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New Entrepreneurs Remember This (Ask)

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Starting a new business can be extremely exciting step for entrepreneurs, but often there is so much literature and information out there it becomes difficult to have know what exactly is the most important aspects of being an entrepreneur or business owner.

What are the most important things (maximum 3) that entrepreneurs should remember when starting a new venture?

Featured Response

While I’m sure many entrepreneurs start businesses during economic down times, and it is certainly true that blue ocean companies are emerging that are offering products and services that were never heard of before, you still have to have some entrepreneurial qualities to succeed as an entrepreneur.  Simply being unemployed with time on your hands does not qualify most people to be entrepreneurs.  It also isn’t always enough to be a talented mechanic or a good cook.  If you don’t have the business side and the financial side down, take some classes and get it before you start your own business.

 

Three things that I think are really important:

  1. Take the time to create a written plan and strategy before you start your business, and keep it updated as things change.  If right now you can’t envision and describe your business in six months, 12 months, three years down the road, your idea may not be well thought out enough to make the leap. Get the help of a consultant with expertise in business planning.  A small investment up front can save you a lot of money in the long run.
  2. Expect everything to take longer than you thought it would, and it will probably cost more than you think too.  Plan for that time and those expenses accordingly.  Many people give up on their ventures not because the ideas were bad or they weren’t realizing success or appreciation, but because they didn’t have the financial resources to make it during the start up phase.
  3. Closely related to number two is:  budget for marketing.  You can invest years of time and thousands or even millions of dollars into developing the best software in the world, or you can open an incredible restaurant with wonderful food and ambiance, but if you don’t invest in creative marketing and PR, who is going to know?

 Thanks to Connie Holubar, OutreachPR!

www.outreachpr.com

Other Great Responses! 

The primary success factors in any economy remain the same: (1) Market research: Make sure that there is an accessible and profitable market for your product or service. Also, assess prices, finances, and marketing strategies of competitors. (2) Develop a basic business plan. Try to keep it to 5-10 pages; have a clear description of the product/service and its benefits; do a detailed financial plan; and layout a 6-12 month marketing/sales program. (3) Prepare a realistic timeline and project plan. Generally, it takes 3-4 times as much work as estimated early in the process.

Thanks to Daniel I. Shostak, Strategic Affairs Forecasting LLC!

www.strategicaffairs.net

@dishostak

Related Post: Most Important Part of Business

(1) Conserve cash. Don’t spend money on anything unless it’s critical. (2) Get to revenue ASAP. Don’t spend any longer developing version 1 of the product than you absolutely have to. (3) Work like a madman. Your effort, and only your effort, will determine
your success.

Thanks to Mike Scanlin, Born To Sell!

http://www.borntosell.com

@borntosell


 

The most important thing to remember to starting a business is research your business industry and take notes. Secondly, don’t worry about the “Bubble Bursters” that is doubting your ability to start a business. Lastly, you must be highly motivated and dedicated because starting a business is a lifetime commitment and everything will not fall in place overnight.
Thanks to Sharron Dark, Serving Your Unmet Needs!
@freelancer38

Your 3 keys to starting a success business are: value, confidence and commitment. Your business’ success is based on more than the unique product or service you are bringing to market but is also founded the value, confidence and commitment you hold of yourself. Jumping into the entrepreneurial pool requires you to be uber passionate and the reason for this is your passion is supported by your confidence. And it is your confidence that will keep you motivated to staying committed to being successful and empowering you to bring the best value to your customers.

 Thanks to Karen Kleinwort, Therapy in Transition!

www.therapyintransition.org

@2embracechange


I have 3 rules before starting a venture: minimal risk/low capital investment (most businesses fail, even good ideas, it may take some failures to get to the winners so don’t risk too much on any one), you must have an edge over competitors (what makes you unique, otherwise you’re a “me too”), must be a large upside (if the upside is just a modest “salary” why go to the trouble of owning a business).
Thanks to Ron Russell, Sun Cafe!
@SunPowerNatural
Starting a business is a big decision, but if you are passionate about what you do and can provide a valuable service or product, then the rest will fall into place.  Yes, it may seem daunting thinking about all the factors of a new business, but just start with the basics: (1)  Develop your unique selling proposition (USP).  What makes you different and unique; what sets your service or product apart from similar companies?  Don’t be better; be different.  (2)  Know your story.  Passion is the single component that could make or break you…do you love what you do?  I hope so!  Take that passion and tell a story – your story.  You are your brand.  People do business with people they like and trust so open up and be ready to tell your story.  Position yourself as an expert at what you do and the reasons for and the journey to starting your own business. (3)  Know your target market.  Before you can solve anyone’s problems or fill a need, you must first understand your target market. What are they saying about products and services in your industry (do a Twitter search to learn up to the minute conversations from consumers – pretty powerful – or browse forums or other blogs).  What do they need/want?  What problems do they have?  Take some time to really segment and define each specific target group; once you know what they need or want…then look back at your service and product to determine how to deliver the best value and solutions.  Always be thinking what’s in it for them – your ideal customer.  Look into their world first and see things from their perspective.

