Starting your own business is not an easy task, it can be a big nightmare or if everything you plan go right you could be a millionaire. Every new entrepreneur had to go through many difficulties and hurdles. In this competitive world you always have to be on top of your game in order to survive. You have to think and always innovate something new to stay ahead of everyone.
Not everyone can become Mark Zuckerberg, Steve Jobs or Bill Gates over night, they have some extraordinary qualities that made them the ‘Icons’ that they are today. So how do we all this? Here are just a few tips and tricks that will help you succeed in owning your own business.
1. Start Early
Bill Gates was only 13 years old when he started working with computers, he created Microsoft before he was even 30! The sooner you start following your passion and becoming your own boss, the better.
Anytime you feel yourself questioning if the timing is right to start your own venture, remember this:
“If you don’t build your dream, someone else will hire you to build theirs.” – Bill Gates
2. Create a concept
Though it might seem like the easiest step on the journey to starting your own business, choosing the concept upon which to build your brand is quite possibly the toughest decision you’ll make, according to Investopedia. Take time to think about what you can develop with your specific knowledge, experience, and expertise. And make sure you’re truly passionate about your idea.
3. Do your research
If you’re going to start your own business, you’ll need to know your market backwards and forwards. Billionaire entrepreneur and Shark Tank investor Mark Cuban stresses the significance of becoming thoroughly versed in your field.
“It really does involve knowing an industry well, which is why I avoid investing in industries I don’t know,”
“You need to turn over every rock and open every door to learn your industry. This process never ends.” – Mark Cuban
4. Develop a workspace
One of the best ways you can set yourself up for success in your new entrepreneurial role is by developing a comfortable and constructive workplace. Make sure that whatever space you choose affords you plenty of privacy and has proximity to electrical outlets. You’ll also want to be sure that you find a comfortable chair as well as a desk organizer to keep all of your tools in designated areas.
5. Know your goals
Ryan Allis, co-founder of iContact emphasizes the importance of having your end goal in mind everyday in order to keep yourself working toward it. Aim to be your most productive self every single day and keep track of your progress. One great way to do this is with a multi-tiered journal that will keep your long and short-term goals organized. A true entrepreneur’s ideas are invaluable, so it’s important to keep track of them.
6. Never stop educating yourself
Founder of the Virgin Group Richard Branson says his biggest motivation is to keep challenging himself. He treats life like a university education that you can learn from every day. There are many ways to go about building your knowledge base, but one manageable avenue is to sign up for online skill-building courses in disciplines like coding or Excel. The ability to code your own website is an invaluable tool that will give you a huge leg-up when starting your business. And even the most basic understanding of Excel can make you a more efficient worker.
7. Embrace failure
Even the most successful entrepreneurs have experienced failure because without it, there would be no problem to create solutions for. As Forbes notes, “Mistakes are the classroom of entrepreneurs.” Innovators who are willing to make mistakes, learn from them, and adapt are most likely to succeed.
When asked what sort of experience a true entrepreneur should have, Mark Cuban responded, “Coming home and having the lights turned off because you couldn’t afford to pay the bills. It’s incredibly motivating and humbling.”
8. Believe in yourself
As Henry Ford once said, “Whether you think you can, or think you can’t, you’re right.” Believing that you can succeed is what will make you able to succeed. It might sound cliché, but having faith in yourself is one of the most important parts of starting your own business. That core determination and perseverance is what will carry you through all the ups and downs.
9. Be Nice to Nerds
It’s true, people who you’d probably class as ‘nerds’ are actually the ones who will work the hardest, be the smartest, and be determined to succeed. If you’re horrible to nerds then you’re basically taking your chances with fate, because you could easily end up working for one, or even apply for a position at a company who is run by someone you know and have been horrible to in the past.
“BE NICE TO NERDS. CHANCES ARE YOU’LL END UP WORKING FOR ONE.” – BILL GATES
10. Stay away from over-crowded sectors
Entrepreneurs shouldn’t start a business in an industry that’s already crowded, Mark Cuban said. Instead, they should look for gaps in the market where they can add unique value.
So all the young and aspiring entrepreneurs go ahead and follow your dreams, turn them into reality by becoming your own boss.