Click the Follow button on any author page to keep up with the latest content from your favorite authors. Starting a business for the first time and worried about failure? As an entrepreneur from the age of 14, I have experienced every variation of "high" and "low" in the world of business, and along the way have gathered some valuable advice, which I believe can benefit all entrepreneurs embarking on this challenging yet rewarding journey.
Here's a list:. Be passionate about what you do You don't have to love every aspect of your business and you probably won't , but you do have to be fired up about it. You're going to devote a lot of time and energy while building it into a successful enterprise, so it's really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery, or providing financial advice.
Make sure you're on the right track by asking yourself whether you feel excitement when you think of the business, and if it is worth the sacrifice of your time and money. Not long, and it may be a while before your new business actually makes any profits.
Being employed while you're starting out means you will have money in your pocket to invest into the business, as well as to ensure you are able to keep up with your monthly living expenses. Don't do it alone You need a support system while you're starting a business and afterwards.
A family member or friend that you can bounce ideas off, and who will listen sympathetically to the latest business crisis is invaluable. When you're starting a business, experienced guidance is the best support system of all, so finding a mentor in your industry will also give you the opportunity to learn from someone who has already been through the startup process. Get clients or customers first Don't wait until you've officially started your business to line up clients, as without them, your business will not survive. Spend time in the commonplaces of your potential market in order to network or connect with people over online social platforms, such as LinkedIn, then set up meetings to build on these contacts and provide potential future leads.
Starting a business for the first time and worried about failure? As an entrepreneur from the age of 14, I have experienced every variation of. Starting a business? Here are 14 important startup tips that will help you make your new business a success.
You can never start marketing yourself too soon. Write a business plan. This is a key step before starting your business, as it provides you with invaluable information. Creating a business plan will allow you to better understand both operational and financial goals, providing crucial budget and marketing strategies. The main reason for doing a business plan first when you're thinking of starting a business is that it can help you avoid pouring your time and money into something that will not succeed. Do your research You'll do a lot of research writing a business plan, but that's just a start.
When you're starting a business, you need to become an expert on your industry, products, and services, if you're not already.
Joining related industry or professional associations before you start your business is a great idea. It will keep you informed on new information in the market, and help you keep track on competitors actions. If you're not an accountant or bookkeeper, hire one or both. If you need to write up a contract, and you're not a lawyer, hire one.
Instead, you need to take those leadership skills and motivate others to take their own specific skillsets and apply them together as a team for the greater good of the company. Related: Turning Your Idea into a Business. He is contacted from time to time by the gov. Most venture capitalists and investors are quite active on social media, so if you can wow them with your idea you may find a great way to get started on your business dream. Claiming Your Social Media Accounts. Writing posts, creating products, building relationships. Chapter 1.
You will waste more time and possibly money in the long run trying to do things yourself that you are not qualified to do. Get the money lined up Traditional lenders don't like new ideas and giving money to new businesses that do not have a proven track record. Focus on your personal and professional life. Can you improve something that is already out there? Can you think of a better way? Most entrepreneurs start businesses in areas familiar to them.
If you want to succeed as an entrepreneur , you have to learn to sell. The ability to sell separates wantrepreneurs from entrepreneurs. Even if you are an introvert, you can become an excellent salesperson. Starting a new business is a challenge even for experienced entrepreneurs. One of the most significant challenges is to determine what you spend your time on for maximum results.
You are the boss.
In the beginning, it will be mostly a one-person operation. Whether you create an online store or start a brick-and-mortar business, you are going to have to make a real commitment. It takes years to build a successful business. Focus on making progress instead of comparing yourself to those who have been entrepreneurs for years. Your mastermind group will help you to learn, share your ideas, and make better decisions. Mastermind groups interact several ways. Some are in person; others are real-time online or asynchronous, similar to an online forum.
