It is a universal occurrence that first-time business owners have to face hardships and tribulations on their journey to turn their dream into reality. Here is some rare and invaluable advice that would do a world of good for those who wish to start their own small business ventures and are just about to take the first steps:
1.Concentrate on your single aim
It is very common for first time business owners to be over enthusiastic and feel the need to grab every “opportunity” that comes along. This is the crucial time when one should avoid getting distracted and side tracked. Trying to manage more than one venture at a time will not allow you to focus on any one goal and will affect your productivity and dissipate your attention. If you feel easily diverted to other projects, it means that you should think twice about your original venture.
2. Do what you are passionate about and know about
Begin a new business only if you are passionate about it and willing to commit yourself totally to its success. Do not go ahead on hypothetical profit margins and returns on a venture which seems glamorous at the outset. Be confident and like what you are doing. Developing a business around your core skills and strengths has a very good chance of success. If your heart is not in the venture, in all probability, you will not be successful.
3. Work out a business pitch that lasts less than a minute
You should always be ready to promote your business to any investor or an interested customer, in a short and concise manner. You should be able to include your goals, your mission, the products you offer, or the services you render all encapsulated into a nutshell. Try to modify the pitch to suit the person.
4. Set out with a business plan
The future cannot be predicted nor can one be fully prepared for unexpected quirks of fate that may arise on your journey as a small business owner. No such thing as the perfect success formula exists. So don’t dive headlong into a new business without any planning, but don’t delay it for an abnormally long time either. You will become a complete and confident business owner when tested under situations of extreme pressure. Most importantly, learn from your mistakes and never repeat any mistake.
5. Start with small capital investment
In the initial stages, no one is going to invest in your business right away. Practice being frugal, check every expense, and maintain low overheads. If you find that you require a larger sum of capital, reconsider your plan and try starting off on a shoestring budget. Simplify the concept and show the world your worth before looking for investment. If your concept is successful, your chances of obtaining finance from investors will be bright.
6. Know when to back out
Success does not smile on one and all and if you realise that you are floundering in troubled waters, the best thing to do is quit. Realise the time when you have to shut shop. Assess your situation and try to find out what went wrong. Use the lessons that you have learnt to your benefit for your future business endeavour. An eager and enterprising entrepreneur is never disappointed by failure. If at first you don’t succeed, try again, well equipped and wiser.
It is a universal occurrence that first-time business owners have to face hardships and tribulations on their journey to turn their dream into reality. This is the crucial time when one should avoid getting distracted and side tracked. Trying to manage more than one venture at a time will not allow you to focus on any one goal and will affect your productivity and dissipate your attention.