To stay abreast of the crowd these are the top 20 things every new entrepreneur must do to survive! Being a newbie in the business space can be exciting and daunting at the same time! Knowing what to do and when to take the right actions requires a high degree of expertise and experience not available to a newbie.
So what can be done?
Entrepreneurship is a field where you can encounter different business opportunities, high levels of risks and yet the potential for personal growth and financial independence.
Hence in this article I want to give you 20 things to consider, almost like a newbie’s checklist for your entrepreneurial journey. These should equip you to cope with the anxiety, pressures and worries that are usually associated with anyone just starting out.
Here we go:
1) Pick the Right Business. Choose the right business for “You”, not just one that has the potential to make money! This will empower you to deliver quality products/service and excellent customer service, because any business done well will ultimately make money.
2. Finance For Your Business. Entrepreneurship is all about business operations, managing employees, marketing product or services and of course finance. So, you must look for best sources of finance. Try starting without borrowing a penny.
3. Find Your Market. Pick a niche. It is easier and cheaper to focus your initial marketing efforts to a specific audience than selling your services to everyone.
4. Deal With the Stress. Stress will always be present. Yet, if you know how to handle it properly, you will acquire the tranquility needed for success. Therefore cultivate the habit of physical exercise and daily meditation!
5. Manage Your Money and Taxes. Money management is key to a successful business. As a simple rule “Make sure you are spending less than you earn”. Trying to avoid legitimate taxes is setting you up for failure. Tax offices are paid to catch tax dodgers.
6. Deal With All the Negativities. Negative people; really difficult times, hindrances are all part of what build successful entrepreneurs. Brace yourself for them. Be determined to use them as a stepping stone to your success.
7. Attract Reliable Business Partners. For you to survive the ever challenging world of entrepreneurship, you should be accompanied by trustworthy business partners. It is your duty to find individuals that are willing to work with you to share difficulties and successes.
8. Build a Business Reputation. If you have a good reputation as an entrepreneur, your current or potential customers will be loyal to your products and services. Build what people want and in so doing you will build a good name.
9. Deal with Competitions. Competition is good because it inspires creativity and innovation. Yet unless you wisely differentiate yourself, competition can rub you of a great future.
10. Hire the Right Employees. They will surely help you in all your business operations. The right employee will have Character, Competence and a Caring attitude.
11. Balance Your Life And Work. You need to maintain a more meaningful personal and professional life. Just balance everything!
12. Have The Desire For Success. Your desire for success is your weapon to continuously strive for betterment and improvements.
13. Know your Strengths and Weaknesses. Focus on your strengths and work with those who remove your weaknesses. Always work with people who complement you! Never ever let your weaknesses hinder you from achieving your goals.
14. Know your Passion. Passion is infectious. Passion is inspiring. Passion is consuming. Work in your area of passion.
15. Discover Market Trends. Be a life time learner. Anyone who stops learning is living-dead. Consistently study your market. Discovering market trends will put you in the driving seat to greater manage your product campaigns and promotional activities, so, establish a strong reading culture!
16. Engage in Continuous Market Research. Use UX (User Experience) to launch products. Stay close to your customers. Generating ongoing feedback will enable you to create products/services your clients want.
17. Create a Checklist. Write and plan all the things you want to do and the goals you have.
And of course, the last three things you must do are:
18. Stay Motivated,
19. Learn from Mistakes and most importantly,
20. NEVER QUIT!
Let me know what you think! Post your comments below.