Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

What All New Small Business Owners Need To Know

Becoming a business owner is quite the accomplishment. You should be proud of yourself and how far you’ve come. It means you have the skills and knowledge to succeed, if you continue to make the right moves and dedicate yourself to achieving success.

Being new means you likely have to adjust to a competitive market and being a proactive force within it. Be patient with yourself and open to learning and growing. There’s no reason you should know it all right away. Don’t be afraid to seek advice from others and rest when you’re feeling overwhelmed. Understand what you need to know and then roll up your sleeves and get to work.

Security is Important.

Never take cybersecurity lightly. Businesses are constantly at risk for an attack. Bookmark resources like Eureka to educate yourself on GDPR and the importance of data security. The last situation you want to occur is to set up shop and then get hacked. It’s a good idea to hire or consult with an IT professional who can help guide you in the right direction immediately.

There will be ups & downs.

Running a business is a journey. Always keep the big picture in mind. Accept that it’s not going to be a smooth ride all the time, but that there will be days and moments worth celebrating. It’s a good idea not to let your emotions take over during the high and low points. Stay levelheaded and keep your focus on executing your business plan and goals. Don’t let giving up be an option. When you run into obstacles, let it all sink in and come back the next day with a clear head. Always be problem-solving and finding what will work, instead of what won’t.

Always be Networking.

You’ll want to know all the right people when you own a small business. There will be times when you’re going to need to call on various contacts for answers and advice. Networking is also a great way to get new business and promote your company. Attend conferences, networking receptions and industry events. Save contact information, and have it organized for when you need to use it.

Take the Hiring Process Seriously.

It’s tempting to want to hire people you know and friends when you own a business. However, it’s not always the best option for you. Think long and hard about the challenges this may bring if you do so, and how it could impact your friendships as much as your business. Instead, put a hiring process in place and interview candidates the right way. This will help you make sure that you’re hiring the right people for the job, and if that turns out to be a family member or friend, then it’s a win-win for both parties. Don’t only look at their skills and experience, but also their character and if they fit into the type of culture you’re building.

Conclusion.

These are just a few of the essential pieces of information you should know when starting a business. Read and talk to other entrepreneurs to get their input too. Taking the time to educate yourself will help you tremendously as you dive in and begin your journey.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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