Are you a business owner? That’s great! Because this world needs outstanding businessmen and entrepreneurs who, through their products, their developments, and services, can improve the life of mankind! However, business is not easy. Only a small part of newer companies work longer than 3 years.
Below are 10 things that every beginning entrepreneur needs to know to ensure the success of his business.
1. Don't waste money and follow your business plan
The success of your company and high incomes can infatuate. As a result, the beginning businessmen start wasting money on expensive brand clothing, cars, jewelry, and journeys. But this can quickly lead to bankruptcy and huge debts. In the first several years of business, you need to spend all your money on its development.
Think about how you see your company in several years, how much money you need to achieve your goals, and reflect your thoughts in a strategic plan. Adhering to this plan will help you move in the right direction and not waste the time and money.
2. Earn on your free time
Most people who want to start their own business complain that they do not have enough free time. Between work, hobbies, and family commitments, they have a maximum of an hour or two a day to think about a new profitable business idea.
Take what your hobby like analyzing sports events, gardening, or woodcarving and try to make money from it. This is the most reasonable starting point. This way you will not give up your hobby, but expand it.
3. Offer feelings rather than a products
Steve Jobs said he always wanted Apple products to give consumers a feeling, not just functionality. Apple is arguably the strongest brand on the planet today. Try to attract your customers with feelings that they may experience when using your goods, not just the information and the product.
4. Communicate with other entrepreneurs
You need to surround yourself with people you want to be like. If all your friends are boring office workers, then you will unconsciously feel the social pressure on yourself and remain the same boring office worker.
Such friends will not understand your ambitions or will even be offended and envious. Find people who are in the same state as you, so you can nudge and motivate each other.
5. Think about your brand constantly
The reality of the modern economy is that any information, product, or service that people need already exists in dozens of options on the market. There is no longer a deficit. Differing from competitors only in price or quality is an almost unrealistic strategy to enter and become successful in a new market. Only the brand can dominate the market.
Your brand determines how the relationship with the customer or customer will turn out. For this reason, they come back to you, rather than go to your competitors, who offer the same services and prices.
6. Let your business progress
The market is constantly changing, and what worked last year may not work this year. You cannot stay on top of success if you do not develop with the market. Don't be tied to one idea or initial business plan otherwise you run the risk of losing your success.
7. Do not be shy
The desire to do something that no one else has done before requires a certain degree of unfounded faith in yourself. You must be prepared to:
- become an object of ridicules
- call dozens of potential clients and convince them that you can do the job better than your competitors
- advertise your new product to people who are unaware of its existence
- promise to provide your unique product or service, even if you still have little idea how to do it
8. Be ready to stress
In a regular job, stress is often associated with external approval like deadlines, meetings, presentations, and usually with your boss. It is a feeling of irritation that manifests itself in short but violent bursts.
When you work for yourself, you no longer have to fight for external approval. You change the external stress for an almost imperceptible, gnawing feeling that everything is going to decline and disappear in one day.
Yes, you can wake up every day at lunchtime. You can work at any time. But when you work for someone, you are not haunted by the fear that one day you will come to work and your building will not be there. The entrepreneur thinks about this every day.
9. Read less and do more
Try to read-only when you need a specific solution to a problem you are experiencing at work. You don't need to read about marketing because you feel like you should be good at marketing. It's so damn boring. Read about marketing when your new project needs a marketing strategy. All of a sudden, reading will be much more interesting.
Often people read about what they want to do instead of actually doing something. Reading is useless without actions.
10. Don't try to get rich quickly
All the existing ways to make money fast will either kill your brand prospects and customer loyalty. If you love what you do (and you should love) and regularly invest in growing your business, then you shouldn't have a ton of money for expensive, useless purchases on your list of priorities. Boost your self-esteem in other ways, if you need to.