In addition to the last 15 tips for people who are aspiring and planning to venture into starting business of their own, below are additional counsels that are sure to make the preparations more robust.
1. Passion - There must be fire in your bones and in your stomach for that business: if not, have a rethink and reconsider your choice. Without passion, you will sooner be like a car whose fuel suddenly ran out in the middle of a journey. The entrepreneurial terrain is not always rosy. Sometimes, even with enough capital you may lose steam.
2. Having a home office (that is, operating your business from home) is good but not the best: As soon as possible, get an office away from home. This will help you separate office from home and give you work culture. It helps you “Go” to work. You must discipline yourself to resume work every 8.00am even when there is no client to serve. Staying at home make you relaxed unnecessarily. Having an office you go to gives you a sense of “being on duty”. But meanwhile, if the financial strength of your business cannot yet afford an office, do try to get into ‘’business mood’’ (or business mode) as soon as it is 8:00am, Monday through Friday, and “close” for the day when it is time.
3. Incorporate or at least register your business name: You are not the business. The business must be separate (corporate) entity. Even though you will be the one doing most of the jobs from the beginning, you must always see yourself as a staff or an employee of the business. The business is (should be) a corporate citizen and separate entity with a life and “soul” of its own.
4. Be a hands-on person: Though you may out-source some of your works or hire experts or employ staff to do the jobs, there is no area or job in the establishment you cannot do or at least have a fair knowledge of. An entrepreneur is a mop for information. The idea is to know something(s) about everything in the line of your business.
5. Be accountable to the business even though you own or founded it: Keep record and run basic book keeping techniques and have some good knowledge of accounting terminologies. Give account of yourself to the business. Give reports of your jobs.
6. Read voraciously: study every aspect of modern business practice. Keep abreast of news and latest information in your field and related fields. Besides reading, you should watch tutorial videos that replete the internet these days.
7. Be focus and be persistent: new business ideas will always cross your way while the original idea may face challenges. Learn to exercise staying power. Being focus does not mean refusing to adjust your idea to suite the current demands. No matter how long the idea has been with you, it can and should be redesigned where and when necessary. Sometimes you may need to abandon a strategy or tactics while the goal should remain.
8. Mistakes are training classes: in business there are various forms of classes to pass through. Some of these mistakes are actual teachers or training classes. The money you lost is the cost of training or tuition fees. A manager who failed in a major business project was about to be fired. But then the management got to realize that the said manager would become an asset for their competitors if sacked. The money lost in the failed project was considered an investment toward the training of this manager.
9. Be diligent and disciplined: although, eight hours-a-day is the usual working duration that should be the minimum for you as an entrepreneur. While there is a place for rest and recreation, you must put in enough hours to your work every day, except weekend. Working 10-12 hours a day will not kill you.
10. Work with people (network): it is true that your network determines your net worth. Again the saying is true that says, “If you want to go fast, go alone. But if you want to go far, go with others.” You may go fast and get nothing. But when you go far, you gain a lot. Look for like minds and superior minds to relate and network with. There is profit in this.
11. Learn the art of communication: the art of communication or communication skills in business cannot be over-emphasized. Business communication includes body language, verbal, written communications etc. Different situations and occasions call for different communication approach.
12. Be consistent, persistent and resilient: this means to 1. Be known for something good or be faithful. In other word, practice what you preach. 2. Never give up easily. Unless you know for sure that your decision or path is wrong, do not give it up. 3. Be strong enough to always bounce back each time you fail or fall. This also means persuasiveness. That is, not giving up until you get the answer you need.
13. Be emotionally intelligent: what you do when you feel angry, provoked, hurt, put down or embarrassed etc., determines your level of emotional intelligence. If you can keep being level headed and self-controlled under these situations, you will win easily. Learn to not take things personal. Learn to not let your ego stand in the way. A prospect, for example, or someone who proves difficult or very hostile may often turn out to be a good customer, if you manage your emotions well. Consistent smiles in the midst of rejections and even insults, for instance, have often proven to turn a solid NO to a continuous YES.
14. Be excellent and quality-minded: having and maintaining a standard and be known for it is a major backbone of survival in the marketplace. Never sacrifice quality and excellence on the altar of quick sales and profit. Most customers who appreciate quality would rather you charge more and maintain or even increase quality than reducing quality to remain in business or to maintain profitability.
15. Be a calculated risk taker: business is a risk-taking adventure. However, it requires you weighing every option. Do not do things out of a “no option” syndrome. You must have options to choose from. This is one good way to calculate risks. Always have a “plan B” to fall back on.
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