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10 lessons for first-time entrepreneurs

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first time entrepreneur

Launching a startup can be exciting and rewarding but also nerve-wracking and challenging at times. There will be endless issues coming up as you launch, may it be financial, legal, marketing, or staffing. Newbies can easily get overwhelmed with the bulk of conflicting advice, books, and ideas out there providing tips for first-time entrepreneurs. In this article, we’ve tried to provide some useful advice for the first-time entrepreneurs.

1. Focus

Many first-time entrepreneurs are waiting to grab every opportunity that crosses their way. This might tempt them to enter multiple markets or start multiple ventures simultaneously. Stay focused on the product or service that you want to deliver and give it your best. It’s better to do one task perfectly than to do 10 poorly.

2. Do what you know

Build your business in something that you’re are knowledgeable about. You must have an idea you are passionate about, and will stick to it even in the rough times. If you are passionate about the product, it will be easier for you to sell your vision to investors and customers.

3. Build your audience

Newbies usually make the mistake of launching a product or service too early. It is better to build your audience and potential customers prior to the launch. Through online platforms, it has become easier to communicate with the audience and build a network with your future customers.

4. Be ready with your pitch

You never know when you’ll bump into some investor or potential customer. So, be ready with a summary of what your business does, what is your product or service and how does it help the current scenarios. Let the pitch be short and sweet, prepare it in such a manner that it would help you explain your business within a minute.

5. Find a co-founder and a mentor

Choose a co-founder who can complement the gaps that you have. It is not necessary to look for a person with same interests and knowledge; however his passion towards the product or business should be the same. Also, you’ll require a mentor who can help you make the right decisions. Whether you’re planning hiring, marketing, or product development, mentors are going to be guiding light for you in your tough times. Choose a mentor who is experienced in the industry and who has a great network to promote your business.

6. Surround yourself with positive people and keep networking

There will be a time when people will tell you about the risks involved in launching a new product or service. Never surround yourself with such naysayers. Develop friendship with other entrepreneurs and learn how they managed to stay motivated. Surround yourself with the ones who inspire you to accomplish your passion and help you solve problems. Networking with the right people to promote your business is really important.

7. Monitor your Finances

You need to prioritize spending. Keep track of your expenses, income and balance sheet. Maintain a low overhead and manage your cash flow effectively. You need to differentiate necessary and unnecessary expense until some revenues start to flow in.

8. Be open to advice but don’t listen to everyone

You may get some help through the advice of other entrepreneurs and business professionals. But implement only those advice which you feel will be feasible and will be really helpful to your business.

9. Know your strengths and weaknesses

Make a list of your strengths and your weaknesses. You will require knowing your weaknesses to build a management team to fill those gaps. Know your core competencies and always develop them in-house. You can outsource some other parts of the product if required. It is important to know what you can’t do and who can do it for you.

10. Know when to quit

If things don’t turn out as planned, learn from your mistakes. It is equally important to know when to walk away. Think of the alternatives that would have resulted in success. Failure will teach you lessons which will help you make your next startup a success.

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