Business. It’s everywhere. Take a look at the local shopping mall, or your downtown area. You will see business ventures from big corporations to franchises, to small entrepreneurs everywhere you look. Even the things we use for our day to day life are marked by business - From soap to water to clothes; the list goes on endlessly. All this means opportunity is everywhere as well. Almost every one of you has a dream of starting your own business. So here are a few tips I want to point out for aspiring entrepreneurs:
- Be creative. Find a business venture that has an unfilled, or under-filled demand. This can be a totally new business that you have 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.
- Choose a business which interests you, or even better, one you feel a passion for. You will invest a considerable amount of time in any new business so having one you love will keep you interested longer, and have you feel more fulfilled in the midst of long hours and late nights.
- Keep it simple. You don’t need to rent, or build a big building right away when you’re just starting out. Costs can kill your business early. Utilities, rent, and overhead will drain your resources, when you don’t have a strong client base yet.
- 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.
- Manage your resources wisely. Invest in what you truly need. Put your resources where they matter. The bells and whistles can come after the profits.
- 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 either.
- Skill. It takes skill to run a business - From balancing your checkbook to managing your people. When 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 and then 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 anyone 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?