Mastermind groups give you peer-to-peer support. You can join existing groups or start your own. You might reach out to some entrepreneurs and invite them to your group or ask to join an existing group. For example, if you offer marketing services for small business , you have to be ready for new technologies and changing marketing tactics. As you pivot, you are moving your business toward new opportunities. You might try selling your services to new markets or offer new services to your existing customers.
It is scary to try new things, but it is the only way to grow as an entrepreneur. Making adjustments can also reinvigorate your business. All businesses must evolve if they want to stay current with their market and stay competitive. It is a lifestyle. If you ask entrepreneurs, they will tell you about the sleepless nights and worries about all the different issues that they deal with. Your work day will not end as it would with a job. Look at the time it will take to make revenue, then double it.
Consider the risks. If you start a business, you might not make any money for months. Do you have enough savings to take the risk? What if your business fails? There is a good chance that it will.
Failing should not stop you, but you must consider it as a likely outcome. Stop dreaming Dreaming kills success. What you need is action. Here are some of the first actions you should take starting your business: Identify your product or service. No amount of passion is enough in itself to help you succeed.
Determine how much money the business has to make. But, you have to have a dollar amount in mind. Define your customer. Proper preparation will result in an actual number of potential customers. For example, if you want to build websites for biotech companies with less than ten employees, you have to do your homework to find out the exact number of biotech companies with less than ten employees. Learn as much about them as it relates to your business as possible. If you want to build websites for the biotech companies I mentioned before, call them and ask questions.
Focus outward instead of inward. Talk to your customers and find out if they would buy your product. Consider your legal entity options. There are many advantages to form an LLC or a corporation. The sole proprietorship offers the fewest protections, but it is the quickest and cheapest option. Should you start a business with a friend There is comfort in going into business with a friend.
You know and trust each other. If your answer is yes, you should find answers to the following questions: Do I trust this person completely? I mean your livelihood, your credit, or your reputation. Does my friend have experience that will help us succeed? Do we have a complete agreement, preferably in writing, on the core values of the business? Do we agree on the mission and vision?
What happens if one of us wants out? Can you agree on how the two of you will handle it? How do you handle worst-case scenarios such as divorce, illness, or even death? The best age to start Elizabeth Holmes was only 19 when she decided to drop out of Stanford to start her own company, Theranos. Take Jeanne Dowell, of The Green Buddha, at age 80 she is an entrepreneur and professional yoga instructor. Sam Walton, the founder of Wal-Mart, started the business when he was Henry Ford was 39 when he established the Ford Motor Company.
Should you buy a business or start one When most people think of starting a business, they are referring to starting from scratch. Getting your first five customers is a lot more difficult than getting the next Starting from zero you have to succeed with a lot of firsts like: Attracting your first customer. Hiring your first employee. Establishing a cash flow. Implementing policies and procedures. Earn credibility. Build brand recognition. All of the above is doable, but they are also opportunities for costly mistakes. When you buy an existing business you are investing in a successful formula.
Starting a business as a parent Raising children is a full-time job, yet many parents of young children decide to become entrepreneurs. There are several advantages to starting your business as a parent: You will manage your time more efficiently. You might be able to run your business from home.
You might be able to partner with other parents. Start a business part-time Starting your business part-time lowers the pressure on you immensely. Here are some of the greatest advantages of starting a part-time business: You can ease into entrepreneurship. You can afford to make more mistakes. It gives you more time to test your ideas. The pressure to make money is much lower.
It is much easier to walk away from it, just in case you change your mind. The key to part-time businesses is flexibility. Financing your business It is true that most startups require at least a small amount of seed money. If there is a way, avoid going into debt to start your business. You have several options to finance your business: Save money — You might be surprised how much money you could save in one to two years if you are willing to cut your expenses. I think that saving is one of the best ways to finance your business. Sell assets — You might own a car, RV, boat, jewelry, vacation home, or some other valuable asset that could fund your dream.
Friends and family — The easiest money you could get your hands on is from friends and family. SBA loan approvals take a few months.