5 Tips for the First-Time Business Owner

Discussion in 'Growing and Managing a Business' started by anissa34, Jan 15, 2010.

  1. anissa34

    anissa34
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    Hi

    Here are 10 pieces of advice that I wish someone had given to me before I launched my first venture.

    1. Focus. Focus. Focus.
    Many first-time entrepreneurs feel the need to jump at every “opportunity” they come across. Opportunities are often wolves in sheep’s clothing. Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.
    2. Know what you do. Do what you know.
    Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful.
    3. Say it in 30 seconds or don’t say it at all.
    From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.
    4. Know what you know, what you don’t know and who knows what you don’t.
    No one knows everything, so don’t come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.
    5. Act like a startup.
    Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.

    Keep sharing and reading
    Thanks
     
  2. btsuccess

    btsuccess
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    So simply & so beatifully said! And so much right to the point!

    Lena & Dima
    Publishers, InternetBusinessBTS.com
     
  3. VmTech

    VmTech
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    Good tips

    Thanks for sharing.
     
  4. lentrepot

    lentrepot
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    In relation to the top tip: Focus on what you want to achieve and plan a strategy on how to achieve it. Identify your strengths and weaknesses and use it for your business.
     
  5. Fergal

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    Focus is something I've learned the hard way. In the past I spent far too much time looking at lots of different opportunities and business ideas. Now I try to focus on one or two main projects and push them as far as I can before even considering moving on to something else. When I have a new idea now, I discipline myself to write the idea down for future reference and continue to focus on my current project. If you spread yourself too thinly you are unlikely to have a major success.
     
  6. PneumaticTubes

    PneumaticTubes
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    Nice Tips there! I am really planning to start my own business soon. And I will really apply those advise you gave...
     
  7. HJ-Andrew

    HJ-Andrew
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    This was great information, thank you.
     
  8. TiaWood

    TiaWood
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    A+ :) You hit the nail on the head!
     
  9. DEADMAN

    DEADMAN
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    All of your tips are very worth. I would just like to add something in number 3.

    You should be never be late replying to your answers. You must be very quick in making up correct statement to speak. Else, you need to give time to customers to speak or even ask them questions before you can reply listening them.
     
  10. Fergal

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    You could add a sixth tip - Listen to your customers!
     
  11. stepheny

    stepheny
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    That's are really great tips Friends which you have shared here With us
    I Found it really very useful for myself
    Keep sharing such Useful Information With us

    Thanks & Regards,
    stepheny
     
  12. eddane

    eddane
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    There are only five there - not ten....

    Ed
     
  13. kittelsoncarpo

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    Thanks for the simple yet informative post. Being a first time in business, the important thing to do is minimize expenses as much as possible. And of course, hands-on in your business so that you could monitor your business and you could pin point problems and then make a best solution on it.
     

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