You’re tired of turning someone else’s dream into a reality, it’s time to show the world what you’re made of and be your own boss! You have the ideas but how do you bring them to life? Many successful entrepreneurs have tried, failed miserably, got back up….and failed miserably again. Our hope is that we can curb and cut down the number of failures you encounter and through these tips, become wildly successful in your entrepreneurial endeavors.
Don’t start trying to build the whole global empire in one day – it’s impossible. Focus on the goals of one business. If you start thinking too large and try to do too much, you will inevitably be spread too thin. Give one business all of your attention, analyze the details, and don’t get sidetracked. Pay attention to the specifics and create short-term company goals to really help maximize productivity. What do you want to have accomplished in 2 months? 6 months? 1 year? Remain focused on the core ideas and perfecting operations before even entertaining another business venture that may come your way.
Know the business
Only enter into a realm that you love. Be knowledgeable and passionate about what you are doing. We all have talents and things that we love, identify what those are and try to capitalize on them. It’s fantastic to think big, hey we at Crescent applaud big thinkers, but as an entrepreneur, you have to be realistic with your limits. If you don’t know fashion, do not open up a boutique. If you aren’t tech savvy, don’t build a tech company. Know your limitations and do your homework. Research the market, the competition, and the products and services that are already available to the consumer. Focus on building your business in a field that you know well and love, something that makes life fun and interesting. Wasn’t that the point of branching out and becoming your own boss in the first place? If you build around your strengths, you are more likely to succeed.
Write a business proposal that contains start up costs, on-going expenses, staff salaries, and your overhead as a whole. Try to keep costs to a minimum. While this advice may seem obvious, people can get caught up in needing expensive furniture for their storefront, or pricey ergonomic chairs for their new business. Though all of those things are wonderful, they do not make financial sense in the very beginning. Think about purchasing gently used office furniture off of craigslist or local sites such as Hoppers Office Furniture or Valuemander. If you feel compelled to purchase new pieces, try somewhere with reasonable prices such as IKEA.
Why reinvent the wheel and suffer from the same mistakes others have already experienced. Ask for help. Seek out a knowledgeable and successful mentor (or two or three) who can steer you in the right direction and nurture you. You can even link up with a local chapter of SCORE and get free counseling and mentoring in areas such as finance, marketing, hiring, and legal. If you are truly weak in some areas, think about paying for assistance. So for example, if you are bad at accounting, consider outsourcing to a local accounting firm. This will not only take some stress off of your shoulders but it will free you up to focus on maintaining the success of your business.
We applaud anyone with gumption to strike out on their own, after all it’s an important part of the American Dream. Our desire is to impart sound business practices into your psyche in the very beginning so that you can have the best possible chance at success. Focus, know your business, be frugal, and ask for help- 4 vital bits of advice that will get you that much closer to entrepreneurial success.