Tag Archives: entrepreneur

Things to ask when starting your own business

Business Startup

Being self employed and your own boss is a dream of any entrepreneur. Before you decide to leave your stable 9 to 5 job, you need to think if you have enough cash saved up before your new venture will be able to support you.

Statistically stating your own business is a risky affair and only around 50% of new status will survive through 5 years. It is always a good idea to accept that starting any business is a risky affair.

Before you leave your job make sure that you are financially prepared for the road ahead. Here are a few things to think about before you take the leap and start your own business.

Make sure you have healthcare insurance. If you leave your job this might also mean that you will also have to give up on your health insurance plan. Once again, it is a good idea to have enough funds saved to cover your health insurance plan knowing that it might take six months to a year before your new venture produces enough cash flow to cover your medical insurance.

Ask yourself if there is a Plan B. Starting any business is risky and if you fall into the 50% that fails, you will need a Plan B. Make sure that if you are in an industry that requires state licensing, make sure you keep this up-to-date.

Make sure you can cover all your fixed expenses. When leaving your stable 9 to 5 job will still mean you will have to continue to cover all your fixed monthly expenses. Before leaving make sure you have enough money to cover things like your mortgage, utilities and transportation expenses. When starting your won business the last things you need is to more stress and a whole lot of unpaid bills hanging over your head.

Have save enough money for emergencies? Before leaving the security of a stable job and income, make sure you have an energy fund stashed away somewhere. This emergency fund is notably for a true emergency but also might come in handy if your venture goes through some hard time or even worse fails.  before starting your own venture it is a good idea to have at lest six months of savings stashed away to cover any sort of emergency.

Make sure to factor in a savings plan when you start your venture. When starting your own business make sure you factor into your business plan a retirement plan. Saving money for retirement when you are no longer an employee is a whole lot harder.

To improve your chances of success make sure you ask yourself all the right questions honestly and prepare a realistic business and financial plan. Ask yourself the following questions:

Can you persevere and get through tough times?
Do you have a the desire to be my own boss?
Do the judgments you make in life generally turn out well?
Do you have an ability to conceptualize the whole of a business?
Do you possess the high level of energy that is sustainable over long hours?
Do you have significant specialized business experience?
Do you have the qualities like willingness to sacrifice, interpersonal skills, leadership ability, and optimism to succeed in your new venture.
Why are you starting a business?
What kind of business do I want?
Who is my ideal customer?
What products or services will my business provide?
Are you fully prepared to spend the time and money needed to get my business started?
What differentiates my business idea and the products or services I will provide from others in the market?
Where will my business be located?
How many employees will you need?
What types of suppliers do I need?
What will your start-up costs be?
Will you need to get a loan?
How soon will it take before my products or services are available?
Who are your competitors?
How will I advertise my business?

Starting your business and entering the world of entrepreneurship can be the best thing you will ever do but it can also the biggest nightmare.

Tips for entrepreneurs to avoid on the road to success

Business success and failure

A story we often hear and to common. That is how entrepreneurs apparently seem to prefer to fail along their journey to success, rather than taking the time to do some research and learn from the mistakes and successes of others.

It is always good practice to focus on the positives and learn what actually works, but all entrepreneurs should also be aware of the simple things that don’t work. Here are few things all entrepreneurs should steer clear of in order to avoid failure and lead to financial losses and suffering.

  • Never spend money you don’t yet have in the bank.
  • Never open your mouth while in a negative emotional state.
  • Never over-promise and under-deliver.
  • Never create a market you can’t supply and support.
  • Never count on anyone who offers to work for free.
  • Never underestimate the importance of due diligence.
  • Never grow too quickly for your finances and staffing.
  • Never be confused between working hard and working smart.
  • Never be afraid to ask for help, advice, or even money.
  • Never rely on a verbal agreement in business.

All of the above points might appear to be obvious to you, but somehow we constantly hear the same stories over an over again. Maybe it the egos of the entrepreneurs of today that clouds their judgement and never like to be told what to do. Or perhaps it is because there is no single perfect blueprint to succeed in business.

The Most Common Mistakes Entrepreneurs Make

Business Mistakes

We all make mistakes especially when it comes to entrepreneurs including but not limited to technology mistakes, marketing mistakes, advertising mistakes, financial mistakes, human resource mistake, and more. Some mistakes will slow the business down, while some can be so disastrous and bring the business to a complete halt.

