Venturing into business is a big move in one’s life, especially in terms of financial, emotional and physical aspects of well-being. You have to dedicate a big chunk of your time in making sure that everything will run smoothly as you go along. Risks and dangers, however, are inevitable but you can learn the lessons not-in-the-hard way.
Here are tips on how to become a successful entrepreneur:
Business Tips
1. Research
Take your time in doing your research on all stages of the business life cycle. It is important to know any possible pitfalls and focus on how you can strengthen your product and improve your business model. As an entrepreneur, it is a wise move to be informed on everything that has to do with the success and failure of your business. You are on a dangerous ground if you don’t know your disposition – your target market, the pain point you are trying to address and how your product can actually solve it.
Research everything about your market – location, local culture, lifestyle, habits, etc. This first step will give you a hint if you’re going to make a good fit or not.
2. Never stop learning
When you run a business, it’s unavoidable that you learn everyday in a really fast and huge pace. Never get tired and never stop learning. It doesn’t mean that you don’t know anything when you want to learn; it’s just that there are things that you didn’t realize fully before. Always allow a space in your head for learning and innovating yourself. That’s for your own good anyway.
3. Stay focused
It is vital to focus on your goals more than anything else. Part of it is because ideas tend to give birth to more ideas that could possibly contradict each other later on, so identify your main focus and stick to it.
When you run a business, you should be able to at least understand every aspect of it – accounting, sales, marketing, customer service, etc. However, learning so many things at once could ruin your focus. So know what you have to do; get ready to hit your goal; execute it and move on to the next. Every now and then, remember to look at the big picture and make sure that all of your tasks and activities are consistent to your main goal.
4. Acknowledge your competitors’ strengths
It also pays to know your competition, if there’s any. Examine numbers; Test competitors’ products and service. Compare what they can offer compared to what you plan. Acknowledge their strengths and learn from their mistakes. But not that you don’t have to follow their business plan to get ahead but exceed what works. Maximize and heighten what your competitor has to offer. Brand your business with its own originality and creativity. A different strategy will surely work wonders for you.
5. Finalize a budget
A budget is surely among one any startup’s biggest concern (if not the biggest) – the blood of any business. If it’s a small business, a personal loan or business loan is considerable to withstand all the expenses. But, if your startup is aimed to be highly scalable, you will also need a bigger amount to sustain and grow your startup. Learn to effectively communicate your needs with your partners or funders and make sure to only agree to a partnership only if it makes a sound business deal. Put your budget on paper so that any correspondence will be easy soon and if any conflicts arise.
6. Ask for help
A startup business may look like a self-sustaining business, but building good connections could be beneficial. There are Facebook groups, online communities and local startup groups that help one another in building startup businesses. Join conferences, meet new people and ask for their help. You’ll be surprised to find out that there are people who are willing to help and provide you with enough guidance.
Author’s Bio
Cristina Beltran is a writer, blogger and online marketing specialist at MoneyMax, Philippines’ leading financial comparison website.
A great article. I would like to add one point to it because it is very important according to me. Mentorship is also very important in order for the business to be able to sustain itself. Mentors provide you with valuable inputs which help in the development of the business. I can say this out of my personal experience that I had at Mara Mentor. I got connected to great mentors there and I was able to put my security agency back on track after receiving guidance. I urge you to add this point. It is beneficial to have a mentor for all young entrepreneurs like me. Visit the website at http://www.mentor.mara.com
Thanks for recommending Mara Mentor site Ben. I registered there today and I believe I will find my mentor soon who will help me show the right direction for my business idea.
Great article. I recently published a similar article regarding “Essential Steps Before Starting a Business”. One thing that I think is missing is deciding on a business structure. This could ultimately dictate the direction and flexibility of your company when things are going good or bad. You can check out our work at http://www.mynaijanaira.com
Great article http://www.naijainvestgateway.com showcases investment opportunities in Nigeria, providing a guide for local and foreign investors
Austin´s last blog post ..AFRICA’S GATEWAY TO INVESTMENT IN THE CONTINENT- AN OVERVIEW OF NIGERIA’S BUSINESS ENVIRONMENT
Great piece Cristina! Always good to read your content.
Reviews and updates are also very important success tips. Every start-up must stay updated on news, innovations and general happenings in their various niches. Make changes where necessary based on new happenings in your niche and environment.
Information and innovation could be the edge your business have over your competitors.
[…] ?6 Essential Success Tips for Startup Businesses […]
thanks for the tips
Thanks for the Tips, startup Ups in Nigeria have a lot of challenges!
Nigerian Polytechnics´s last blog post ..Nigerian Polytechnics Ranking | Best in Nigeria 2015
Staying focused, being persistent and seizing every opportunity to learn is a gate pass to a successful business. I published an article about how to be young and wealthy and it has already inspired the lot. Read it here:
http://buildingthelife.com/secrets-how-to-be-young-and-wealthy/
[…] is a step by step guide to help you come up with a good strategic plan that will make your new business venture […]
[…] such a case can be devastating to your business if there is no other source of capital. Luckily, litigation funding companies are bankrolling […]
[…] you like spending, you will have a hard time building a successful business. You will find that the less you spend, the more money you will have to inject back into your […]
[…] you like spending, you will have a hard time building a successful business. You will find that the less you spend, the more money you will have to inject back into your […]
[…] 6 Essential Success Tips for Startup Businesses […]
In addition to what you’ve said make sure to do your market research, be a part of a community , practice great customers relations and make sure to go to events and meetups that involve other entrepreneurs, Talk to experienced entrepreneurs, have a startup business plan, And lastly , decide how to incorporate your business.
If I talk about my experience, Outsourcing has been a time saver for me and it always feels great to support another small business
Financial advisers is a must for creating a good plan on your business and self.
Spot on, all of these 6 tips are good. Startup businesses are always struggles to grow, so by following these 6 tips an small business owner can expand his/her business successfully.
Staying focused is not as easy as it sounds. One recommended way to make sure you are focused is to make sure you have passion in what you do.
Great content Christina. thank you for dishing out this beautiful piece