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.

Entrepreneurial Learning

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.

Leave a Comment

Your email address will not be published.

You may also like

Growing a Business

Want Great Guidance ? Find yourself a Super Mentor


They are the gods of small businesses, those inspired individuals who have achieved the highest levels of success. They can be the shining beacons who light up the path of running your business with their vision, wisdom and wealth of resources and contacts. They are The Mentors.

If you are fired with the passion to take your business to great heights, the best thing to do is find yourself a super mentor. Here are some tips to help in your quest

Pinpoint your Need

Sit down and focus your thoughts on your business growth strategy. Which area of the business needs a lift. Is is staffing, is it the finances, is it the production, is it the your lack of customers or is it the business as a whole that needs a makeover. Once you’ve zoomed in on the sore spot, this is where you need…

Read More
Growing a Business

Dreaming Big? You can Move Mountains with these Business Productivty Tips


You may be full of admiration for some people who seem to manage themselves and their work so usefully and efficiently. They seem to fit in so much productive work into the same number of hours which everyone has.. Let’s look what makes them tick and take a few tips.

Learn to identify your most productive hours

Its true, most productive people know which time of the day they can be most creative and efficient. They identify and allot these hours for the best part of their work. This way they are able to give their 100% awareness to the job and business productivity.

Early to rise- A winning habit

Waking up early is a personal habit that has all the plusses on its side. You need not necessarily go to work that early. It’s a habit that gives you more time for personal care, like mediation, exercise, walking,…

Read More
Growing a Business

Leadership Qualities that can make you an Icon


You may have reached the leadership position through sheer dedication to performance and a do or die attitude . Now that you are at the top, your viewpoint needs to change. You have to now be a role model, one whom others will look up to and follow. Here are some tips that can shape your leadership and management skills

Be Competent: Employees will look up to a leader who has good industry knowledge and management skills. If you do not possess these skills you should surround yourself with knowledgeable people who can offer good counsel. Competence is a trait all employees will admire.

Be Trustworthy: No one will look up to a person they cannot trust. Your employees will want to rely on you and count on you. In difficult situations, leaders are expected to apprise their employees of the situations and find solutions on how to address…

Read More
Raising Money

Are You offering Your Services Using the Right Pricing Strategies?


In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.

Maintain your Business identity and Dignity

If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most…

Read More
Raising Money

What is a Fair Wage? How Do you Assess Fair Wage?


How do you figure out a fair wage?

This is a very common question for startups and small businesses. They can’t seem to decide or understand how to set wages and manage reputations at a time. They are determined to pay well but they also have to think about encouraging their employees to stay with them for a long time. This is why there is a need to think strategically.

Listed below are a few expert tips to help you decide:

Don’t Focus Only on Money

Money should never be the main focus for you or for your employees. You should decide on the wages in such a way that your employees are tied to your business. When your business does well they should be able to taste that success and vice versa.

Also, think about additional perks such as exclusive benefits and time off. Many employees value this more than the overall…

Read More
Raising Money

Tips to Winning Hard Negotiations With Ease


While some negotiations are easy, others are quite hard to win. If you stumble you will lose.

Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:


Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.


Read More