Here are a few insightful tips and advise from other successful entrepreneurs.

  • Hide from problems
  • Be all things to all potential customers
  • Try to do too much at the start
  • Ignore the answers you get to the questions you ask
  • Slavishly copy a successful start-up
  • Think that great products are enough to succeed
  • Skip the proof of concept
  • Rush to economies of scale
  • Stay fixed on your vision
  • Run out of cash
  • Work out the details with co-founders later
  • Hiring the easy gets
  • Be satisfied with basic financial data

How to Start and Grow your Business

Business Startup
Being an entrepreneur takes guts. Starting your own business is huge. After you have taken this jump, the learning curve to create a successful business is a scary but exhilarating journey. Remember, everyone’s experience is unique and takes a lot of hard work.

Here are some suggestions that could help you.

Be Confident Be Assertive – Instil confidence in your clients, even if you not quite there yet. Sometimes you need to fake it in order to really make it. Think big when growing your business.

Doubts – Doubts will always be there. Any new business requires resources and this might come from outside investment. Remember, any investor will need to see that you are confident and believe in your mission. Put on a game face, pull on your existing resources. Employees need to know you GOT THIS!

NO is a mandate for Success – People say NO. It is a fact of business. Know the science behind sales and be resilient. If you want to grow your business, you must understand that a NO is an opportunity to grow. Embrace it.

Business Bank Account – Do not see this as an extension of your personal account. Growth requires resources. Each time you take out funds, you rob your business of its resources. Pay yourself a salary. Leave the rest alone.

You Can’t Do Everything – When you start a business, you are everything- bookkeeper, marketing guru, sales agent, IT specialist . Over time, you have to know this is not sustainable. You will have to bring talents individuals into your business if you want to grow it.

Richard Branson’s guide to success

Richard Branson Travel

The key to happiness is having dreams. The key to success is making your dreams’ come true. Today, i would like to pass on some tips from one the one of the most successful entrepreneurs who left school at age 16. After leaving school, Richard Branson went onto create the Virgin empire and brand. Here are a few tips to assist you on your road to success.

Follow your dreams and just do it – Be proactive and get involved in life and seek out things that interest you. No matter what business you create, make sure its is your hobby and passion. Your life and working career will be far better and enlightening. Never aim to do something for the sake of money. Many people have good ideas, but few of these ideas are put into practice.

Make a positive difference and do some good – To be a successful entrepreneur, you need to aim to make a positive difference in other people’s lives. Creating something that helps others will prove you with self fulfillment and will also motivate your staff to turn up to work and feel part of a company that is making a difference in the world.

Believe in your ideas and be the best – In order to succeed you need to believe in your idea. You need to have the passion for your idea, and through this passion you will be bale to motivate and inspire others to believe in it. Rehearse your ‘elevator’ speech and be able to describe your idea or business in two or three sentences.

Have fun and look after your team – Given that most of daily live are spent at work, it is important to have fun at work. If you feel that this fun has disappeared then perhaps it is time to think about moving on. Create an working environment that is peasant to work in from the top down. Make sure that you hire individuals that believe in your ideas and passion.

Don’t give up – You might go through some rough times along the way but never give up. There will be days that you have you forced to work night and day  to overcome some difficulties. Learn from mistakes and failures. Don’t dwell on disappointment. Without mistakes you will never grow and move forward.

Make lots of lists and keep setting yourself new challenges – Write down all your thoughts and make list. Lots of lists. It is the little details that transforms an average company into an exceptional one. Continue to set yourself new challenges and targets. Always make sure that your goals are achievable and continue to monitor your success over time and adapt if need be.

Spend time with your family and learn to delegate – One of the hardest tasks for an entrepreneur is to learn how to delegate. Find people who are better than you to run your business’s day to day operations, and free up your time to focus on the bigger picture and be able to spend time with your family. It is sometimes very difficult to balance your work and family life but never forget the importance of family especially if you have children.

When people say bad things about you, just prove them wrong – It is never nice to hear people talking badly about you or your vision and goals. It is never a good idea to retaliate. It will only give the individual more publicity and legitimacy in their comments. Rather listen to what they are saying and then move forward and prove them wrong .

If you’re doing something that really interests you and have a passion for, it will result in a much more enriched and enjoyable life rather than just doing something for the sake of making money.