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5 Tips for the First-Time Business Owner

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  • 5 Tips for the First-Time Business Owner

    Hi

    Here are 10 pieces of advice that I wish someone had given to me before I launched my first venture.

    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 ***y 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.

    Keep sharing and reading
    Thanks
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  • #2
    Re: 5 Tips for the First-Time Business Owner

    Hi..
    I have gone through the post and the information is been much effective for the business planning..
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    • #3
      Re: 5 Tips for the First-Time Business Owner

      Thanks For Sharing such a Useful Tips With us,I Found it really very useful Posts For Myself
      Keep Sharing such Informative Posts With us.
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      • #4
        Re: 5 Tips for the First-Time Business Owner

        Hello friends

        From Entrepreneur.com: I write Entrepreneur.com‘s Young Entrepreneur column because I believe there are far too few resources directly addressing the nonacademic trials and tribulations young entrepreneurs face along their journey. Whenever possible, I encourage up-and-comers and established entrepreneurs to mentor the next generation of dream-seekers; for it is this insight and insider education that will provide the foundation for the entrepreneurs of tomorrow. With that, here are 10 pieces of advice that I wish someone had given to me before I launched my first venture.
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        • #5
          Re: 5 Tips for the First-Time Business Owner

          Hello all,

          Here are some more tips for first time business owners

          # Learn under fire
          # No one will give you money.
          # Be healthy
          # Don’t fall victim to your own BS
          # Know when to call it quits.
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          • #6
            Re: 5 Tips for the First-Time Business Owner

            Thanks for this list, another thing I would recommend, is to start off with low prices, discounts, etc. This will help you kick start your business by beating competition and gaining clients/customers, a lot of sales come from word of mouth, so it's a great investment towards the near future.
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            • #7
              Re: 5 Tips for the First-Time Business Owner

              business owner make some specific strategy for its own business. its must have some rules and regulation. and think about how can it is more grow ? and what is in implementation. whats running market factor? all things we should know must.
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              • #8
                Re: 5 Tips for the First-Time Business Owner

                the tips that were given are so useful.. thanks a lot .. ! I'm happy i was a member on this forum ..
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                • #9
                  Re: 5 Tips for the First-Time Business Owner

                  Hello friends

                  We see all kinds of entrepreneurs come through our doors at the NEOinc incubators. Some are looking for a place to land, some are looking for funding, most all are looking for coaching, mentoring and any kind of help they can get. While many of the entrepreneurs we meet have a significant amount of business experience, we are also seeing an increase in very capable entrepreneurs graduating from our regional universities.

                  Regardless of your experience or skill in entrepreneurship, this article over at Entrepreneur.com entitled 10 tips for the first-time business owner should be a must read. It could be a simple reinforcement of basic principles you’ve forgetten to focus on, great advice for those of you just starting out, or somewhere in the middle. Regardless - click over to the article and give it a quick read. Lot’s of great advice. Here’s a quick list of what you’ll find (we particularly like #2, 6 and 8):

                  Thanks to all friends
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                  • #10
                    Re: 5 Tips for the First-Time Business Owner

                    Tips for first time business owner

                    Know what you do
                    Act like a startup
                    Say it in 30 seconds or don't say it at all
                    Learn under fire
                    No one will give you money.
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                    • #11
                      Re: 5 Tips for the First-Time Business Owner

                      For a better running of a business some kinds of business techniques and strategies are required although I was just wondering that every business owner should follow these tips and tricks for first time business owner for more success.
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                      • #12
                        Re: 5 Tips for the First-Time Business Owner

                        I am new in this industry... I will try to follow your advices... thank you
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                        • #13
                          Re: 5 Tips for the First-Time Business Owner

                          First check the planning tool and which strategist use in your business anf how much effort use in your business this is the important features. All thing about your business and function and how get the fund in business. All things must you know about your business.
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                          • #14
                            Re: 5 Tips for the First-Time Business Owner

                            When you start first time business then you see all kind of enterprise comes on the door but some are looking for the place to land,some are for funding and any kind of the help.You increase your business compare the market enterprise.
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                            • #15
                              Re: 5 Tips for the First-Time Business Owner

                              Originally posted by ashwerzdns View Post
                              Tips for first time business owner

                              Know what you do
                              Act like a startup
                              Say it in 30 seconds or don't say it at all
                              Learn under fire
                              No one will give you money.
                              Is that a poem? What does it mean? Anyways I like the last part..

                              No one will give you money....... You have to grab it.
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