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5 Survival Tips for First-time Entrepreneurs

If you’ve been thinking about becoming an entrepreneur for years but have never taken the leap, there may be no time better than the present. While it once required lots of capital, meaning taking out a big loan to put into a business, with the advent of advanced technology, particularly the Internet, just about anyone with the skills and motivation can launch a business, and make it a successful one.

Creating a successful online business can mean living just about anywhere you’ve dreamed of too. Perhaps you’ll be able to buy one of the houses for sale in Charleston, SC that allows you to stroll those picturesque cobbled streets and parks with moss-draped ancient oaks just steps from home.

Of course, to make it successful, you’ll need to keep some survival tips in mind during the process. Small Business Trends reports that a little over 50% of small businesses fail within the first four years, but these can help you stay on the positive side of those numbers.

1- Make Sure You’re Passionate About What You’re Doing

Passion can help you get through just about anything, especially in the early stages. If you’re truly passionate about what you’re doing, people will notice that energy, believe in you and your project, making it easier to achieve a successful launch.

2- Aim to Solve a Problem

The most successful businesses get that way not just from a good idea, but from solving a problem. What do customers need that can help them? The key to marketing success is that you’re the one that they can turn to for the solutions they need. That means getting a crystal-clear idea of the needs of your customers and creating a refined marketing message that ensures they know you can help.

3- Go Lean and Avoid Funding, At Least in the Beginning

As previously noted, many entrepreneurs think they need a lot of cash to start their company, seeking funding before they even invest their own. Maximize your own resources first and do everything as lean as you possibly can. The worst thing you can do is to dig yourself into debt that you’ll be unable to get out of.

Do you really need to hire someone from the start? Perhaps it’s something you can do on your own, like sales, or maybe you can put together your own website with a little online research on how to do it. If you don’t have the skills to do something, thanks to the Internet, it’s easy to find freelancers willing to help, often at a relatively low cost – just remember that value is important, going with the lowest priced freelancer can turn out to be a waste of money. An office may not even be necessary, and probably isn’t if you aren’t making any revenue yet – instead, work from home, and when money starts coming in then you might consider other options.

Related Reading:

10 Tips for Startups to Reduce Business Setup Costs

4- Invest in People Smarter than You

The key to successful entrepreneurship is surrounding yourself with the best talent available to scale a business. This comes from acquiring the best sales staff, as well as the best performance based team for their particular fulfillment position. You could even invest in their professional development by having them take a Canada online MBA. You’re not just supporting their growth, you’re also helping your business progress as well.

Steve Jobs may have been a great marketer and entrepreneur, but he didn’t invest in the Mac PC. His vision was only possible by teaming up and surrounding himself with the best people in his field for their particular job.

Related Reading:

5 Tips for Startups to Hire Smartly & Effectively

5- Achieve a Successful Work-Life Balance

Contrary to what you may believe, being an entrepreneur doesn’t mean that your life is dedicated solely to your work. In fact, many famous entrepreneurs are avid travelers, philanthropists, and even family people. Discovering a work-life balance that works for you will help improve your productivity, concentration, and drive for future endeavours.

The Bottom Line:

I am sure the above tips will help you stay more focused on your entrepreneurial journey. Remember that any great business idea comes with the burden of a wide spectrum of duties and responsibilities, and in case if you are a first time entrepreneur, it can be more challenging.

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