors.&nbsp;</p>



<p>Besides, generic marketing initiatives don&#8217;t always stand out. You might get lost in an ocean of campaigns with better reach unless you&#8217;re a well-known, recognisable brand like Microsoft.</p>



<h2 id="h-what-are-the-disadvantages-of-niche-markets">What Are the Disadvantages of Niche Markets?</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-1024x538.webp" alt="" class="wp-image-28949" srcset="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 id="h-smaller-market">Smaller market</h3>



<p>Naturally, your target market will be smaller if you focus on a niche. However, once you try it, you should notice an improvement in your conversions, sometimes a significant one. This is just a matter of how precisely you target your audience with your offers. As a result, you should always compare the results.</p>



<h3 id="h-a-higher-return-on-investment-is-not-guaranteed">A higher &#8216;Return on Investment&#8217; is not guaranteed</h3>



<p>Working in more specialised markets can undoubtedly impact your Return on Investment, but you should still test this. The growth in conversions can also reduce your ad spending, so you must look at the big picture.</p>



<h3 id="h-product-perfection">Product Perfection</h3>



<p>Businesses must create perfect strategies and better solutions to compete in the market. There is less room for an error because there are fewer prospects. The business must be able to deliver products that are precisely what the customer wants.</p>



<h2 id="h-how-to-find-your-own-niche-market-in-2023">How to Find Your Own Niche Market in 2023</h2>



<p>In order to find an untapped niche market, business owners and marketers must first create an overview of the larger market before drilling down from there. A segment of that market, your niche, will help define everything from:</p>



<ul>
<li>Your product features to target the demands of your market.&nbsp;</li>



<li>The plan for how much to charge for your goods&nbsp;</li>



<li>production excellence&nbsp;</li>



<li>Your branding and positioning&nbsp;</li>



<li>Your online marketing approach</li>
</ul>



<p>You can start with a competitive advantage for your online business by picking a niche. You&#8217;ll have a difficult uphill battle against the established competition if you try to open your online store in a crowded product category or market. By concentrating on a niche, you can compete without necessarily offering different products by putting more effort into a particular area of the market.</p>



<h2 id="h-how-to-build-a-niche-strategy">How to Build a Niche Strategy?</h2>



<ol>
<li>Determine your audience. Start by identifying the general market. Focus on a topic you know well, then identify subtopics.</li>
</ol>



<ol start="2">
<li>Describe an unmet need. Analyse your audience and market gaps. Analyse your products or services and pick a growing sector.&nbsp;</li>
</ol>



<ol start="3">
<li>Customer research. Knowing your audience&#8217;s needs, goals, motivations, frustrations, and expectations. When you start your business, you should research these and regularly reassess your customer base and competition.&nbsp;</li>
</ol>



<ol start="4">
<li>Business plan. Creating a business plan in which you describe your ideal customer and pricing model. Your business idea should reflect your target market.&nbsp;</li>
</ol>



<ol start="5">
<li>Target your customers. Your marketing should be a niche like your product or service. Targeted ads, blog posts, and podcasts are valuable tools for spreading your niche business idea. A small business selling vegan food should appear on a healthy-eating vegan Youtube Video to get actual conversions.</li>
</ol>



<h2 id="h-niche-market-examples">Niche Market Examples</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-1024x538.webp" alt="" class="wp-image-28953" srcset="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>While you may have trending ideas in mind, you can improve your probability of success by beginning with a niche market and then finding niche products with a market fit.</p>



<p>This list of niche markets and product ideas for 2023 is just a starting point; you can always go in a different direction or find niche opportunities within any category.&nbsp;</p>



<ul>
<li>Local Production</li>



<li>Sustainability</li>



<li>Well-being&nbsp;</li>



<li>Travelling</li>



<li>Pets</li>



<li>Movies</li>



<li>Comics</li>



<li>Gaming</li>



<li>Home Decor</li>



<li>Sports</li>
</ul>



<p><strong>Related Article:</strong> <a href="https://ikas.com/blog/dropshipping-guide">What is Dropshipping?</a></p>



<h2 id="h-niche-markets-faq">Niche markets FAQ</h2>



<h3 id="h-what-does-a-niche-market-mean">What does a niche market mean?</h3>



<p>A niche market is a segment of a larger market with unique needs, preferences, or identities.</p>



