12 Tips Every Budding Entrepreneur Needs To Know

The world has seen a lot of entrepreneurial activity over the last two decade. Start-ups have turned into billion dollar enterprises and this can be attributed to new technology and funding from angel investors. If you have the right idea and a strong business plan, it is worth taking the risk and walking the entrepreneurial path. While most entrepreneurs walk the less walked path, it is important to follow a few basics of the game. Here in this brief write-up we shall discuss 12 tips that every budding entrepreneur needs to know.

1. Do Not Expect Overnight Success – Most entrepreneurs start off with big expectations and when results don’t come by in quick time they lose the zeal to succeed. There is no time frame for success in business and what you should initially focus on is incremental growth. Monetary success isn’t easy to come by and you need to wait for your time.

2. Take Risks – Ability to take risks is a part of being an entrepreneur and this is what takes small start-ups on a long journey towards success. It is a thrilling experience when one of your decisions pays off well. However you need to make well-calculated moves combine them with your instincts.

3. Learning Never Stops – As an entrepreneur you need to learn every day. You need to constantly keep updated with the latest trends in the market and know customer expectations. Most of your knowledge would come during hours of crisis. Also knowledge often comes from unexpected quarters and you should never shut your eyes and ears to even the weirdest of suggestion.

4. Brand Yourself – One of your initially goals is to create a strong brand for yourself. You need to work towards drawing a line between you and your competitors. In the initial days brand image is all that should focus on. A strong brand image allows you to earn customer loyalty.

5. Pick Up Emailing Skills – You would have to write dozens of emails while starting your business and you need to pick up the skill of writing an email. Keep it short and sweet as a potential investor may not have the time to read your complete story.

6. Be Willing To Innovate – Don’t spend your time reinventing the wheel. As an entrepreneur you should strive to introduce new products and solutions in the market. Always be willing to look beyond the obvious.

7. Develop Business Plan – It is famously said “It’s not about ideas. It’s about making ideas happen.” Having a mere idea won’t take you the distance. You need to develop a strong business plant around the idea to attract investment.

8. Network Constantly – In today’s world of business networking is as important as doing business. You need to network in all directions upwards with people who have achieved success; downwards with the green horns and horizontally with your peers.

9. Use Social Media – There is no better way to network and promote your business than the social media. LinkedIn is a must for every entrepreneur to network within the industry. Facebook, Twitter, YouTube etc. allow you to reach out to your potential customers.

10. Learn To Disconnect – Most budding entrepreneurs start with a flash and then burn out. You need to learn the art of disconnecting from work. Your brain needs rest and only a relaxed brain can afford to think.

11. Listen To Others – You may be passionate about your ideas but never let your emotions take charge of decision making. Listen to what your friends, employees and others have to say before taking a decision.

12. And Don’t Listen – You would be flooded with advice, many of them unsolicited. Don’t let everything you hear influence your decision. Analyze the pros and cons of your decision and learn to trust your gut.

These tips would help you scale your way up the ladder and turn your small business into a brand. It is however very important for you to enjoy what you are doing and always listen to your heart. And most importantly put all efforts into the business and leave no room for complacency. “Do. Or do not. There is no try.”

Source: smallbusinesscan.com