What Do You Need to Know Before Starting a Business?
Well, You want to start a business don’t you? Of course you do. While starting a business might seem exciting – It is also scary. so here are my tips for you before starting a business.
I have to admit, I’m not a stranger to failure. A few of my small start-ups failed miserably a few years ago. But, after multiple tries I have managed to succeed in 2 small businesses that are now generating quite a good source of income for my pocket.
Failure is not an option, it’s part of the road. While a lot of you might have this intense fear of failure. My advice would be to rewire your mindset if you wish to succeed in the future.
Being a newbie in the business industry is like exploring an uncharted island with a blank map. At first you have no idea where you’re headed and where your journey will lead you. But, as time goes on. You become more experienced and your blank map will soon have markers of the experiences and lessons you have learned. And soon enough, you will master the island. To be able to master it before starting a business is the key.
As I’ve managed to explore my island – of course with the help of my mentors – I have learned a lot of things that i wish i could have known before i started my journey in the business world. Lessons that could help a newbie, Level-up their entrepreneurial skills and avoid the mistakes that millions of business owners have made. And here they are:
1. Not So Fast, Don’t Quit Your Job Just Yet.
Quitting your day job won’t rapidly increase the development of your business. On the contrary, it could even put it in danger. Why? In the early stages of a start-up, you will be needing a stable income to support your premature business. But, without a job how can you support it? I’ll give you one short answer, you can’t. However, if your business can produce an income higher than your monthly expenses, only then can you quit you day job and be completely dedicated to your business.
2. Read, Read, and Read! before starting a business
“A mind needs a book like how a sword needs a whetstone”
This quote was taken from the mind of an extremely wise and intelligent man – Tyrion lannister, okay you got me. It was a quote from the world famous TV show – The game of thrones. But, do you know what trait resides in the lives of the most successful people in the planet? They read at least 250 – 300 books a year. I know that’s a lot, but that’s probably why they’re on a whole different level of living compared to an ordinary person.
3. Get Mentors before starting a business
One of the biggest mistakes newbies make is pretending to know everything about their business. But, It’s virtually impossible for you to know everything. What you need is – a mentor. Someone who has spent several years in your desired industry, a person who knows the ins and outs of your business. And someone who can help you shape your business for success and at the same time guide you to the right path. This way you can minimize the risk by learning from the past mistakes of your mentors.
4. Be An Early Bird and do something before starting a business
When it comes to time, everyone has the same 24 hours per day cycle. But, not everybody can produce the same results like certain people can. Why? Because while majority of the people love getting up in the afternoon, especially us – The millennials. Most successful people actually have their routine of waking up super early; like 5:00 in the morning. So they can do more in a day. The result? More productive and rewarding lives.
5. Do It For Your Passion, Not For The Money
When you started your business what was your goal? For a business to be completely successful, you must first have the end in mind. Ask yourself; is this really what i’m passionate about? What do i want to achieve from this? Is all of this worth it? It’s easy to start a business, but it’s hard to maintain it if it doesn’t align with your passion. Producing income must only be your second agenda. Achieving your goals should be the primary objective. Finish the mission of your business, because that is the reason why you started it in the first place. And before starting a business.
6. Don’t Listen to Negative People before starting a business
Like it or not, there will always be people who will criticize what you do. They will continue to put you down. But, in times like this it’s important to remember that you cannot please everyone. So. just forget about them and focus on the people that support you. Before starting my very first business – It was a small trading business – Most of my friends actually told me that my ideas were crazy! But, i didn’t listen to their negative remarks. A year after, my business produced a gross income of PHP 400,000.00. (It was pretty big for a small trading business) that was before starting a business
As Injap sia; the founder of mang inasal and double dragon, once said:
” Don’t be afraid if people think your idea is crazy, because good things come from crazy ideas.”
7. Choose your partners wisely
Choosing the right partner is crucial in the long-term development of you business. I have witnessed tons of businesses, who crashed because of toxic partnerships. So, as a rule of thumb. I only partner with someone who i can contact with regularly. Why? Because if he/she doesn’t have time to talk to you, then chances are he/she won’t have the time to contribute to the development of your business. In today’s economy, it’s important to have a great business partner, someone who can help you and you can rely to. But, choose wisely. As this decision will either help or destroy your business in the future.
8. Learn Great Leadership skills
At first, you’ll probably suck at being a leader. We all do. But, it’s something that you get better through experience. Read books, attend seminars and get mentors to help you boost your leadership skills. Becoming a great leader is vital in building your business. No employee will follow someone who has anxiety and doesn’t command a powerful authority. Even though you’re paying them, chances are, their services will suck because of the lack of motivation. A great leader knows how to motivate his/her employees even at crucial times. You need the things to know before starting a business.
Surely there are a lot of things you need to know before starting a business. But, what I’ve discussed here are the basics – The most important steps you should consider before starting your entrepreneurial journey. Although, I would highly advice to seek and read books about business and entrepreneurship to further improve your knowledge. As the saying goes, “Learning does not end.”