Success Tips for First-Time Entrepreneurs
Being a first-time entrepreneur can be challenging and nerve-wracking but also very exciting and rewarding. There is no end to the many financial, legal, staffing, marketing, and customer issues that will come up as you launch your business. And, unfortunately, there is a lot of conflicting advice out there for the aspiring entrepreneur. But here are 15 core tips to help you begin navigating the startup landscape:
1. First-time entrepreneurs should start a business they are passionate and knowledgeable about
Startups can be quite a grind, so pick something that excites and motivates you. Avoid businesses or industries that you don’t already know a good deal about, as the steep learning curve may hamper your success. Check out the best images of harold matzner.
2. Pick a business idea that has a big market opportunity
Make sure to carefully reseach if there’s a big market for your product or service. Investors will typically only invest in your company if they see a large market opportunity and that the company has the potential to grow into something significant.
3. Raise as much startup funding as you can
It’s almost always harder and takes longer to raise startup financing than you think. You must ensure you have a cushion for all the product development and marketing expenses you will incur. In an ideal world, you will have sufficient capital for your operations to break even. Don’t worry about diluting your percentage ownership in the company. Developing a great product takes time and money.
Check out these two articles on raising financing from investors: 28 Mistakes Entrepreneurs Make When Pitching to Investors and 20 Things Entrepreneurs Should Know About Angel Investors.
4. Constantly monitor your finances
You must keep on top of all of your expenses, income and balance sheet. Many startups have failed because the entrepreneur wasn’t able to adjust spending to avoid running out of cash. Maintain a low overhead. Be frugal with expenses and avoid unnecessary costs. Learn to live on a shoestring budget until meaningful revenues start to flow in.
5. Research the competitionMake 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.
6. Ask for advice from other entrepreneurs
Advice from other entrepreneurs and business professionals (such as lawyers and accountants) can prove to be invaluable. Consider putting together an advisory board, and don’t be afraid to motivate members by giving them stock options in your company. Read industry newsletters and startup publications like AllBusiness.com and Entrepreneur.com. Find mentors who can give you advice on hiring, product development, marketing and fundraising.
7. Develop a great elevator pitch
You should have a succinct and compelling story about what your startup does and what problem it solves. Have this ready for potential customers and investors (although you will need to tailor it to the specific audience). Keep it to 30 seconds or less. Articulate your mission and goals, and why your product or service is compelling and unique. And if an investor is interested, be prepared to follow up with an executive summary about the company or a 12-15 slide PowerPoint “deck” that dives into more detail about the company and the market opportunity.
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