10 Tips For First Time Entrepreneurs
Before you get all excited let me tell you this. Being a new Entrepreneur can either be challenging or nerve-wracking but also be incredibly exciting and rewarding. There is no end to freedom and amount of fun you will have by connecting with people and creating something you care. It is like nourishing a baby. You know it takes a lot of pain and patience but in the end, it all will be worth it. But do you know in a survey it was concluded that 87% of the young Entrepreneurs close their venture just after 5 years or less.
Now, why is that? Here is this blog I will be providing some tips for first-time Entrepreneurs. Follow these tips and you will be on your way to take a jump-start on your venture.
1.Start something you’re passionate about
To start something can be the most daunting step. Start with something that excited you. You can start something that you are good at but that doing something only because you can do it not well. Do something that excites you. Something that drives you up each day from your bed.
2. Pick the bigger piece of Pie
No matter how brilliant your idea is, you need to ensure that there is a huge market out there. Investors who will be inviting in the company will ask you about the dynamics of your product and how will it fit in the market. Make sure you hit the right numbers before you pitch your idea.
3. Try to get as much funding as you can
Fund raising is not that difficult. It is what you do with that funds that make all the difference. Do not even think of spending a large part of your funding on paying the employees’ salaries. Best use of funding is to establish systems that will uphold your business for the long run.
4.Keep an Eagle eye on your Finances
You must keep an eagle eye on your expense, income, and the balance sheet. Man, of the startups, has failed just because the entrepreneur wasn’t able to manage the finances. Maintain a low overhead. Be frugal with expenses and avoid unnecessary costs. Learn to live on cut down expenses and only use necessary things to get start your business.
5.Research the competition
Make sure you are thoroughly researching competitive products or services in the marketplace, and keep on top of new developments and enhancements from your competitors. One way to do this is to set up a Google alert to notify you when any new information about your competitors shows up online.