What a novice entrepreneur needs to know

What a novice entrepreneur needs to know to confidently go to his dream

Every day we see how many people become entrepreneurs. They all want to work independently, they want to be their own bosses. Many people want to leave the “shackles” of their work and live a successful life. But there are details that every novice entrepreneur needs to know, and which we are going to consider in this article.

Every aspiring entrepreneur must have goals

This may seem obvious, but most entrepreneurs, especially in the online world, have no goals. Many of them believe in what we call "fate", and believe that the future will decide for them.

You must set clear and traceable goals. If you can no longer track your goals, then this is no longer considered a goal. Each of your goals should have a time frame, i.e. when you want to achieve your goal. It is also very important that you set real, not abstract goals./p>

Get to work

Many entrepreneurs have good ideas and put a lot of effort into their development, but can not decide to start their own business.

Many “maybe” entrepreneurs often repeat: “I will do it soon”, “I will do it next year”, etc. In fact, the best time to do this is now. The longer you postpone the start date of a business, the longer you postpone your success.

No matter what your idea is, you just need to decide to start your own business in order to check the viability of what you have in mind.

Be risky

The advice that a novice entrepreneur should never forget is that "risk is not the greatest risk." The world is constantly changing, and the only right strategy to fail is not to take risks.

It is important not to be afraid and be ready to enter the market, since many of us do not dare to take the first step to success, fearing failure. Moreover, if you create an environment that rewards people for risk, you can significantly change employee behavior.

Of course, you should not take risks without feasibility studies, but when the probability of success-failure is 50:50, forget about failure and take the risk. If this is what you want, it's worth it!

Always listen

Successful budding entrepreneurs are always listening. As an entrepreneur, the main thing you need is ideas, ideas for improving your situation, ideas for developing your business and many other ideas. You will always find new ideas if you listen.

As a budding entrepreneur, you will always have fans - those who support you, and envious ones - who constantly criticize you. Try to listen less to your fans, they don’t see your mistakes, or they just don’t tell you so as not to upset you.

Your envious people will often criticize you and with the right filtering of what you hear, you will find what you really need to learn in order to work even more efficiently.

Be decisive

In the last paragraph, we mentioned that an entrepreneur needs to listen to what is being said in his direction. But also, what a novice entrepreneur should know, is that he will always have to make firm decisions that will improve or worsen the situation of his business.

You can read more about the decision-making process in our article “Managerial Decision Making. Process, principles and implementation. ”

Listen to your customers

Starting a business is not just choosing an audience and focusing on its desires, fears and weaknesses. It is also about providing a solution to a problem, adapting when something is not working and listening to existing customers. In fact, customers are a key part of the success of any business.

The great thing about customers who are also friends is that they will provide you with feedback and ideas. This is not just a smart way to promote your business, it is a great way to learn. Customers who are friends are also more likely to give you honest feedback.

In addition, when things are not going well, it is best to contact your customers. After all, who better to tell you how to serve the needs of the people you serve?

Passion and patience

Maybe the world does not yet see your talent, but if you love what you do and it really motivates you, then you can find the right audience or determine the right type of marketing. You can talk with people who can help you turn your hobby into a business. In any case, not doing what you love is not an option.

If there is anything an aspiring entrepreneur needs to know at an early stage, then he should be passionate about what he is doing and believe in himself. Belief in yourself and in your business will help you not to give up in bad times of your business.

Keep learning

While most of us believe that our education ends when we graduate, a successful entrepreneur understands that education and leadership are necessary for each other. Understand that learning is an ongoing process, and learning is an essential path to success.

Learn from your colleagues, learn from the mistakes you make, or from the mistakes of others. Help each other grow and learn everything you can. If you do not want to learn, no one can help you. However, if you are ready to learn, no one can stop you.

Start by self-financing your business.

Do not try to give part of your company to an investor at the very beginning. It makes no sense to paint a business plan until you have a ready-made business. Firstly, you still will not be allocated investments for a non-working business, and secondly, when you start earning money, you will be able to get more investment due to a small share of the company's shares.

Your main goal in the start-up capital is to find as much money as possible from sources close to you, organize work so that in the first stages, you can spend your money economically. You can read more about bootstrapping in our article “Bootstrapping your business. How to develop without significant financial investments."

Your network

An important feature of successful entrepreneurs is that they are able to surround themselves with a network of professional people. With their help, you can get competent advice, new ideas, professional solutions, etc. Creating your own network should be an ongoing process, like training.

20 tips and truths that a novice entrepreneur must know

Being an entrepreneur does not guarantee success. You will fail! If you do not fail, it is because you are not risking enough.

In an effort to support you, most people will not tell you the truth about your ideas. Therefore, be careful not to allow this kind of feedback to influence your decisions. If you do not receive a negative review, you should worry.

No one but you and your co-founders will care about your idea until you have what you can show. Speak less, show more. Give them a reason to pay attention to you.

No employee, even if he has a share of capital in the organization, will never care about your company as much as you.

Be careful about collecting money. It is not as easy as you think. We already wrote about bootstrapping, so make sure your business has grown enough before looking for external financing. If you are ready to finance, then read our article “Raising financial resources for your business”.

Luck will play an important role in your success. Just remember that you can create your own luck by working tirelessly on what you are passionate about.

MVP (minimum viable product), which we wrote about in the article “Beginner Entrepreneur. Where to start building an empire ” can give you false positive or negative data. Make sure that you initially correctly defined your MVP and correctly interpreted the results of preliminary tests.

From the very beginning, make sure that you have equal rights in the company. If there is a co-founder, try to get rid of his share in the company equally.

You will have to make difficult decisions, such as dismissing your best friend or abandoning a co-founder. Whatever you do, do it quickly and don't let emotions interfere with these decisions. Just accept them and move on.

You will have long nights, work days off, and there may even be days when you don’t sleep at all. Work while your competitors are sleeping to get ahead of them.

Income is your raft, and you must generate sales to stay afloat. As an entrepreneur, you will need to conduct sales, knock on doors and make phone calls to boost your business.

This is normal if your business idea is not a BILLION dollars idea. Yes, some companies evaluate themselves that way, but these are just assessments - this does not mean that these companies bring such income. Create real value for your business.

You will always have haters! These people do not have the courage to become entrepreneurs and hate because you took a chance. Ignore them and just keep doing what you are doing.

There are days when you want to quit and return to hired work. Do not think that these days you have lost your entrepreneurial spirit. This is normal. Every entrepreneur has such days.

People will think that you are crazy.

Take risks with everyone in the business except family, health, friends, and common sense.

It is normal to look at another entrepreneur and experience “healthy” jealousy of what he has achieved. Just make sure that this does not bother you or distract you from your plans for moving forward.

There will be days when you feel exhausted and unproductive. Leave the office, meet friends, or spend time with your family. Take a pleasant walk or just take a few days off. Everything is fine, you will return full of energy.

Entrepreneurs are not wealthy, they just have enough resources that are constantly at risk. Those businessmen who sold their companies take revenue and begin to create new companies or invest in other enterprises. Entrepreneurs always have a desire to create and be part of something more than themselves.

Regardless of your level of success, be always humble and willing to help a fellow entrepreneur.

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