Starting a business can be a daunting task. Especially if you don’t have the tools, experience, or training to do it. Most successful entrepreneurs have either gone through a college course related to business or have attended classes, seminars, or workshops teaching the skills needed. I still think the best way to learn is through experience. What better way to know your mistakes than by making them yourself? As they say, experience is the best teacher. That doesn’t mean however that we have to keep making the same mistakes over and over again, and we can sort of cheat our way through it too by learning from the mistakes that other business moguls have made in the past. Here are 5 best tips we got from the top entrepreneurs in our day and age.
Do Your Homework
Research your market. Understand their needs, their wants, their demands. Take the time to truly figure out your target market. What are their hobbies? Where do they shop? Where do they go for social media? Take in all this intel and create solutions and avenues where you can reach them. - Penny Elliot, Pennycomins.com
According to Richard Branson, the biggest motivation he receives is by challenging himself constantly. There’s no point in comparing yourself and your business to others. Everyone’s journey is different. The best way to improve is to treat yourself as your own competition.
Be Patient, Make Sure You Have Adequate Funding
Anyone who starts a business should understand the capital needed to achieve your goals. Nearly half of all small businesses fail because they didn’t have adequate funding. Don’t be in a rush to start something you aren’t prepared to lose money on. Every start-ups timeline to profitability, so make sure you have adequate funding. That doesn’t guarantee, however, that you won’t fail. - Guy Sheetrit, CEO of Over The Top CEO
You Won’t Get It Right The First Time
Don’t dwell too much in research, so much that you end up stagnating in that stage. The only way to make your business succeed is to actually do it. Be quick on your feet and learn on the job. Avoid huge overhead costs at the start and build your way from the ground up. “The only way you fail is if you give up”. - Joshua Harris, founder of Agency Growth Secrets
Be Prepared for Change
This is one of the best advice we can give you. With our world constantly changing, and so rapidly from the tech advances and booms, it’s only natural that businesses should change with the times, too. Be prepared for this and make sure you are ready to take on whatever the world can through at you and your business. Being flexible is key to riding the waves. - Peter Hernandez, president of the Western Region at Douglas Elliman; founder and president of Teles Properties
Got any other advice you want to share? Let us know. Start your businesses right by investing a little in yourself, too. Get the proper health care and save yourself the trouble of paying for any expensive hospital bills and check-ups. Check out Allcare.io, one of the friendlier health care providers for start-ups, entrepreneurs, freelancers, and the link.