First-time entrepreneurs often suffer from some weaknesses that must be overcome. In many cases, they represent the main reasons for their failure or failure to take off. Surely many of us have ever thought about starting our first-time entrepreneurs. However, the most probable thing is that we have never gotten it going for very different reasons: lack of funding, insecurity about our domain on the subject. If we stop to think carefully, we will realize that most of them are not real reasons, but simple excuses.
6 Golden rules that all beginning first-time entrepreneurs should follow
Stop talking and do it
The first step is to stop spinning the idea and put it into practice at once. Many people have had a project in mind for years and repeat again and again that they want to start a business, but one day for another they do not.
If you want to be an entrepreneur, just do it . Surely there are thousands of less talented and less intelligent people who have their own business and live the life they had dreamed of, because they managed to get it going.
Stop designing and start testing
It is the classic method of trial and error . Putting ideas into practice and seeing how they work is the best way to check whether our assumptions are correct or not. If they are, we can go ahead and if not, we will know why and we can correct it.
That’s why agile development is still the best approach. It does not make sense to invest time, energy, effort and resources without having previously determined that there is demand for whatever we are building or offering. Testing our ideas will save us time and help us build or offer something that people really want.
Stop looking for financing and start generating value
At the beginning, it is a common mistake of every entrepreneur to think that the financing of investors is the solution for everything and that if they find the right investor they could create the company with which they have always dreamed.
However, this is rarely the case. Financing is not a means to generate value, but a result of the generated business value (especially now that the traditional rounds of seed funding have practically disappeared).
Stop selling and start sharing
Nowadays, nobody likes to be sold. In general, people want to be part of the history, vision and / or value of the product or service. Case studies and testimonials are a good way to publicize the benefits of our product or service .
As entrepreneurs, we must resort to the art of telling stories to spread to others our enthusiasm for our business and transmit the opportunity and benefits offered by our company.
Stop being busy and start being productive
There is a big difference between being busy and being productive. Being “busy” is a mental state, while being “productive” is, in reality, carrying out the tasks and objectives that make our business move forward.
When you are an entrepreneur, it is usual to have the feeling of always being very busy, having to attend to many different fronts and accumulating the pending tasks.
A good organization is the basis to save time . If we organize ourselves well, we will be more productive and we will not have that feeling of being always busy. We can also use specific tools to improve productivity.
- Prioritize , that is, first complete the most urgent tasks to reduce the list of pending tasks.
- Analyze at what times of the day we are more efficient and set a specific time for each task.
Feet on the floor: a business plan and executive intelligence
There are millions of excellent dead ideas in the world almost before birth. What makes the difference in the face of final triumph is executive intelligence; the ability to pivot and find solutions to each problem that arises as the project opens up with users, the market, financing, technological development, legality, competition, etc.
The first approach for every first-time entrepreneur must put his feet on the ground through a real business plan. Or better, a canvas. Here you have everything about the different types of business plans.
First-time entrepreneurs make many mistakes, and some are very unfortunate
A big part of starting a new business is having a plan and then having the discipline to act accordingly. Being part of a startup is not always glamorous, and often requires simply following a process of patience and time. Taking steps to avoid the mistakes that new entrepreneurs often make is part of this process. Therefore, here are nine mistakes that you should avoid when starting a new business.
The excitement about a new product or business can often lead new entrepreneurs to think that they really do not have direct competition, or that their product is so above their rivals that they are in a category of their own. Actually, it is extremely rare to have no direct competitors. Unless you have invented a completely new product, surely there will already be someone who already has market share in your niche. Do some research to find out what these companies are and how you can differentiate your business.
Do not spend enough money or spend too much money
As a First-time entrepreneurs, money is likely to be one of your biggest concerns. It is likely that the flow of money prior to launch is almost nil, so winning and saving money will take priority.
There are two mentalities that tend to be seen among the new entrepreneurs: Or “you have to spend money to make money” or “I will spend the least until I have a decent flow”.
Both attitudes, when taken to extremes, can be harmful. Spend your money wisely, but do not be afraid to invest in good personnel and quality products. This will be a good long-term sign.
Do not set achievable goals
First-time entrepreneurs may be so excited about their “big idea” that they work without a solid plan. But the reality is that you must set realistic and achievable goals to succeed.
Be sure to set short and long term goals, and make sure they are specific. Do not say: “I want to earn a million dollars this year.” Establish a reasonable goal and then determine what specific steps you need to take to achieve it.
Not having contemplated a marketing plan
If you build it, they will come. This is a common belief (sometimes conscious, sometimes not) among new entrepreneurs. They think their products are so revolutionary that they can rely on free public relations and word of mouth.
In fact, the vast majority of start-ups will have to invest heavily in marketing. This may include SEO, content marketing, public relations and paid advertising. Take a look at where your marketing dollars are spending their competition and ask yourself how you can compete and be different.
Finally, if you are thinking of starting a business and becoming an entrepreneur, you probably have thousands of questions and you are thinking whether or not it is the right decision. Starting an endeavor is not an easy task, especially if it is your first business, where everything is new, exciting and frightening. First time entrepreneurship is not an easy task, and it is even more difficult when it is your first business and you do not know exactly where to start or what to do . The fear of failing , the main obstacle when undertaking when you are young, is a very real possibility, but for which you need to be prepared. However, it is possible to avoid it and even be very successful.