Business. It’s everywhere. Take a look at a shopping mall or a downtown area. You would see business ventures from big corporations to franchises and even down to small entrepreneurs. Even the things we use for our day to day life are marked with business. From soap to water to clothes; the list goes on endlessly with opportunity. Almost every one of us has a dream of starting our own business. So here are a few tips I want to point out for aspiring entrepreneurs:
1) Be creative. Find a business venture that with an unfilled or underfilled demand. This can be a totally new business that you have seen or encountered a demand for or one which is currently being served in a less than desired way. Sometimes putting a new spin on an existing idea can be just as powerful as creating a whole new field. Unleash your creative skills.
2) Choose a business which interests you or even better, one you feel a passion. You will invest a considerable amount of time in any new business so having one you love will keep you interested and have you feel more fulfilled with the long hours.
3) Keep it simple. You don’t need to rent or build a big building right away if you’re just starting your business. Costs can kill your business early. Utilities, rent and overhead will drain your resources if you don’t have a strong client base yet.
4) Tell your friends, family and network about the business you’re starting. Get the word out as much as possible to all who may be interested or know someone who might be. Marketing is the key to getting any business up and running.
5) Manage your resources wisely. Invest in what you truly need to do business. Put your resources where they matter. The bells and whistles can come after the profits.
6) Get feedback from the clients/customers. After all it’s their opinion that counts. Being a small business, you can switch up your approach and handle any challenges quickly.
Here are few more things you will need when you start a business.
- Guts. You have to be confident to sell your product to other people. And a thick skin to handle any rejection.
- Money. Yes, you need money to start a business. This can be your money or even better, someone else’s money. Either way you will want to manage your funds well.
- Location. It doesn’t matter if it’s your garage or your kitchen. As long as it’s presentable and gets the job done, it’s a place to start. After all, those multinational companies didn’t have a building of their own or boutiques when they started
- Skill. It takes skill to run a business. From balancing your checkbook to managing your people, it could be a handful if you are just starting out. If you do not have a particular skill, find someone who does to handle it for you.
- Perseverance. Got turned down first? No problem. You must give it another shot. A business wouldn’t flourish if you quit early. Happens to everyone. Look at Donald Trump. Filed for bankruptcy before but he persevered and managed to get back on top
- And last but not the least, luck. You frequently hear, “I was there at the right place and the right time”. This comes from taking the first step and getting into action now. The more action you take, the luckier you will get!
The bottom line is everyone can run a business. Take a stroll on a busy street in a bustling city. You will see people who sell water, food, and flowers right on the street along with the many shops. Anyone can become an entrepreneur in any number of ways. You only need an idea and the willingness to act on it. The question is, will you?