Young Upstarts

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

iAdvance Now: Six Tips For Entrepreneurial Success

Capital is essential for the growth of any business, but traditional lenders often look for ways to deny you the funding your business needs to thrive. iAdvance Now is a leader in the alternative finance industry because they offer a suite of financial products (including merchant cash advances and business loans) designed to help entrepreneurs like you get the money you need before it is too late.

The process is very straightforward. An iAdvanceNow expert reviews your application and steers you toward the solution that best fits your needs. Your loan can be funded within 48 hours of your initial request, and there are no restrictions on how you use the money. Purchasing inventory, opening a second location, or just keeping the doors open all become possible when you partner with iAdvance Now!

Best of all, iAdvance Now has worked with so many businesses in the past that they probably know your industry. Here are six of their best tips for entrepreneurial success:

1. There Are No Substitutes for Passion And Experience.

No matter what industry you are considering, it is bound to have unique challenges to face. Choosing an industry that you already know a lot about significantly reduces your learning curve, giving you a better shot at hitting the ground running.

Running a startup is also an all-encompassing endeavor, so you need to be in an industry that you’re extremely passionate about. Otherwise, you may find yourself lacking the motivation needed to do everything that must be done.

2. Find A Good Mentor.

Many entrepreneurs operate under the mistaken belief that they must go it alone, but nothing could be further from the truth. The experiences of others can and should be used as your own learning experiences, especially if those experiences involved some sort of cost the first time around. Finding a good mentor is the best way to benefit from the mistakes and successes of others.

3. Hire the Right Team.

You can’t do everything yourself, so don’t try. That doesn’t mean you should hire the first resume on your desk, though. The quality of your team will ultimately determine your viability as a company. If employees don’t share your vision, they will hinder your efforts to achieve it. Likewise, placing unqualified personnel on your payroll will just strain your financial resources. Hiring qualified employees with the same passion you have for your idea is an excellent recipe for entrepreneurial success.

4. YOU Set Your Corporate Culture.

Every company operates differently, and there is no “right way” save for what works for you. Your team will naturally look to you to determine what kind of atmosphere your business has, so try to set a good example of your ideal employee. Oftentimes, a positive role model is all people need to live up to your expectations.

5. Communication Is Key.

Micromanaging your employees angers them while preventing you from handling vital tasks, so everybody loses. That said, clear direction is frequently necessary for a company to succeed. It’s a tough balancing act, but you’ll figure it out if you really focus on communication.

6. Make Sure You Have Enough Money.

Finally, many entrepreneurs make the mistake of not securing enough capital to realistically bring their vision to fruition. You should plan to be in the red for at least the first few months, as everyday operating expenses, marketing, and product development are all costly. Make sure you have enough in the bank to cover these expenses before you get too invested.

Learn More About iAdvance Now.

If you’re interested in additional insights from the small business experts at iAdvance Now, you can visit their website (iAdvanceNow.com) or stay up-to-date by following the company on social media platforms such as Facebook and LinkedIn.

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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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