Top 5 Tips For Starting a Business

Look Before You Leap…..

‘Entrepreneurship’ is a buzz word on the internet with an increasing number of people seduced by the possibility of working for themselves and let’s face it, making a ton of cash in the process. It’s not a very difficult task to start a business in today’s context, but the question is, how easy is it to keep it ticking over in the long run.

Forbes published an article that stated around 90% of startups fail. A scary percentage for those about to embark on their entrepreneurial journey (and one that should not be ignored). Before starting a business, it’s vital to thoroughly research your market sector. Knowledge is power and the more you have of it, the better your chances at success. Keep in mind that nothing in life is easy. It takes a whole lot of time and hard work to start and build a business.

Here are 5 practical and effective tips that are worth considering before you undertake your big adventure in the world of commerce:

1. Be a Solution Provider

Consider what problem your service or product is going to solve? Is there enough of a need for your product? Do you have a large enough target customer base to turn your idea into a viable business? This article shows that 42% of startups fail because they offer a product that no one wants.

2. Start With a Detailed Plan

As tempting as it may be to skip this one, DON’T!
A detailed business plan will help you better understand your strengths, weaknesses, goals and resources. Remember, the task of building a business is not only about developing a product. There are plenty of other things to consider: milestones, finances, legal requirements, a marketing strategy etc. It is better to overestimate anticipated challenges rather than assume you’ve got it all under control. Note to self: No Shortcuts Allowed.

3. Develop a Network

Networking is super important for each and every enterprise, regardless of your business niche. Keep an eye out for qualified mentors and don’t be embarrassed to approach them for advice. Reach out to friends, networking groups and professionals via social media platforms to build a network that can help get the word out and grow your business.

Be your own brand ambassador and never miss out on an opportunity to promote your product/service.

4. Look Into The Future

There are many businesses that have collapsed because they’ve failed to adapt to the demands of a dynamic market. The fall of mobile giant Nokia Inc. is a good example. Study current trends, anticipate changing consumers’ demands, and keep listening to your customers to make improvements on your product and stay ahead of the curve.

5. Maintain a Balance Between Passion and Wisdom

Being passionate about your work is important for any entrepreneur to successfully come up with new ideas, improve on old ones and stay motivated. However, passion should be balanced out by market research and making decisions based on fact and not always gut instinct. Of course there will always be an element of risk involved with business but where possible, opt for calculated risk rather than spontaneity.

Conduct market research; reach out to experts and financial advisors, and gather knowledge to move your business in the right direction.

Conclusion: Keep Persevering

The above tips will help your avoid common mistakes that many an amateur entrepreneur is prone to. All successful business people have gone through their fair share of failures before getting a break. So, keep in mind that failure is just a normal process before getting to a point of success.

As you grow and learn in business, it is not uncommon to modify your original business plan to suit current circumstances. Keep learning; keep persevering and keep implementing your strategy to stand out as a successful entrepreneur.