The below startup tips are among the most useful lessons any successful entrepreneur will gladly share with you.
Are you planning to take self-employment seriously or you want to start your own side business in order to open an additional income stream? Then I urge you to apply the tips I’m about to share.
I must be humble enough to admit that the startup tips I’m about to share with you are never my original ideas.
They are bits of wisdom I’ve gathered as a result of years of research on the subjects of self-improvement and entrepreneurship. I have gone ahead to implement some of them to my own benefit.
That is why I know how hugely beneficial they can be to any wannabe or practicing entrepreneur.
Jack Welch, the BBC, Prof. Stephen Adei, Pastors Mensa Otabil and Matthew Ashimolowo, Hattie Bryant of Small Business 2000 fame, Captain Prince Kofi Amoabeng, Entrepreneur Magazine, Inc.com, Chron.com and Penelope Trunk are some of my sources.
1. Do not allow your initial location to stop you.
In business, if you cannot get both at the same time, it is better to pay more attention to offering good products first and then get better premises later.
You can start in your kitchen, living room or in your garage.
2. In business, honesty is capital.
Develop credibility with your suppliers, creditors and customers and success is yours. Remember that cutting corners or engaging in dubious activities may give you some short-term perks, but in the long-run nothing trumps honesty.
3. Give the idea an easy-to-remember name.
This is one of the most widely shared startup tips out there.
A simple name that can stick to the minds of the public will help to quickly establish your brand. This becomes more important in our age where domain names, websites and blogs play a major part in startup success.
4. Guard against wasting your financial resources.
Remember that money, however huge the quantity can fly and fly away really fast; especially if it is not managed properly. So learn how to save part of your earnings.
5. Be a pacesetter.
When it comes to deciding on your product or service, avoid the temptation to rush into anything which the crowd has already gone into. It is better to find business areas where there is little competition. By the time the others come in, you will be positioned properly enough to dictate the pace.
6. Choose a product that solves a common human problem.
The fact that there are too many problems facing today’s society means there are countless business opportunities waiting to be exploited.
Why don’t you consider such areas as food, water, sanitation, energy, education, health, shelter or accommodation, communication, and clothing?
7. Delay your gratifications.
Place the interest of your business above your personal desire to acquire needless status symbols. Do not make the mistake of spending lavishly on personal effects as soon as the startup begins to make some profit.
8. Start small, grow big.
Trust in the power of one. It is always advisable to start small. This way, you can learn, in small doses, from the inevitable mistakes of starting a new business.
Do not let big, costly mistakes threaten the survival of your new business. This is one more of those startup tips you must never ignore.
9. Think far, start here.
Begin chasing your big dreams from the point closest to you. Sometimes, the resources we are eager to go elsewhere in search for are sitting right there in front of us. All we need to do is look a bit harder.
10. Allow yourself to fail.
But do not become a failure.
Failing is something we all experience once in a while but failure is a condition you allow yourself to stay in. You may fail many times but you need not become a failure.
Whenever you fall, get up, take the lessons with you and get going once more. This is how many before you did it. And this is how they managed to become champions in spite of the difficulties.
The above are just some of the valuable lessons I’ve learned from the more experienced individuals in the fields of personal growth and entrepreneurship.
Make sure to put them into practice in your small business or career.