<h3 id="h-what-is-the-difference-between-the-mass-market-and-the-niche-market">What is the difference between the mass market and the niche market?</h3>



<p>Mass-market aims to reach most people, while niche markets target a specific group. A national grocery store chain serves a mass market, while a local butcher shop serves a niche.</p>



<h3 id="h-how-do-i-choose-a-niche">How do I choose a niche?</h3>



<p>Pick a large, general audience as your target, and then narrow your focus until you find a niche that speaks to you. Consider researching popular search terms, making a mind map, or using social media to generate concepts.&nbsp;</p>



<p>Identifying a niche may seem hard in the beginning. After a brainstorming session, I am sure you will come up with something brilliant.&nbsp;</p>



<p><strong>Related Articles:</strong></p>



<ul>
<li><a href="https://ikas.com/blog/business-ideas">High Profit Business Ideas</a></li>



<li><a href="https://ikas.com/blog/affiliate-marketing-guide">What is Affiliate Marketing?</a></li>



<li><a href="https://ikas.com/blog/what-is-ecommerce">What is E-Commerce?</a></li>
</ul>


What is a Niche Market? (Best Examples for 2023)


<p><strong>Entrepreneurship</strong> is not only about being self-employed or having a great business idea. These aren&#8217;t the only requirements for being an entrepreneur. There is so much more! Although the definition of entrepreneurship has mostly stayed the same over the years, the opportunities are expanding for future business owners every day.</p>



<p>What were the options an entrepreneur had 100 years ago? You were out of luck if you lacked the knowledge to create something or the capital to purchase goods to sell something.</p>



<p>Today, in the world, there are more than 590 million entrepreneurs. And there&#8217;s a clear explanation for this rise in entrepreneurship, such as accessibility to information, expanding economic opportunities etc.</p>



<p>Opportunities are expanding significantly every day. We&#8217;ll dive deeper into what it means to be an entrepreneur today.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-4-1024x538.webp" alt="" class="wp-image-28781" srcset="https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-4-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-4-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-4-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-4-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-4-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-4-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-4.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 id="h-what-is-entrepreneurship">What is Entrepreneurship?</h2>



<p>Starting a business or businesses while accepting all the risks in pursuing financial gain is referred to as &#8220;entrepreneurship.&#8221; But as a fundamental definition, this explanation is somewhat constrained.</p>



<p>The more contemporary definition of entrepreneurship also emphasises changing the world by coming up with novel solutions to complex issues, such as enacting social change or developing products that transform the way we live our daily lives.</p>



<p>Through entrepreneurship, individuals can take control of their careers and steer them in their desired direction. It involves creating a life on your terms. Nobody is your boss. There are no time restraints. And there&#8217;s no one preventing you. Entrepreneurs have the power to start the process of improving the world for everyone, including themselves.</p>



<h2 id="h-what-is-an-entrepreneur">What is An Entrepreneur?</h2>



<p>An entrepreneur is someone who has an idea and works to develop a good product or service that people will purchase, along with a business to help them in their endeavour. An entrepreneur is regarded as a visionary or innovator because they take on most of the risk and responsibility for their new company.</p>



<p>Small business owners, content creators, startup founders, and anyone else with the desire to launch a business and work for themselves are all examples of entrepreneurs of all sizes and shapes.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-2-1024x538.webp" alt="" class="wp-image-28777" srcset="https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-2-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-2-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-2-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-2-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-2-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-2-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-2.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 id="h-why-is-entrepreneurship-important">Why Is Entrepreneurship Important?</h2>



<ul>
<li><strong>Jobs are created by entrepreneurs</strong> that wouldn&#8217;t exist otherwise. Self-employment is a risk taken by entrepreneurs. Eventually, their desire to expand their business results in the creation of new jobs. They are creating more jobs as their business grows.</li>
</ul>



<ul>
<li><strong>Entrepreneurs innovate.</strong> Businesses are responsible for some of the most significant technological advancements in modern society. Technological innovations are driven by the need to solve problems and make the world a better place. For every significant technological advancement of today, there is an entrepreneur to thank for it.</li>
</ul>



<ul>
<li><strong>Entrepreneurs bring change.</strong> Many entrepreneurs have lofty aspirations and want to improve the world through their ventures, ideas, or products. Naturally, some of their ideas will lead to changes in the whole world. They might undertake the challenge of exploring something that has never been explored before or developing a new product that addresses a critical issue.</li>
</ul>