Thanks to Tasha L. Mayberry, Social Media 22!

http://www.socialmedia22.com

@SMMSEO22

In times like today, new entrepreneurs need to understand that opening your own business means taking risks.  It means having to deal with supply line issues, hiring and training the right people, and working potentially without a paycheck.   The bigger the business, the office space or the product line, the bigger the risk.  Especially in an economy like today, the best tool when taking risks like this is to be educated.  Do the research on your industry, create a solid business plan and ask for advice.  But if you don’t take the risk, you’ll never reap the rewards!

Thanks to Rob Basso, Basso on Business!

 www.BassoOnBusiness.com

@BassoOnBusiness

Related Post: 15 Critical Business Survival Strategies

 

The most important thing to remember when starting a new business is the importance of incorporating! With an ‘Inc’ or an ‘LLC’ at the end of your business name you will allow yourself to be 100% more legitimate. Not only will you now have an air of legitimacy to your brand, but you will get all of the tax benefits you should and you will be legally protected. A business isn’t a business until it’s legally formed.
Thanks to Deborah Sweeney, CEO MyCorporation!
@mycorporation
Three things entrepreneurs should remember when starting a new venture: (1) You need to be patient!  Even after some time has gone by and you haven’t yet reached where you want to be – be patient and don’t give up.  It takes time for a business to grow. (2) Make sure you have goal in mind and stick to it.  Don’t falter and change your goals too much because this can make you lose sight of where you want to be, and what you need to to do get there. (3) Know the industry you are getting into, and know your competition. Try to differentiate yourself within that industry, and make you business stand out from others in that market.
Thanks to Michael Meschures, Spaphile, Inc.!
@Spaphile

This is truly an exciting time to be in business for yourself. I believe many individuals are also choosing to make the jump because all the big companies that we thought were “safe” turned out not to be so. In being an entrepreneur you go through a lot of ups and downs, but in a financial climate such as this the downs are even harder. One major thing I see them forget, is that you can’t do everything. This has always been a problem with entrepreneurs, but even more so in the poor economy. They want to cut costs and think they can do just as good of a job, and maybe they can. But the reality is if they don’t have enough time to work with clients, then they won’t have enough time to grow.

Thanks to Amanda Mock, My Virtual Little Helper Inc.!

 www.virtuallittlehelper.com

@iamamandarm

 

(1) Your business can fail at any time for any reason, just how any time is both a good and bad time to be an entrepreneur. Take Murphy’s Law seriously. Just because many “experts” cite successful businesses were founded during a similar economic crisis doesn’t mean that wasn’t because the rest of the competition got washed away and the only person left around was the guy with all the money and the pro brand label. (2) Successful business in this or any market takes careful consideration and having something a profitable amount of people want is just a matter of introducing them to it efficiently. (3) Go pro or go home. You can only go so big, but if you’re pro isn’t up to snuff against the big boys at least do your absolute best before it’s called finished and marketable.

Thanks to David Majlak, DIRT-FTW!
@Dmajlak

(1) Build a venture around something you really enjoy.  Your clients will see your enthusiasm for what you are offering.  You will never get bored or tired of your venture and every day you will be enthused to wake up and move your new business forward.  The most successful businesses have owners who love what they do so much that they don’t care if they make a dime and would do it without making anything.  Like in real estate investments where the old saying holds, “Location, Location, Location,” for entrepreneurs, it’s “Do what you love, the money will follow.” (2)  Spend as little money as possible in the beginning.  There are so many resources now to create your own simple graphics and web sites – do that yourself to start and then put aside money as you grow to bring in the professionals as needed.  Find a way that you don’t have to buy inventory and learn to drop/ship from a supplier.  Put in your own sweat equity and barter for what you need whether it be painting, a store front, a logo, graphic design – find other start ups that want to barter as well.  With a cash outlay of as little as possible you’ll be in the black that much sooner. (3)  Build on your family and friends network.  So many small businesses get advice and resources from a network they already have.  Use email to reach out to everyone you know and tell them what you’re doing.  Own your venture and don’t be afraid to ask for help.  Everyone likes a start up and wants to be a part of the success.  So talk with everyone you know about what you doing, what you need to be successful and how they can help.  And don’t forget to say thank-you when they come through or even for just giving you their advice.

Thanks to Holly Hurd, Venture Mom!

http://www.venturemom.com

@VentureMom

About Gresham Harkless Jr.

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Gresham Harkless is a Media Consultant for Blue 16 Media and the Blogger-in-Chief for CEO Blog Nation. CEO Blog Nation is a community of blogs for entrepreneurs and business owners. Started in much the same way as most small businesses, CEO Blog Nation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice. CEO Blog Nation provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.
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