Tips For First Time Entrepreneurs… and long-time entrepreneurs as well! Whether you’re a new entrepreneur or a long-time business owner, it is always good to have a refresher course in making the best of your business opportunities.
Tips For First Time Entrepreneurs
- Have a clear focus. If you’re starting a business and you have only a vague idea of what you’re going to do and whom you’re going ot serve, you may make money but you could be thwarting your chance for success because you’re not laser-focused.
- Follow your passion. Just because you see Competitor A making scads of money selling Product B, doesn’t mean you want to jump on the bandwagon and sell Product B. The reason Competitor A is making that money is because he or she likely has a passion for the product. You need to follow your passion and focus on your core competency in order to be happy as a business owner.
- Know what you don’t do. It’s easy to say “yes” to every opportunity that comes along when you’re just starting out, but you need to stay within your niche and know what you need to say “no” to. If you don’t want to say no, then you need to build a referral network so you can refer rather than let a prospect walk away.
- Work lean. Even if you have a healthy start-up bank account, it’s best to work like a “starving artist.” Forgo the big offices and fancy equipment for as long as you can. Work lean. Save your money. Build your nest egg. If your business continues to thrive, have a focused plan for growing and expanding.
- Take care of yourself. If you’re a solopreneur, every task for running your business falls onto your shoulders. If you fall ill, who will pick up the slack? You need to take time to eat healthy, get away from the keyboard, take a walk, go to the gym. Clear your mind.
What was the best piece of advice you received when you were starting out?