<ul>
<li><strong>Entrepreneurs give back to society.</strong> Contrary to popular belief, wealthy people frequently take on more social responsibility than the average person. They earn more money, pay more taxes, and help pay for social services as a result. Business owners are some of the biggest donors to nonprofits and charities for various causes. Some people want to use their money to fund the development of strategies that will give underprivileged areas access to necessities like clean water and quality healthcare that we take for granted.</li>
</ul>



<ul>
<li><strong>Entrepreneurs increase the country&#8217;s GDP</strong> because they create new wealth for the economy. Entrepreneurs&#8217; fresh approaches and improved goods and services promote the development of new markets and wealth.</li>
</ul>



<h2 id="h-advantages-of-entrepreneurship">Advantages of Entrepreneurship</h2>



<ul>
<li><strong>Flexibility.</strong> Having the freedom to choose your own schedule and location for work.</li>
</ul>



<ul>
<li><strong>The capacity to pursue your passions.</strong> Suppose your creative idea relates to your interests or hobbies. In that case, entrepreneurship allows you to turn your passions into a career.</li>
</ul>



<ul>
<li><strong>Complete control.</strong> Entrepreneurs have complete control over their business operations and the freedom to act quickly because they are business owners.</li>
</ul>



<ul>
<li><strong>Creativity.</strong> Entrepreneurs can solve problems creatively and frequently experiment because they are not burdened by the bureaucracy that large enterprises have.</li>
</ul>



<ul>
<li><strong>There is no limit to how much you can make.</strong> A startup business owner with a lucrative business idea can earn millions or even billions of dollars, as successful entrepreneurs like Elon Musk and Bill Gates have demonstrated.</li>
</ul>



<h2 id="h-disadvantages-of-entrepreneurship">Disadvantages of Entrepreneurship</h2>



<ul>
<li><strong>Financial risks.</strong> Investing money in your idea is a requirement for becoming an entrepreneur. If it doesn&#8217;t work out, you&#8217;ll handle disgruntled investors and unpaid bank loans.</li>
</ul>



<ul>
<li><strong>Long workdays.</strong> Many entrepreneurs put in a lot of time and effort to turn their dreams into reality, working long hours to come up with new ideas, courting investors, and managing the day-to-day operations of their companies.</li>
</ul>



<ul>
<li><strong>Increased accountability.</strong> Everyone will look to you as the leader of your own company for vision and direction, which can be highly stressful for you personally.</li>
</ul>



<ul>
<li><strong>Competition.</strong> Even though your business idea is innovative, you will still face fierce competition, whether from well-established companies in your industry or other business owners hoping to surpass you at the finish line.</li>
</ul>



<ul>
<li><strong>Irregular income.</strong> Successful business people might make a lot of money, but it won&#8217;t happen immediately. Expect tough times while you devote all of your income to expanding your company.</li>
</ul>



<h2 id="h-what-are-the-entrepreneurial-traits">What Are The Entrepreneurial Traits?</h2>



<p>Starting your business venture with an entrepreneurial mindset is the first step to becoming a successful entrepreneur.&nbsp;</p>



<p>The entrepreneurial mindset is a set of abilities, beliefs, and ways of thinking that entrepreneurs bring to the process of starting a new company. The primary components of this mindset are:</p>



<ul>
<li><strong>Curiosity.</strong> An effective businessperson constantly challenges the status quo, seeks new knowledge, and is open-minded to unconventional concepts, even if they go against their preconceived notions.</li>
</ul>



<ul>
<li><strong>Independence.</strong> There is no exact path to entrepreneurial success. A successful business is built on risk-taking and the capacity to strategise your next move without assistance from others.</li>
</ul>



<ul>
<li><strong>Resiliency.</strong> Entrepreneurial success requires not only dealing with stress and failure but also growing and learning from those experiences.</li>
</ul>



<ul>
<li><strong>Persuasiveness.</strong> An aspiring entrepreneur needs to be able to confidently sell their business idea to a sceptical audience to raise money and expand their team.</li>
</ul>



<ul>
<li><strong>Aim to assist others.</strong> Entrepreneurs add value by resolving issues for those in their community. The most successful business people prioritise making a difference over making a profit.</li>
</ul>



