If you have thought about starting a business venture at some point in life, you definitely started off by seeking advice. There are so many pieces of advice out there and settling on one can be confusing.
Although you might want to dive right in to make sure you are within your estimated timeline, there are so many things to consider.
Seasoned entrepreneurs confess that getting a lot of advice will open up your eyes and perhaps force you to think of newer, better ways. To do business.
Below is a list of things that new entrepreneurs may have overlooked as they set to start their own businesses:
Do not have a fixed amount and struggle to work around it. If you are anticipating starting a business in two years’ time and you have already accounted for the amount of money needed, make a goal to save up all the money according to your budget.
Most starters focus on hitting the goal amount and relax. If you have a chance to save more you should continue saving. Some people count on the amount they have to be collateral and will take out a loan when they want to start.
Having inadequate finance options may give you the hunger to work harder for success but it will also bring you stress. If you can avoid this undue stress, do it.
Create an entrepreneurial environment
Working for a business in an entrepreneurial environment is great learning experience for how to run a successful startup. It teaches one how to make decisions and to what extent one can bear responsibility.
It is a great way to prepare yourself for launching your business without all the burden of startups. Have the entrepreneur experience long before you become one.
Time and money management
Do not be hasty right from the word go. Even launching too fast will cost you in the long run. If you start so soon and have an unorganized structure will make you lose sight.
You may find yourself rushing into partnerships and be forced to buy your partners out when things don’t work out. This would have been a waste of both time and money.
Having worked in management earlier will give you a better chance of running your own business. You may not have directly been at management level but you can learn by keenly observing how management runs things.
Avoid making ‘people mistakes’ like hiring the wrong people, not letting go of bad employees, failing to communicate clearly, etc. You will end up experimenting with your business but just try to do it the right way.
Becoming a Reddit user will give you street credibility- a process that will take genuine enthusiasm and time.
Doing your own accounting is not advisable. Loop in an external accounting firm to do your books and focus on building your brand. When you do your own books using QuickBooks and other tools, you may end up doing worthless work and being unable to comprehend reports generated.
Be professionally and intellectually curious
Most people are focused on the road to success with clear set goals. However, this path is not straight and stepping off might teach you a thing or two about business and how to deal with future challenges.
Job diversification and experience exposes you to ways you can handle things which is handy when dealing with the uncertainty of startups.
It is one thing to have an idea and to actually put that idea into motion. Most people want to start their business and end up burdening themselves with fear of failing and excuses. From money to time to existing commitments, you can have an endless list of excuses for not launching your business.
Being a founder is scary and some excuses may be legitimate. Sit down with your list of excuses and genuinely address them. In the end, you will find out very few are actual concerns.
Listen more than you speak. Be a sponge and learn to absorb what others are telling you even the very unlikely people have something to offer. Keep notes about advice gathered and it will help you map a plan.
Sometimes people’s body language will tell you what they really think about your business idea. Additionally, encourage people to be brutally honest and learn not to overreact when you don’t like what they have to say.
Rather than telling people what you sell, tell them the solution you are bringing. Find a market gap and focus on offering a solution. It is easier to get customers by fixing a problem. Your business pitch should start by the existing problem and how your brand helps.
Like most aspiring business owners, you want to start your business and run with it. Sometimes your concept snowball becomes something complicated.
This is how most entrepreneurs end up with products and services that nobody wants to buy. Start small and narrow. You don’t need all the whistles and bells like the big corporations.
Picture yourself without a dime because this can actually happen, and it happens more often than you know. Some successful entrepreneurs have had several ventures fail and came so close to bankruptcy.
Launching unsuccessful businesses is a reality for most starters. Over half of these businesses close in the first five years after opening. Prepare for how to handle having zero income.
If you are looking to launch a startup be ready to put in the work and work around the obstacles. Acknowledge that no business works instantly and it might take you time before you start earning. A steady income will be a result of gradual growth and transition; so do not quit your day job either.
Take initiative and advertise your business whatever chance you get. Most people are sceptical about telling people about their startups fearing that they may be judged.