How to start your own business

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Many aspiring entrepreneurs are enthusiastic. But the realities of business quickly cool the ardor: there are many difficulties on the path to success. “If I had known before, I would have acted differently,” - such confessions often come from the lips of people who start their business from scratch. If you are one of them, then read this article to the end. David Johnson, Chief Operating Officer and Chief Financial Officer of Fireman’s Brew and a USC Marshall School alumnus, will tell you what to keep in mind for aspiring entrepreneurs.

Every successful venture is rooted in a bold decision once made. Peter Drucker

Get ready, aim, fire

Unfortunately, many entrepreneurs never reach the third team from this catch phrase. They carefully build a business strategy, seek resources, but never move on to real action. When it constantly seems that the market is not ready, and you are waiting for the right moment, you can stay in place, waving after the competitors who are getting bumps, but moving forward. Everyone makes mistakes, but mistakes can be corrected. What cannot be done is to reclaim lost time.

Raising expectations

There is a rule about investments, income and breaking even: all this will require twice as much money and time as you expect. It's okay to be cocky and to think positively. What's more, you wouldn't be an entrepreneur if you didn't think that way. It is important to plan for success, even if you cannot fully invest. After all, what’s wrong if you get more than you expected?

Raising money takes a lot of work

We've all heard beautiful stories about an entrepreneur receiving multimillion-dollar venture capital by sketching the core of his idea to investors in a cafe on a napkin. But the truth is that more often than not, aspiring businessmen rent a corner from friends, eat instant noodles and save every ruble to put it into business. Don't be discouraged if you haven't met your "golden antelope" as an investor yet. Keep working hard in this direction - over time, your work will pay off in full.

Service provider ≠ investor

Not all investors are trustworthy. Many do not want to invest in your company at all, but simply seek to promote their services. Are you sure you need an international law consultant or certified auditor when your business boat is just sailing? Remember, your time is priceless. Use it wisely and meet people who are really interested in investing in your project.

Networking

When a business is in its infancy, building and strengthening professional ties plays a special role. No matter how good your product is and no matter how ingenious your marketing is, networking is much more beneficial at first. Visit niche exhibitions, attend conferences, meet people and try to be of service to them. You will be surprised how many doors will open in front of you. Businessmen are more willing to consider commercial proposals of people with whom they have already crossed paths, who have proven themselves well and who are talked about in their environment.

"Rent" of brains

A person's success is not always equivalent to his intellect. Those who were able to accumulate smart people around them are truly successful. Try to hire the best professionals, even if you have to give up your own salary to do so. Good employees are the locomotive of a young company, rapidly accelerating its growth rate.

Roller coaster

You will have extremely good and bad days. Business is like a roller coaster - an upswing will inevitably replace a recession. The good news is that the opposite is also true: problems and troubles are replaced by new contracts, successful deals, and so on. It is important to move forward all the time.

And that's why you shouldn't rest on your laurels for too long. You need to rejoice in success and praise yourself and your team for it, but do not forget that in order to grow one more step, you will have to work hard again and overcome difficulties.

Enjoy the process

Doing business gives you invaluable experience. You will have to learn a lot, get to know yourself and people from new perspectives. Believe me, few find the courage to start a business from scratch. No matter what stage of growth your company is in, look back and appreciate what you have achieved. Progress will motivate you to move forward. But the main thing is to be able to enjoy the process of making this progress.