Updated: Sep 14, 2019
You're young and decided you wanted to start a business. In Fact, you pride yourself on how well you will orchestrate your own success and strive as your own boss. Trust me, we congratulate you on taking this journey. As a young entrepreneur there are so many mistakes that can be made, below are our seven handy tips for any young or smart entrepreneur.
Dream in steps, instead of in large quantity.
Let's say you have started a business which on day one want to grow exceedingly. The vision is far from where you are now, but you decided to tackle it however. This pose a problem ,there's nothing wrong with the concept of building a company to be large, this depends on the type of business you have: Sole proprietorship, corporation etc.but a problem when it takes more than three years to generate applicable revenue.
Bigger is not necessary better.
You will have more success in betting on the goals you want to accomplish over the short term than the long terms.
Set reachable goals.
Business strive on three main things, loyalty, company goals, and profits.
When you are starting out as an entrepreneur, set reachable goals.
Loyalty is trust between customers, employees or other business partners to perform business with your company. Build your value by applying actions towards your goals.Setting actions towards goals boost productivity in the long run.
Develop a rolodex.
Rolodex- When we mention rolodex we are talking about a roll out of premium products.Your rolodex resembles a watch. a list of 1-12 products. Those 1-12 products are your top products that generate the most sales.
Don't be the loudest or smartest in the room.
In order to grow your business you have to continuously learn.The goal is to one day NOT to be the smartest in the room. If your operating a business that one day must be passed down or placed on automatic, then hiring,working,recruiting and learning from smarter individuals is a must.
Choose great teammates
Not everyone have a business mindset. Others roles may play differently than your own.Hence by knowing this choose great teammates.
While allowing yourself to work with others, explain your goals, and choose who will best fit to help achieve them. A great teammate is an individual who believes in your goals, vision and perform actions to grow it.
Develop leadership skills
Business skills are awesome but other skills are needed however such as the ability to lead others. Many times when a great leader stands behinds a great product it succeeds. Project your product or service to leaders.Allow the chance for a leader in society to stand by your product.Having leaders rep your product or service can influence others buying decisions.
pay attention to cost.
Some of the main things to focus on is the cost during your business experimental stage.Limiting cost while improving influences can play a great role in your business success.Some companies can lower prices to block competitors. The most important cost you can take away is time and energy for a product you don't believe in or others have taken for granted.
Look how others are influencing prices, concepts and are using technologies to adapt to the changing business market.
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