So you want to be an entrepreneur and start your own business or enterprise? Doing business is not as easy and as fun as we might think. If you are complaining with your job or with your boss right now and is already wanting to escape from your office cubicle, you have to understand that entrepreneurship is not an escaping place for corporate refugees. Entrepreneurship is a choice of passion, commitment and great responsibility to your target market and to the society. If you want to start your business or enterprise the right way, here are 12 tips you should know before starting it.
1. Know yourself.
If you want to start a business for a living, you have to know your passion and the thing that you want to do for the rest of your life. You have to define your dream, your ultimate ambition, and your mission in life because these should be the foundations of your chosen business. Since doing business is tough and there are difficult challenges waiting for you on the line, you have to choose the business that you can always stand and fight for your life.
2. Understand your target market.
You have to start a business because you are offering solutions to the problems that you have identified from your target market or customers. Don’t start a certain business just because the money goes in there, but start a certain business because you want to solve people’s problems. Remember that money and profit naturally come in when your customers are well satisfied.
3. Check your financial resources.
There may be business ideas and opportunities that don’t require much money or capital to start, like businesses that provide services or sell knowledge and human skills. However, all businesses require time, and time is money. Thus, check your pocket or bank account if you can survive the early stage of doing business where revenue or income is still not coming in. You should also find people or organizations that can provide you financial backup or grant to fund your startup.
4. Check your human resources
Not only that you need to assess your finances, but you also have to assess the human support you will get when you start and operate your business. You have to check if you can find the right team for your business. You also have to determine if yourself is equipped with the right talent, skills, knowledge and experience to start and continue that business.
5. Train and develop yourself.
All champions are once amateurs. You may lack the knowledge and skills to further your business, but you can always train yourself and acquire the necessary knowledge, skills, values and principles you need to succeed in business. Furthermore, you can always find coaches and mentors to obtain wisdom from their years of experience.
6. Measure your risks.
Entrepreneurship is not just about taking risks but it is about calculating risks, managing those risks, and taking them to get the rewards you want to achieve. You have to be analytical, strategic, and tactical to win your competition in the market, as well as your competition with your foolish self.
7. Plan your business.
Whether you are staring a small or big business, you have to make a plan that includes your objectives and the steps or procedures to achieve those objectives. If you don’t know how to make a strategic plan, you can always consult with experts. Remember that your plan will be your map to your business or entrepreneurial journey. So if you don’t want to be lost, waste time, and squander your money, come up with a good plan.
8. Get a good place.
A good location for your business is vital to your business and sales success. Take note that place is an important element of marketing. Hence, make sure that your business or products would be accessible by your customers. You should strive to put your business online to strengthen its presence on the Internet and become easily accessible online anytime and anywhere. Moreover, learn how to leverage online marketing for your business success.
9. Learn how to influence people.
You have to be an effective leader and manager to your employees. You have to be an inspiring influencer to your customers. Thus, you need to learn how to understand not only what’s on the mind of people but also what’s in their hearts. In other words, you should not only learn how to communicate effectively, but also how to be compassionate with people. You have to understand the feelings and emotions to build good and lasting relationships with your workers and customers.
10. Motivate yourself daily.
The life of a businessman is not smooth, but rough. There are times that the sky will give you a shining sun, sometimes it will give your storms and lightning. In other words, the real entrepreneurial world is a world of challenges. You have to stay hardworking, patient, consistent, and faithful. And in order to do that, you have to not just motivate yourself monthly or during personal development training, but you have to strive in motivating yourself daily.
11. Don’t overdo it.
Yes, you have to work hard to succeed in business. However, you should also take rest and rejuvenate yourself regularly to have the ability and strength to work harder in the coming days. Furthermore, you have to learn how to prevent yourself from overreacting on your business problems and troubles. Remember that even if you are facing a difficult problem right now, the worse is yet to come. So learn how to relax and prepare yourself from the coming bigger challenges. You should be more proactive rather than reactive.
12. Stick to your plan.
Finally, stick to your game plan. If you want to win your competition, you have to keep yourself from sticking to your original plan. You need to learn how to ignore distractions, especially the distractions that are disguising as positive and rewarding, but in reality, are only trying to destroy your original goal.
There are still many other things that you should know before starting your own enterprise, such as choosing the right business structure, picking the best name for your business, registering and getting license, and others. To increase your chance of business success, you have to continue learning and always apply what you learn. To your success!