Everyone wants to start a business , but only a few succeed in doing so. Starting a business is only half the battle, entrepreneurs need to work day and night to tackle that niche in the market and start making profits. I have compiled a few tips for the upcoming entrepreneurs on Steemit!
1. Understand how to read those numbers.
Learning how to read the financial statement and budget is absolutely necessary. Understand what are your liabilities and what are your assets. Is your money moving from your assets to your liabilities? Or are you creating more liabilities. Understanding the numbers and the movement of money in your company is absolutely necessary.
2. Take risks
This goes without saying that taking risk is extremely crucial. You may not have a 5 year plan, but if you find a niche in the market and you believe in yourself. Go for it. Look at the risks, and evaluate. Ask yourself are you ready to lose everything for this purpose of the business. If yes, do what it takes for your success.
Networking can open doors for you that didn't exist before. It'll help you to fork new bonds and relationships. That may help both you and your business. Many start ups have been funded by friends and families.
- Networking can help you to learn various tactics and strategies that successful people use in their daily lives.
4. What's your vision?
Do you want create a dent in this world? Or do you want to create a passive income? Or are you truly passionate about your product /service? Instrospect and find our the truth. This vision will help you and motivate you in the hard times and will encourage you to do more when times are good.
5. Develop your team.
One of the most crucial steps that make or break a business is, your team. The people that you work with have a huge impact on the success of the the business. You and your fellow partners needs to have your goals and visions aligned. This will prevent any future conflict,that may hugely affect the business.
Understand your market and your customer. When your attacking a niche in the market you need to do considerable amount of research. You can use various tools such as questionnaires and surveys. Understanding what your customers want and providing that with the highest quality can help you alot.
7. Transition from part time to full time
You don't need to go all in. Start small and work your way from there. If possible start your business along side with your job. Many young entrepreneurs believe that a business needs alot of time and focus. That is true. But if you're starting a business from a scratch. There is a lot of risk. You need to make sure that there is a market for it. Start small and slowly transition from your work to your business, according to the conditions.
8. Accept Criticism
No body is perfect. If you're go down the entrepreneurial path you are bound to make mistakes. Your investors, family members or partners may criticize your for your wrong doing. But don't let that pull you down. Learn from the mistakes and appreciate the honest feedback.
9. Be open to new ideas
Every entrepreneur should learn how to take advice and to open to new ideas. Allowing your peers to share their ideas, encourages the workplace to be a creative zone to solve problems.
Starting a business from scratch is one of the toughest things to do. There is a lot of risk. According to Forbes 90% of start ups fail. That is a huge number. The only way you are going to get through the tough times is by believing in yourself and your vision for the company.