3 Things People Don’t Think About When Starting a Business

As an entrepreneur, I know more than a few things about the decisions that go into starting a business. I’ve also found it’s better to learn from the mistakes of others rather than mistakes you’ve suffered through on your own. I urge all of you up-and-coming entrepreneurial movers and shakers to make yourselves aware of three things people often fail to think about when launching a business.

1. Failing to Find Mentors

No matter how many books, blog posts or articles you read, nothing beats the knowledge to be gained from someone who’s in your desired industry and has an abundance of experience under her or his belt. Seek out mentors to guide you on your business journey. Take them to lunch, pump them for information and ask if they’d be willing to take you under their wing.

2. Not Taking Time to Recuperate

No matter how much needs to get done, try your absolute best to keep your weekends to yourself, your family and your friends. You need some time to decompress away from the office and recharge your batteries so you’ll be ready to get back in the ring come Monday. Rather than work harder, figure out ways to work smarter. Technology makes it easier than ever to streamline common work tasks; find those apps and programs and use them.     

3. Not Hiring the Right People

No matter how many of your friends want to go into business or work with you, don’t hire them if you don’t believe they’ll be true assets to your company, and the same is true for anyone else you’re thinking of hiring. The wrong team can cost you in more ways than one. The best way to go is to hire a team with a variable skill set and qualities that complement each other. If your team were a chorus, there should be perfect harmony when you open your mouths and sing in the key of business.

How many of these mistakes have you made? Correct your course and you’re sure to experience smoother sailing.

Why Young Entrepreneurs Are So Impressive

There are some traits common to all entrepreneurs no matter what age they are, but young entrepreneurs are especially impressive. Not only do they have all of the aptitudes and qualities that set them apart as business experts, they are driven to seek success earlier on in life. Below are three traits they tend to exhibit.

Able to Overcome Limited Access to Funds

Without the years of credit history or access to reserves of personal savings, it is much more difficult to get started young, but financial setbacks are not always a limit to their activities. They find a way to move forward regardless of this difficulty. In fact, many of the exciting new financing strategies made possible by the internet were developed by disadvantaged entrepreneurs testing their limits.  

Questioning of Conventional Wisdom

At some point everyone challenges the authority figures in their lives. While this coming of age ritual may result in disaster for some, a young entrepreneur sees this time as an opportunity to make things better. Rather than simply accept the world as it is, they begin to question the rules. They look for ways to improve their circumstances without damaging relationships or established structures. They are often more revolutionary than rebellious.

Measure Success by Different Standards

Good grades, high SAT scores, and steady employment are the marks of stability. These are often rewarded with praise and greater privileges. An entrepreneur will almost certainly accept the accolades of conventional success, but will have another set of criteria that they judge themselves by as well.

Do my ideas make things better?

  • Is there a demand for my products?
  • Does my business earn a profit?
  • Can I reduce costs?
  • Will I be able to expand?

Creating a winning business takes more than just an adherence to the normal development paths. Success in the mundane world just becomes far too average. They strike out on their own, and quickly strive to measure up in a competitive business environment.

There are many things that make an entrepreneur more dynamic than the typical professional. Those who start early in life often show natural aptitudes and an enthusiasm that is hard to compete with. 

Entrepreneurial News Sources

Staying informed is the key to developing winning business strategies. The speed of information has rapidly increased, and smart entrepreneurs make a concentrated effort to keep pace. Getting into a habit of checking these three common sources of information is essential.

General Business News

Always review general business news every day. The economy is constantly changing, and it is a fact of life that everyone is going to need to update skills, processes, and expectations at some point. Read the latest magazines, news reports, and journals to get a feel for the general state and mood of the nation. Sometimes it is possible to spot trends in specific markets as well, but avoid relying too much on these generalized sources for detailed information.

Trade Publications

Industry specific information can be found in trade publications. These sources are almost always current and provide valuable insights. They are not always readily available to public. It may be necessary to join a club or an association to gain access. Subscribe to news sources and email lists whenever possible, and get in the habit of reviewing the headlines for important details regularly.

Helpful Rumors 

Often times the most valuable information isn’t found in print. Nor will it be posted in blogs or other online media. The best entrepreneurial advice and tips come from personal networks.  Attend business functions with other experts to build contacts with competitors and allies. 

  • To keep informed of the latest trends:
  • Attend business networking events
  • Follow social media
  • Directly call contacts for advice

Avoid relying solely on the advice from peers. It is wise to always verify before you act, but never discount the importance of leads that these sources will generate.

A successful business strategy depends on a constant stream of reliable information. Keep informed by accessing as many different sources of news as possible. Even the most insignificant detail can lead to a profitable idea or help to avoid a potential disaster. 

 

Crucial Pointers for New Entrepreneurs

Entrepreneurs aren’t only on a journey to build and pilot businesses that are meant to flourish and overcome challenges. More than that, the most successful entrepreneurs create startups that anticipate and address the needs of potential users.

The development of rousing, substantive products for real people will attract real consumers. While it’s impossible to predict or decipher consumer behavior, it is possible to anticipate needs and meet those needs. With a strong, competent team, the best entrepreneurs develop products that innovative and interprets conventional thinking. Also, put time into creating products and services that are high quality, using personal passion to ensure that the product or service can be a true contender within the upcoming 3-4 years. The ‘long game’ mindset deflates the notion that businesses yield immediate payoff. Instead, it acknowledges the reality that ventures take years to mature.

It’s important that entrepreneurs don’t focus on revenue during the early stages. While money revenue is necessary for a successful business, a failure to properly appraise the importance of customers and their needs is a sure way to learn that success can be short lived. Consumer value must be at the forefront. Also, finding proper funding is another vital step for a company. Crowdfunding and angel investors play an important role when it comes to developing businesses, but growing seed funds doesn’t occur overnight, and can certainly be more challenging than atypical success stories may have you believe.

Competently mastering technology and tools is also essential for developing a modern business that’s easily accessible by potential clients and customers. Across all industries, young people and older people alike are fond of businesses that keep them in touch with customer service, resources and information.

Build a comprehensive and stunning website to advertise/promote your business, which will help it rise above the mediocrity. Also, technology is necessary for productivity, optimization and streamlining within one’s office. Technology has transformed the world of scheduling, meetings and planning. Check out Bizly, 10times and Limefy, which are incredibly useful tools when networking and conferencing.

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