As you start your journey as an Entrepreneur, there will be a lot of challenges that you face. The first three years are the most challenging ones. To help you with this Roller Coaster of a journey of Entrepreneurship, here are 5 important things you should know:
- It is not about spending a lot of money: This is the first important thing you should remember, “it is not about spending a lot of money”. I have seen entrepreneurs come into business; spend a lot of money it could be their funds they have received from their previous job (especially final settlements). Some may even get funds from the financer. If you are not prudent enough in your spending, you might evidently incur a loss. There are situations where you need to spend money, do it prudently and cautiously.
- Focus on the Business: Focus in the business should be in two areas, both of which are equally important:
- Sales: You should learn how to sell your product. I keep hearing business owners saying “I’m technically very sound” or “I have the best product but I don’t know how to sell”. It is not about having a great website or a great showroom. If you start your business you should know how to sell. No excuses.
- Customer Service: Second most important thing is customer service. As the saying goes “customer is king”, a satisfied customer is the best referral source.
- Networking: Another key element of business is networking. “Network is net worth”. You need to build your network. If you are alone or even if you have a partner, but both of you are alone at the top and you will not know everything about business. Networking will teach you how to do business. Your network is your best business guide your network will help you to get into business.
- Accounts: The most important thing in business would be having accounts in place. It helps you see which direction your business is going. Are you making any money or you are losing all of it? It will help you maintain your cash flow. It is the radar of your business. Please remember “an ignored accounts always suffer”. It is not about having an expensive accounting software, you can even have your accounts in Excel spreadsheet but some kind of accounts is absolutely necessary.
- Patience: “Patience is a virtue” is a keyword in your entrepreneur journey. The last important point I would like to stress on, is remembering this golden rule “it takes thousand days for a business” you need to be patient. Rarely does one see immediate results, trust me the journey is really rewarding.
If you remember these 5 tips that I have given you, trust me you will never regret starting your business. I wish and pray for your success.