You are in one of the following categories: You just finished school, you are in a dead-end job, or maybe you just want a new venture challenge. Yet where do you start, what do you do? For the path, you must take consider these tips.
In starting your new business you may feel the need to jump at every opportunity. But opportunities are most times dead ends looking like a junction. Avoid getting side-tracked. Doing too much takes a lot out of you, affecting your effectiveness and productivity. Concentrate on one thing perfectly, not 10 things poorly.
- Know what you do. Do what you know.
Do not jump into business simply because you hate your job or you think you’ll get large hypothetical profit margins and returns. Stick to what you love. Your business will be built around your strengths and talents. This will increase your chance of success.
- Know what you know, what you don’t know and who knows what you don’t.
Never come off as a know-it-all. Always seek successful, knowledgeable advisors and mentors who will nurture you to become a better leader and business person. They should share common interests and mutual business goals that coincide with what you hope to achieve.
- Rule No.1: Never lose money. Rule No.2: Never forget rule No.1, Warren Buffet.
You don’t need the fancy offices, nice cars, and fat expense accounts. Your wallet in business is your company’s life-blood. Watch every dollar and double check every expense. Always maintain a low overhead that you can manage effectively.
- No one will give you money before you invest in yourself
To repeat again, no one will invest in you before you invest in yourself. If large sums of money are needed to launch your venture, find ways to make it happen. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment.
- Know when to call it quits.
Outside of make believe, a smart captain does not go down with his ship. Read the signs, evaluate your situation and drop the ego. Know when to walk away. It does not have to be forever, but it can be a strategic retreat. Stop, gain knowledge, make contacts, reinvent your model then try again.