Entrepreneurship is an essential life skill. Being your own boss is a challenging, sometimes frustrating and yet an enriching journey.
Adapting the right mindset and learning basic principles of business can transform even first-time founders into successful businessmen.
Every business journey has three important phases: Permission, Planning & Practice
Permission
The biggest hurdle to running a business isn’t funding or hiring or sales issues. Giving yourself the permission to experiment or perhaps even to fail is the first step.
Business may sometimes risk big in order to win big. Chances which defy conventional wisdom.
Develop the skill to take calculated risks and accept failure if and when it comes. Failures teach more than success.
Having open communication with your own family gives you the freedom to experiment with the business. They need the assurance of a secure future. Both your family and prospective customers would like to see a clear purpose, and consistent communication.
Only you can give yourself the permission to be an entrepreneur.
Planning
In order for the business to be profitable, customers must be willing to pay for the product/service. With little or no outside investment, savings and revenue are all you have to drive the business.
In the beginning, the only metric to track is:
“Do you have more cash in the bank at the end of the month (when bills are due) than at the beginning of the month”
Planning is essentially an exercise of determining goals worth pursuing and crafting a path to achieve the goal. It isn’t a mystical process.
A little planning can go a long way.
Creating a detailed business plan, financial projections, estimated future cash flow, man power planning, proper licenses, compliances, etc., will set you on the right path to build & grow the venture.
Your plan is your story to write.
Practice
New & emerging businesses are deeply rooted in day-to-day practice of delivering value to customers. As a business, you will benefit by holding yourself to a level of professionalism, no what the nature of the business.
A professional commitment to customers enables you to get better, innovate, and grow. Customer centricity is #1 priority. Delight customers in new ways every day. It is vital to learn & improve with every interaction.
Being in business is like running a marathon, not a sprint. Execute your work diligently for 1000-days and your odds of success increase drastically.
All businesses succeed by solving real problems faced by their customers. However, many people may have no idea on where to start, how to grow, etc. Firms like True Adviser advice business owners on the right way to start their companies for smooth growth. Starting right is half the victory.
Here are a few business tips that may help you:
⦁ Be frugal: Save as much money as possible.
⦁ Get help from advisors – Even if the founding team has diverse skillsets, you will benefit from the industry exposure of an experienced advisor.
⦁ Money owed by clients is an asset on paper but not in real life. Ensure to collect all receivables on time.
⦁ Laser focus – In the first three years, your company should get your free time as well. Say no to activities that won’t help attain your goal. Evaluate every task before executing.
⦁ 80/20 rule: In the first 1000 days, the 80/20 rule applies. 80% of your initiatives will fail and 20% will work. It is about discovering your own strengths & weaknesses.
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