6 Things First-Time Entrepreneurs Must Keep In Mind
Originally published at lmt-lss.com on November 24, 2015.
Start this amazing journey armed with the right knowledge.
Starting your own venture is no child’s play. Apart from hard work, dedication and sincerity, it requires the right amount of planning and decision making, especially at every crucial stage along the way.
Here’s what you need to keep in mind before taking the dive:
1. Practice will make you perfect
“The harder you practice, the luckier you get.” Gary Player
Never underestimate the power of practice, whether it’s for a presentation, a client meeting or a business deal. People will feel confident about working with you if they think that you know things better than they do, even if you’re not as experienced as the others. There’s no shortcut to success, but practicing hard sure helps ensure it.
2. Networking is essential
“To get a step up in the world, you could use a ladder, or you could use your connections. I prefer the latter.”
Jarod Kintz
If you want to grow your business quickly and on a large scale, make new connections regularly. Whether it’s on LinkedIn, in a business conference or on your next flight, always be open to networking. Connecting with someone who’s been in the industry for long is always helpful. Their knowledge could help you a lot with your venture.
3. You need to believe in your product or service
“Great companies are built on great products.” Elon Musk
It’s absolutely essential to have faith in your product before selling it. You should be fairly confident that it has the capability to meet people’s needs in some way. To ensure that, you need to do your homework. Once you know what the consumer wants, you can develop better products and services. That way your belief in your product will also rise.
4. Being new doesn’t mean you’re not good enough
“There’s nothing wrong with staying small. You can do big things with a small team.” Jason Fried
Even if you’re going up against a big name, never underestimate yourself. Though standing against your strongest possible competitor does increase your chances of failure, it also lets you test your skills against theirs and learn from them about the right approach to building a successful business. Don’t let your inexperience hinder your progress in any way.
5. Listening to customer feedback is mandatory
“We all need people who will give us feedback. That’s how we improve.” Bill Gates
Customer feedback helps make a better product, which is essential for a company’s growth. If you know what your consumer wants, you know exactly what to deliver. If they’re unhappy, you can make the necessary changes and create a product that can satisfy them. For that, you need to invite and welcome customer feedback.
6. Your team decides your future
“The strength of the team is each individual member. The strength of each member is the team.” ― Phil Jackson
Since you have the authority or freedom to choose your team, select them wisely. Your vision is not enough for your venture to be successful. A smart and driven team is equally necessary. They’re the key players who will keep the company moving along on the path to progress. Without a strong team, you’ll be on your own and struggling to achieve your company’s goals.