As starting a new business is a high risk, being successful might mean looking at what the other successful person did to reach their goals. here are 20 tips for the young or aspiring entrepreneur to help get you started.
1. Take the time to explore whether you’re compatible with running your own business.
2. Get your personal finances in order.
3. Take stock of your skills, interests, and employment history to select the business best suited to you.
4. Benefit from your business plan. The exercise of creating your business plan pays dividends.
5. Don’t think you need bankers and investors at the outset. The vast majority of small-business start-ups are bootstrapped (self-financed).
6. Know the hats you wear best. In the early months and years of your business, you’ll have to acquire many skills.
7. Remember that “nothing happens until a sale is made. “You need a crackerjack marketing plan that details how you intend to package, promote, distribute, price, and sell your product or service.
8. You have to see a customer to know one. No matter how busy you are, especially in the early years of your business, be sure to spend at least 25 percent of your time with customers
9. The best way to satisfy your customers is not by selling them products or services but by providing solutions to their problems. Understand the difference.
10. Keep in mind that quality takes only moments to lose and years to regain.
11. Put profitability first and rewards second. Beware of the small business that treats itself to hefty salaries, high-priced consultants, and waterfalls in the lobby.
12. If you intend to create a growing business, your number one duty is to assemble a team of superstar employees in your game breaker positions.
13. Tap into resources such as small-business peers, mentors, and trade associations that can help take some of the energy-draining trial and error out of starting and running your business.
14. Remember that vendors are partners, too. A good vendor is as important to your business as a good customer.
15. The most valuable long-term benefit you can offer yourself and your employees is a retirement savings plan.
16. Federal, state and local government agencies require an array of licenses, registrations, and permits. Obey them or face stiff penalties, including possible closure of your business.
17. Invest in understanding tax issues that affect your small business.
18. it’s the people, stupid! Whatever happens to a small business happens at the hands of the people who work it and work for it.
19. Fast, good, or cheap — pick any two. Serious trouble awaits those who attempt to be all things to the marketplace.
20. As your business changes and grows, you need to change and grow along with it — particularly as you transition to manager.