The average entrepreneur or aspiring entrepreneur is scared of risks. This manifests itself in compulsive thinking and overanalyzing the facts. A majority of the time put into most startups is spent thinking. That time would be much more valuable if it was spent doing. Doing research. Doing due diligence.
JUST START
You might find yourself in a similar situation and your first instinct is to think it through 'properly'. While that instinct is not necessarily wrong, it is important to 'do' just as much as you 'think'. The curse of over analyzing and overthinking is that very little time is dedicated to the action itself. You might be stuck in your head about the capital, the mechanics or the proper way to break into an industry, here are a few tips to help you out of the rot of overthinking and get you started with your business.
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1. Have a motive:
This motive has to be anything but money. So many people go into business with the singular agenda - to get rich. Imagine their frustration when they realize their products and services are not special. The marketplace is saturated with every idea that has ever existed. The competition is crazy and having something to help you push through the tough times, low sales and insane deadlines and targets will be a real game changer.
Having a motive will also give you a realistic basis to guage your growth. While the completion and scalding intensity of business might have you believe that there is no growth happening, being able to look back on why you started and where you hope to end up will be a refreshing burst of motivation.
2. Be unique:
The competition is such that without diversity, your brand and your product will go stale on shelves. While it is true that what is common is often in high demand, having something that adds an edge to you specifically will do your business more good than being exactly the same as everyone else.
3. Research everything:
While this might seem obvious, a lot of people get caught in the motions simply because they do not want to undergo the rigorous task of researching their questions. Utilize the internet, read books, go through articles, meet people in your line of business and ask informed questions. This is the only way to ensure your business will have a fighting chance.
4. Keep working:
A lot of business owners in this part of the world have day jobs. This is because of the fragile nature of most businesses. Especially in the beginning stages of your business, investing might be a continuous thing as opposed to a one-time capital. Don't quit your day job just yet. If you are gainfully employed, keep your job as you grow your business. When you feel on top of things, you can choose to quit your job.
5. Be a student:
Skill stacking is the easiest way to the top. This is especially the case if your business is a service-based one as opposed to a product-based one. Keep updating your skills and adding to it. This not only puts you on top, but keeps you on top.
6. Build your network:
This point cannot be stressed enough. Who you know is important,especially in the world of business. It is essential to build your network like your life depends on it. This will also force you to learn how to manage social interactions, etiquette and psychology. The information you can farm through your network alone is enough to keep you relevant for a long time. As such, it is important to approach networking as the heavy-duty task that it is.
7. Have your finances down:
For entrepreneurs or aspiring entrepreneurs who have no way of financing their business, an easy way to get started is to skip the business bit and apply all the steps listed above. Build your network, skill stack, get or keep a day job, save, research and be on the lookout for opportunities.
For those who do have capital, it is important to gain adequate knowledge on properly managing a business and your finances. If this feels difficult, you can always employ someone with this special set of skills. Do not underestimate how essential it is to understand the financial aspect of any business. Book keeping, records, reinvesting. If you overlook the essentials, your business will simply become a dumping site for all your money and that is bound to get tiring.
8. Take your time:
By all means, start small and start now, but do not rush into a business when you have no interest in it and you have no interest in being an entrepreneur. People go into business for many different reasons, one of the worst ones is that they are bored and are looking for something to invest creatively in. Like we addressed in the very first tip, your motive has to be able to inspire growth. If you take just the extra time to figure out why you want to be in business and what kind of business works best for you, that saves you from years of frustration down the line.
While these tips are just tips, they are a useful checklist to measure your preparedness. How ready are you to start your business? If you've got most of them down, what's holding you back? Are you scared of starting and making mistakes? Are you worried that you won't be able to control things once they are in the public space? Here's an extra tip for you.
Start small:
You don't have to figure it all out in one go. It's perfectly acceptable to grow as you go. To learn on your way. Cover your basis, go over then again, check for gaps, but be ready to put yourself out there and let others in on the process.
Use your customers' input to improve your business. Take that bold step. Start now, and start small.