I write this column because I believe there are far too few resources that directly address the non-academic hurdles young entrepreneurs face in trying to run a successful business.
Here are 10 helpful tips that I wish someone had given to me before I opened my first business.
Focus … and stay focused
Don’t spread yourself too thin by jumping at every opportunity that comes along. This limits your effectiveness and productivity. It is better to be known for doing one thing well than for doing ten things poorly. If you follow this advice, it will eventually enhance your reputation and serve you well as you branch out, or when the right investment opportunities come along.
Know what you do and do what you know
A business built on your strengths and talents will have a significantly higher chance of thriving, so do what you love doing, and what comes naturally. While making a profit is important, you should aim to be happy managing and growing your business. Never start a business simply because it seems like the next big thing or because, hypothetically, it boasts large profit margins.
Get to the point
Always be prepared to pitch your business. Clearly articulate what you do and why you do it but keep it simple and concise and, as much as possible, tailor your conversation to suit the listener.
Know the Knowing
Try to always surround yourself with like-minded individuals who are on a similar path or share similar goals. Having the right framework of support can often make a big difference. Be prepared to share your knowledge with others in exchange for their ideas and develop friendships based on the mutual desire to see each other succeed.
Remember, this is your first time
Keep costs and monthly overheads as low as possible (but never at the expense of quality or service). Don’t even think about flashy vehicles or fancy offices, these are unnecessary expenses which ultimately bog you down and affect your bottom line. Triple check all expenses and always be frugal.
Trial and Error
Don’t be afraid to try new ideas in your business as long as they can be implemented at cost levels which are manageable if they fail. Some may work, others may not but you will learn from your mistakes. Most importantly, never make the same mistake twice.
Keep it simple
Simplify your idea until it is manageable, using minimal start-up capital. Manage the business yourself, if possible, and for as long as possible, without any lavish expenditure. Show your worth and if your concept is successful, your chances of raising capital from investors will dramatically improve.
Stay healthy
I am no doctor but I promise that if you take better care of your body and mind you will ultimately be much more productive. Being an entrepreneur is not a profession but a lifestyle. Working to the point of exhaustion will not only make you less productive but eventually burn you out. Never compromise your health for ANYTHING. Eat right, exercise and enjoy the fruits of your labour with friends, family or by making time for yourself.
Back it up
Impress with action not conversation. Infuse your business with passion but avoid exaggerating the facts and portraying far-reaching goals as certainties. Let your facts and figures speak for themselves.
What goes around comes around
Maintain good business practices and always be willing to assist others whenever you can. We all share one common marketplace and developing a solid network of business associates will ultimately lead to the linkages, which cause not only a small business but entire economies to function smoothly.
Following these guidelines will help you on your journey to success but you must always be mindful that even the best idea may not always work immediately or as you had hoped. If you do not experience the desired results, take a step back to evaluate the situation. Consider what you could do differently and try a different approach. If greater progress is not achieved, then you must be prepared to abandon that particular idea. Utilise any previous mistakes as a learning experience to better yourself, which will then better your future entrepreneurial endeavours. Stay positive, always seek advice and may the best of luck be with you.
