There are surprisingly few resources which address the many issues that young entrepreneurs are likely to face as they journey towards success, so this article is here to offer some helpful tips to new business owners like you, to help you to avoid the many pitfalls that stand in your way. Pull up a comfortable office chair and read on…
Too many new business owners feel that they have to grab at each and every opportunity that comes their way, however this can be a mistake. Taking on too many different ventures will cause you to become sidetracked and will limit how effective and productive you can be. Aim to do just one thing brilliantly and don’t be a jack of all trades. If you are feeling that you need to tackle a completely different project, maybe the original concept you came up with was wrong.
Stick With The Familiar
You should never start up a business because it sounds like a profitable idea. You are much more likely to succeed if you start a business with its basis built on your talents and strengths. Profit isn’t all that matters – happiness and excitement has a role to play too.
Say It Quick Or Not At All
Whether you’re talking to an interested customer or chatting with a potential investor, always be on the ball, ready to sell your business. Always be concise and clear when you state your service, mission and goals. Tailor what you have to say to the person you’re pitching it to and remember that less is more.
Don’t Be A Know It All
Nobody knows it all, so don’t act like one. Work with mentors and advisors who can help you to improve as a businessperson and a leader. Find knowledgeable and successful people that you share business goals and interests with and who will be happy to work with you in the long term.
You don’t need a fast car, fancy office or huge expense account. You need to be frugal when you’re starting up. Watch every penny and always check your expenses. By maintaining low overheads, you’ll be able to effectively manage the cash flow.
Learn From Mistakes
You can’t predict what will happen in business and nothing can prepare you for what is to come. There can be no perfect plan – you should never launch your new business before planning and thinking carefully, but on the other hand, waiting too long to execute it is also a mistake. You can only become an experienced entrepreneur when you’ve been tested under fire. The key is to learn from mistakes.
Scale it Down
You’re never going to find anybody who’ll invest so if huge sums are needed to get your business off the ground you need to think again. Scaling down your expenditure and simplifying ideas will get your business model off the ground on a shoestring.
You can’t be productive if you aren’t taking care of your health. Being an entrepreneur is a way of life, not a job, and working until you’re physically exhausted isn’t going to help your productivity. Make sure to eat, take exercise and take time out.
Don’t Big Yourself Up
Always impress with your actions, not your words. Yes, you can be enthusiastic about your business but don’t be distasteful. Never exaggerate.
Know When To Stop
Smart captains never go down with their ship, so don’t put your ego first. If it isn’t working out, sometimes you just need to call it a day. If that happens, reflect on your mistakes, work out where you went wrong and what you could change and use those lessons to improve in the future. Failures will happen, but the real triumph is prevailing over adversity.