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10 TIPS FOR NEW ENTREPRENEURS
If you are a new entrepreneur or one that has messed up and starting over, here are 10 tips that may help you with any upcoming endeavors. As you may have guessed, being an entrepreneur isn't all fun and lying on the beach somewhere while you rake in millions. That may come in the future, but you have to build that canoe before you can ride in it.
The dictionary defines entrepreneur as: "A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk." Pretty much means you do it all yourself and could lose all your money. Nice! Sounds good, where do I sign up? Ha ha! It's not for everyone. It does take guts to work hard and risk it all. It's not for the faint of heart, but if you find yourself wanting to do it anyway, then go for it. You obviously aren't a "Nervous Nancy" and just might make it work. Of course, you don't always have to "go it along". You can bring along a partner (see the Partners rule below).
10 TIPS FOR NEW ENTREPRENEURS
OPPORTUNITIES: Look for opportunities everywhere. You never know where/when you will get that "Aha" moment that you will know that is the next thing you want to do. You'll want to find something different other than what the thousands of others are doing. Try something different and make a new niche. Doing the same thing as others can be difficult because they were there first and are established. Another pizza joint would probably fail as there are many in each town already.
WHAT YOU LOVE: Find something that you love. You will be doing it 60 hours plus, so make sure you absolutely love doing it or risk getting bored or tired and stopping the business.
HONESTY: You will absolutely need to be totally honest and have integrity. You can't start a good business with lies, it won't last. You also can't make good relationships with others that could help you along the way, you have to build trust, with honesty.
PARTNER(S): Choose a business partner or partners wisely. Even if it's your own sibling, make sure to have a contract in place in case things go wrong, even an accidental death, you're covered. If they're not related, hire someone to do a background check first, even if your are "sure" about them.
HARD WORK: Work hard and build a good business. It will require many hours a week (usually 60+ hours per week). You won't be able to take vacations, you must stay at it, probably for 2 to 3 years.
HIRE PEOPLE: Surround yourself with others. Hire smart and moral people that can help your business along. Hiring someone who is merely "smart" could burn you later. They may take their whole business with them. Also include in your hiring process, a form of non-disclosure and non-compete so they can't take your clientele list and open up shop right next door.
SWALLOW YOUR PRIDE: You will be the manager and chief bottle washer to start. Don't be to prideful to clean toilets. Hiring people to do that will come with time.
KEEP OVERHEAD LOW: One thing that kills a new business is to over-spend in starting it. Nothing frivolous. Don't buy all brand new equipment, new vehicles for the business, unlimited budgets and build a new office building. Start small, rent just off the main thoroughfare.
SUCCESS: Determine at what level you'll consider yourself a success. Some feel like they've never "made it" because they haven't opened more stores or franchised out. If your business is making more than it's costing to run it and your paying all your bills with some left over, you are a success! Don't be down on yourself because you aren't a ba-gillionaire.
WHEN TO QUIT: Know when to quit. Not every business becomes a hit. If you're hemorrhaging cash, shut it down! Never get yourself into a whole lot of debt. Try to have a pre-determined level in which you would consider yourself as having failed and know when to "call it". Of course you may have workers that depend on you and your paycheck, but you're actually doing them a favor by not giving them false hope and a dream of a future with you when they could work somewhere else and build a real future.
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