Things First Time Entrepreneurs Should Know

Things First Time Entrepreneurs should know

First-time entrepreneurs have so many questions about how to be an entrepreneur. They are inquisitive, yet scared. The burst of excitement experienced when you come up with a business idea can quickly diminish as you become overwhelmed by the task of simply knowing where and how to start. While being an entrepreneur is not for everyone, when it calls you, there are some things to consider before taking the plunge.

1. Financial Aspect

Being an entrepreneur involves passion, commitment, and dedication. It’s your idea that sells. Money has to come from somewhere, and you have to be able to turn what money you spend into more money. It is recommended that you have at least six to 12 months income to live on while ramping up the business. Do not chase funds. Try starting your business through bootstrapping. Bootstrapping is starting up with minimal financial resources. Maintain a consistent cash flow in your business. Failure to maintain a consistent revenue stream could inhibit your business growth and eventually lead to failure.

2. Make a Team

You can’t afford to be arrogant. Everything will get better when you ask for help. There’s always someone older, better, and wiser to go to. You may need help developing your product or your website. Don’t be afraid to reach out to a friend or to developers. Make a team and hire the best you can get. Here, the best doesn’t just mean the most talented, you need someone who connects with you and is ideologically suited to your business. Lambert advises you to hire people that can do the things you can’t, to ensure you can stay focused on the business.

3. Make a Plan

Any successful business requires a full-fledged planning, without a plan, you will fail miserably. Every single division of your company from Marketing to the Human resource to finance needs to have a plan. Setting regular and constantly refined targets will help you stay focused and manage your business growth effectively. Take your plan to small business development center to get it evaluated. Use their tools to ensure you start out on the right foot.

Things First Time Entrepreneurs Should Know

4. Be Patient

There are no magic mantras for success. It’s all about hard work, perseverance, and patience. Apparently, 7 years is the common time frame before a startup makes it big or sells out and 50% of startups don’t make it past year 4. These figures are not at all encouraging. Most people come to know about a startup only when it has become widely popular and its product accepted by thousands of users. This means that patience will become your best friend, and possibly your biggest challenge.

Remain concentrated on your targets and continue moving toward your objective. See any difficulty as a setup for another open door; take in what you can from the experience, and go ahead.

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