Starting a new business is an extremely tough yet brave decision.
Most successful entrepreneurs were initially ridiculed to take risks with their lives and start their own businesses.
Rejection is common for every business person and must not be taken personally.
One should work upon their shortcomings, learn from their mistakes, and come out even stronger.
This is the first step towards starting and running a successful and independent organization.
As of 2020, there are about 582 million entrepreneurs all across the world running their own businesses and leading lives on their own terms.
You could be one of them.
Read on to find out how.
Listed below are 11 business tips every entrepreneur should know.
1) Having Perfect Market Knowledge and Good Research Skills
Since you decided to start a business on your own, it is natural to face some trouble while wrapping your head around the idea.
Hence it is important to have a concrete strategy of what you really want to do and how to go about it.
It is also important to have perfect knowledge of the market you wish to enter and a proper plan backing your idea.
All investors appreciate the hard work and research you put behind your idea.
You must always remember that a good idea is never enough.
2) Start as soon as possible
If you keep waiting for the perfect time to come till you feel absolutely prepared and ready to start, you need to stop right there.
There will never be a perfect time and you must start as soon as you have a strategy and plan to present and execute.
You will never feel you are absolutely ready to kick off your business plan and it is okay to put a little pressure on yourself in the beginning.
3) Believe in your instincts
Running a successful business is based largely on your instincts.
So it is important to always believe in yourself and trust your instincts.
Remember that it was your decision to start a business in the first place and you went against all odds to execute your decision.
Usually, it is difficult to come across such an entrepreneur who isn’t passionate about their work and doesn’t love it.
So more often than not, regardless of weighing out all the pros and cons, one can be confused.
But every entrepreneur is usually careful and almost always makes the right decision by choosing to go with their instincts.
4) Take Risks
Playing safe with your organization at all times will do no good.
Slowly the whole idea of running a business will become boring as you will be making no progress at all.
The highest profits are made as a result of business risks.
So, understand all your options and take a risk as the worst that could happen is that you would lose money while on the other hand, there are endless possibilities of success that risk could bring your firm.
5) Plan for the long terms
Never venture forth with a business idea for the short term.
No investor wants to make a short term investment.
Long term investments are the ones that yield the most profits.
So always have a concrete plan of everything that could go wrong and draw up possible exit strategies for anything adverse that you may face in the business.
Have a clear 10-15 year goal and divide it into smaller 3-5 year goals.
6) Know and understand your finances well
Taking the time and make efforts to understand every possible source of financing for your firm is a must.
The most difficult job for any entrepreneur is to convince investors into why their idea is worth it.
So focus on every alternate source of financing and approach multiple corporates and independent investors with your ideas and strategies.
7) Be humble
As we mentioned earlier, you will probably face 99 rejections before you get your first acceptance.
It is important to always be calm and humble with everyone you meet during the entire process of starting and running a business.
You will meet all kinds of people – some willing to learn from you, while some willing to teach you.
Remember that every person is equally important; you must always be polite regardless of what they may tell you.
Work into developing good communication skills.
Success is not only about the annual turnover of your firm, but also the amount of respect you earn in the fraternity while you’re a part of it.
8) Motivate your employees
Your employees are the reason you are able to realize your dreams every day.
Make sure that you always understand their problems and try to solve them.
They render their services to you and you are dependent on them.
So it should be on your priority list to keep your employees happy.
Their happiness levels are directly proportional to their productivity levels, thereby affecting your profit levels.
9) Listen to your customers
The most important aspect of any successful business is happy customers.
Your customers are the reason behind all your ideas, plans, and strategies in the first place.
It should always be your top concern to ensure that all your deliverables and services are customer-centric.
Consider the feedback you receive very carefully and try to incorporate as many suggestions as possible to ensure that your customer is satisfied.
10) Good Networking
Meeting new people and dealing with all kinds of people everyday is a part and parcel of running your own business.
You must try your best to network well within as well as beyond your circle because you never know who you may need someday and where you may have to call in for some favours.
11) Keep your business and your personal life separate
There is always a thick line of difference between your personal life and your business.
It is important to always respect and maintain that line.
While your personal life is entirely yours, the same cannot be said about your business as it involves a lot of people from your investors to your customers, your supplies to your partners and your employees.
Always remember that your profits are never an extension of your personal wealth and do not ever mix them if you want to achieve ultimate success.
Starting a new business and venturing into the outside world all alone can be a thrilling experience so make sure that you have fun and enjoy every moment.
The key to running any successful business is to constantly ask yourself questions and do your best to find infinite answers to each one of them.
Author Bio: Abhyank Srinet is a passionate digital entrepreneur who holds a Masters in Management degree from ESCP Europe. He started his first company while he was still studying at ESCP, and managed to scale it up by 400% in just 2 years. Being a B-School Alumni, he recognized the need for a one-stop solution for B-School to get in touch with schools and get their application queries resolved. This prompted him to create MiM-Essay, one-of-a-kind portal with cutting edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School Updates.