Tulisan
8
10 Tips for the First-Time Business
Owner
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.
6. Learn under fire.
No business book or business plan can predict the future or fully
prepare you to become a successful entrepreneur. There is no such thing as the
perfect plan. There is no perfect road or one less traveled. Never jump right
into a new business without any thought or planning, but don't spend months or
years waiting to execute. You will become a well-rounded entrepreneur when
tested under fire. The most important thing you can do is learn from your
mistakes--and never make the same mistake twice.
7. No one will give you money.
There, I said it. No one will invest in you. If you need large
sums of capital to launch your venture, go back to the drawing board. Find a
starting point instead of an end point. Scale down pricey plans and grandiose
expenditures. Simplify the idea until it's manageable as an early stage
venture. Find ways to prove your business model on a shoestring budget.
Demonstrate your worth before seeking investment. If your concept is
successful, your chances of raising capital from investors will dramatically
improve.
8. Be healthy.
No, I'm not your mother. However, I promise that you will be much
more productive when you take better care of yourself. Entrepreneurship is a
lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will
burn you out and make you less productive. Don't make excuses. Eat right,
exercise and find time for yourself.
9. Don't fall victim to your own B.S.
Don't talk the talk unless you can walk the walk. Impress with
action not conversation. Endorse your business enthusiastically, yet
tastefully. Avoid exaggerating truths and touting far reaching goals as
certainties. In short, put up or shut up.
10. Know when to call it quits.
Contrary to popular belief, a smart captain does not go down with
the ship. Don't go on a fool's errand for the sake of ego. Know when it's time
to walk away. If your idea doesn't pan out, reflect on what went wrong and the
mistakes that were made. Assess what you would have done differently. Determine
how you will utilize these hard-learned lessons to better yourself and your
future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur
will prevail over adversity.
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