As a first-time business owner, there are lots of doubts in your mind. Don’t talk the talk unless you can walk the walk. Impress with action, not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far-reaching goals as certainties. In short, put up or shut up.
The tips below are surely helpful for you.
Focus on one thing
Do one thing perfectly, not 10 things poorly. Many first-time entrepreneurs feel the need to jump at every “opportunity” they come across but juggling multiple ventures will only limit both your effectiveness and productivity. If you feel the need to jump onto another project, that might mean something about your original concept.
Know what you do. Do what you know.
No one knows everything, so don’t come off as a know-it-all. Don’t start a business simply because it seems to boast large hypothetical profit margins and returns. Do what you love. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term. Businesses built around your strengths and talents will have a greater chance of success.
Always be ready to introduce your business
From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service, and goals in a clear and concise manner. Say it in 30 seconds or don’t say it at all. Fit the pitch to the person. Less is always more.
Act like a startup
Forget about fancy offices, fast cars, and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every peso and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.
No one will give you money
If you need large sums of capital to launch your venture, go back to the drawing board. Find a starting point instead of an endpoint. Simplify the idea until it is manageable as an early stage venture. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.
Entrepreneurship is a lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don’t make excuses. Eat right, exercise and find time for yourself.
Know when to call it quits
Know when it’s time to walk away. If your idea doesn’t pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur will prevail over difficulty.
Learn from your experience
No business plan can predict the future or fully prepare you to become a successful entrepreneur. Never jump right into a new business without any thought or planning, but don’t spend months or years waiting to execute. The most important thing you can do is learn from your mistakes and never make the same mistake twice.