5 Tips for the First-Time Business Owner

Hi

Here are 5 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 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.

Keep sharing and reading
Thanks

thanks for share :rollingeyes:

Thank your for this tips.

if been hard to focus.. I will try it..

So overall, you need to focus on your goal, budget your assets (time, effort and money), act accordingly and learn from the expert. Like what you've said, you can't assure yourself that you know everything. You need to take time to study the in and out or simply the flow of your business before you can work alone with your plans. Moreover, don't rely too much with other people, in a way that you let them decide all the transactions involving the business itself. Remember, not all people are trustworthy.

Nice tips for beginner. Very good basic management idea when your are looking to start your own business.

Really helpful tips for newbies.

Thanks for sharing.

Thanks for make this great thread.
Keep it Up
I would like to hear more from you.

This is great tips for those newbie looking to start there own business..
Thanks for sharing..

Nice tips dear.One should take a tour of any organization or website that is providing ideas and suggestions for staring a business.

Thanks for sharing these ideas. These are very good basic management ideas and are very helpful to those who want to start his new business.

Very nice tips for the beginners, we all should visit it and take some good idea from it.

Hello,
i have some more tips that i want to share with you.

1. 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.
2. 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.
3. 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.
4. 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.
5. 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

Hello,

Thought I would share my answers with a little more depth…enjoy!
1. Thoroughly Explore the Concept
-Know everything about what it is you want to accomplish, what you have to bring to the table & what the venture has to offer in return. Make sure it is financially viable & the benefits vs. risks model has been assessed.
2. Develop the Model with Precision
-Don’t attempt to reinvent the wheel, aim to make your concept better so the venture eliminates pain or adds pleasure to its niche market.
3. Plan Strategically
-Create an action plan with goals & objectives that translate into “bite size” action item tasks.
4. Review & Analyze
-Constantly review your progress, learn from your mistakes & always, always analyze your numbers.
5. Benchmark Progress
-Identify your strengths along the way & build your foundations upon them.


Thank you

Really helpful tips. Hope I'll use them with wisdom
Thanks for sharing.

Tip #1: Work with a Reputable Business Consultant
Dhalla hired a business consultant who helped her assess business opportunities, evaluate the financials and determine if this was a valuable business to purchase. "We found the owner online and worked through the negotiations with our consultant. This was very important when we purchased the Athletic Club for Women in 2003," Dhalla said.
Tip #2: Undergo a Transition Period with the Owner to Gain Experience
Dhalla negotiated for three months of the owner's time to help transition the business to her. "Because this was my first business, I felt that it was imperative to get some experience as a club owner under my belt," said Dhalla. "I spent three months with the owner who threw me into her world and helped me a lot. This was definitely the best decision, and I learned quite a bit as opposed from starting from scratch where I could have made a lot of mistakes."
Tip #3: Know Your Customer
Members of the Athletic Club for Women range in age from 40-70 and some have been coming to the facility since it opened 29 years ago. "Our members are looking for a place where they can let their hair down, not wear any makeup, and network with other women while enjoying their fitness routine," Dhalla commented. "Some of our clients have worked out for a while and desire a place where it's comfortable and relaxed; for others, this may be the first time they're making the commitment to fitness and want good instruction and training."
Tip #4: Make Changes Gradually with Education

Limo Hire

Hello,
Here i am adding some more tips. I hope you never mind:-

1. Learn under fire.
   No business book or business 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.
2. 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.
3. 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.
4. 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.
5. 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.

Thank you for sharing.
Keep sharing like this
Regards
Chris

Really good tips. My business is 5 years old, so I know exactly how tough it can be to build a successful company. If I had read this post when we were starting up, a lot of problems would probably have been avoided

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