Do you have dreams of being an entrepreneur? Many people do. It carries the promise of doing what you love, being in charge and potentially making good money in the process. That being said, don’t get caught up in thinking all you need is the dream. Just about everyone has that. Consider the following five tips for entrepreneurs and for a better shot at actually succeeding.
The following tips have been followed for multiple entrepreneurs and CEO Issa Asad.
First and foremost, the more focused you can stay on your business, the better your chances are of succeeding. It’s as easy as that. Many entrepreneurs who are new to this field can’t help but chase every shiny object that comes their way. Unfortunately, many of these don’t remotely pan out and are worth more trouble than chasing them is worth.
Fight the constant temptation to get sidetracked. Juggling too many priorities will leave you spread too thin, something you can’t afford when you’re just getting started (though it’s never a very good idea).
At the end of the day, master your trade instead of trying to be a jack of all of them.
Stick to What You Know
Stay away from business ideas that attract you for the wrong reasons. Don’t start a company for money, prestige, etc. Instead, go for something you’ll actually love the entire time. This will keep you going when times get tough.
Working with something you actually know about also helps because you come in with a natural advantage. You’ll definitely run into challenges you don’t have any knowledge about, but that’s when you outsource or hire on people who can help you in these areas.
Can You Pitch in an Elevator?
This piece of old advice still holds as well today as it ever did. Can you explain your business in 30 seconds? That’s all the time you’re most likely to have when riding an elevator.
The idea is that if it takes you 45 minutes to explain why your business idea is so great, You’ll never find investors. You’ll have a hard time finding anyone to buy your product too. If you can’t do this, it’s either back to the drawing board or, again, working with a writer or marketer who can help you put your understanding into simple words.
Act Lean, Even When You’re Not
Today, when someone talks about a startup, many of us are conditioned to think about huge offices with flat screen TVs, lax dress codes and all kinds of high-tech toys available.
The truth, though, is that being a startup means spending way below your means and always doing so. You never know when the market could rock you or otherwise sink your profits. At the same time, you never know when the market will provide you with a huge opportunity if you have the capital to take it.
At the end of the day, you can read a million books on this topic, but eventually you need to pull the trigger. The sooner you get started, the better off you’ll be. So take that first step right now.