Things you want to hear and even some things you don’t!
Tips For The First-Time Business Owner
Know What You Do & Love it
If you’re starting a business for the simple benefit of profiting, or you’ve come up with a catchy name, don’t. Do what you are passionate about! Find growth in a concept that you feed off of learning about and can thoroughly enjoy every day. Your business will be more successful if the job that you are doing is valuable and makes you happy.
It is exciting starting a new business! Instead of taking this new found energy and jumping at a bunch of new opportunities, take your time and work to perfect one or two ideas. Juggling various enterprises is an easy way to make mistakes and can affect your productivity
If you’re not carefully managing your cash flow make sure you have a professional doing this for you. Maintaining frugality as you begin to profit is essential. When you get your first big cheque it might be hard to refrain from buying fancy things, remember every dollar counts. This is how the wealthy stay wealthy.
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You can read, research and make yourself a business plan but nothing can fully prepare you for what will be thrown your way as an entrepreneur. That being said don’t jump into a new venture without having done your groundwork and having some basic business savvy. There will be times when you are put in the hot seat and your reaction and follow through as a business owner will set the tone for your business. Be flexible and above all learn and grow from your mistakes.
Don’t Depend On The Sharks
You have to realize when starting out that the odds of an investor/company investing in your startup is slim. If you need big capital to launch your endeavor, you may have to rethink your business plan. Simplify your project and ensure your business model is successful before asking potential investors to spend their precious dollars on you.
Enforce Your Well-Being
Entrepreneurship can be very rewarding but is also known to take up a lot of your time. You have to put in the time and effort to grow but exhausting yourself working all the time will lessen your productivity in the end. It can be easy to lose yourself in your work but don’t forget that your personal health is more important. Get your 8 hours of sleep, eat regularly and keep your sanity by making time for family and friends.
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Know Everything Without Being A Know It All
Nurture your business by making connections. Mentors can be exceptionally helpful in gaining knowledge in your industry. Stay humble and allow yourself to ask questions, there is always someone who knows more than you do; use this to your competitive advantage and learn from them. Meeting others who share similar business goals will help you become a better leader.
Know When To Quit
This isn’t advice you would want to hear or advice that people would typically tell you but knowing when to quit is an important part of having a startup business. Don’t be a fool and waste time on a sinking ship. Just because one idea didn’t pan out doesn’t mean the next one won’t either. Learn from your failures and take the lessons you learned onto your next venture. A genuine entrepreneur overcomes.