<h2 id="h-the-reason-why-entrepreneurs-start-new-businesses">The Reason Why Entrepreneurs Start New Businesses</h2>



<p>The primary motives behind starting new businesses for entrepreneurs are the privilege of working for yourself and the freedom of exploring and developing your creative ideas.</p>



<p>According to reports, more than 60% of employees would rather start their own businesses than work for someone else.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-1-1024x538.webp" alt="" class="wp-image-28773" srcset="https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-1-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-1-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-1-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-1-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-1-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-1-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-1.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 id="h-how-to-decide-what-business-to-start-as-an-entrepreneur">How To Decide What Business To Start As an Entrepreneur?</h2>



<p>Identifying a market need or an opportunity and filling it is the key to successful entrepreneurship. But that doesn&#8217;t rule out the possibility of starting a successful business similar to an existing one. When deciding what kind of business to launch, consider the following:</p>



<ul>
<li>Are any of your passions, hobbies, and interests ripe for innovation?</li>
</ul>



<ul>
<li>How have your background and experience prepared you for the difficulties of being an entrepreneur?</li>
</ul>



<ul>
<li>Do you have enough<strong> </strong>financial resources to launch a specific business idea?</li>
</ul>



<ul>
<li>What obstacles can you overcome with the help of your knowledge and skills in your current environment?</li>
</ul>



<ul>
<li>Do you know any professional network associates who can support you?</li>
</ul>



<ul>
<li>Entrepreneurs will also need to be dedicated, persistent, and adaptable to beat the odds, given that an estimated 50% of new businesses fail within the first five years.</li>
</ul>



<p><strong>Related Article:</strong> <a href="https://ikas.com/blog/what-is-niche-market">What is Niche Market?</a></p>



<h2 id="h-ready-to-be-an-entrepreneur">Ready To Be an Entrepreneur?</h2>



<p>There is no one ideal way to run an enterprise. These individuals can impact almost every aspect of life as we know it.&nbsp;</p>



<p>In a field that is so diverse, there are a few characteristics that all entrepreneurs have in common, including a passion and ambition that they use to build businesses that tackle some of the most challenging problems in the world.</p>



<p>You may be destined to become an entrepreneur if you want to change the world, contribute to society, or even escape the monotonous and inflexible 9-to-5 job. Always keep your mind open to learning and exploring new opportunities that come your way; trust your gut; and act on your instincts.</p>



<p><strong>Related Article:</strong> <a href="https://ikas.com/blog/inspirational-quotes">Inspirational Quotes</a></p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-3-1024x538.webp" alt="" class="wp-image-28768" srcset="https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-3-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-3-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-3-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-3-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-3-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-3-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2022/12/entrepreneurship-guide-3.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 id="h-entrepreneurship-faqs">Entrepreneurship FAQs</h2>



<h3 id="h-what-is-the-primary-goal-of-entrepreneurship">What is the primary goal of entrepreneurship?</h3>



<p>The primary objective of an entrepreneur is to create value by enhancing people&#8217;s lives and altering how they conduct business, not to make money.</p>



<h3 id="h-what-skills-do-entrepreneurs-need">What skills do entrepreneurs need?</h3>



<p>Entrepreneurs need to be confident and intelligent, have an optimistic viewpoint, and be able to take criticism and use it to improve. Essential entrepreneurial skills include basic management skills, knowledge of finances, and the ability to network and build long-lasting relationships.</p>



<h3 id="h-what-are-the-benefits-of-entrepreneurship">What are the benefits of entrepreneurship?</h3>



<p>Entrepreneurs can follow their interests and make as much money as they want because they work for themselves. They can also take innovative decisions and completely direct their businesses.</p>



<h3 id="h-what-are-the-key-elements-of-the-entrepreneurial-mindset">What are the key elements of the entrepreneurial mindset?</h3>



<p>The main features of an entrepreneurial mind are curiosity, independence, resilience, the ability to persuade others, and a desire to help others. Entrepreneurs innovate and always keep improving themselves.</p>



<p><strong>Related Articles:</strong></p>



<ul>
<li><a href="https://ikas.com/blog/dropshipping-guide">What is Dropshipping?</a></li>



<li><a href="https://ikas.com/blog/what-is-ecommerce">What is E-Commerce?</a></li>
</ul>


What is Entrepreneurship? (Guide for 2023)

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