Young Upstarts

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

Tips For Starting A Small Business

Anyone can become an excellent entrepreneur, there are no limits. You do not even necessarily have to own a college degree, a fortune, or even previous business experience in order to start something that can become a huge success.

However, you need a solid plan, a lot of patience, as well as the drive to see it through. Make no mistake, you will not become rich overnight!

Starting point.

If you are thinking about starting your own business, there are a few steps you have to go through, so you will not end up with a lot of wasted time, money, and energy. First of all, you need to ask yourself why do you want to start a business?

The answer to this inquiry can guide what type of business you want to start. If you simply need some extra money, you can just start a side job. However, if you desire more freedom, it may be time for you to leave your nine-to-five job and go on a different path.

So, once you find your reason, you need to answer a few more questions so that you can figure out what kind of business is more appropriate for you, and also if you have what it takes. You need to acknowledge your skills and passions. Also, what is your area of expertise?

You also need to know how much money you can spend, taking into consideration that most new businesses fail. What is the necessary capital? Decide on the type of lifestyle you want to live.

Also, most importantly, are you even ready to become an entrepreneur? When thinking about these answers, you need to be brutally honest, as it will create the foundation for everything you do from now on. If you are not honest, your business is likely to fail before it even begins.

The business idea.

If you already have a killer business idea, you are in luck. However, not everyone is so lucky, so you will need to do a little brainstorming. Think about what advancement in technology is about to come, and how it can affect the current business landscape. Think about applying your skills to a new field.

Many companies do things one way because that is the way things have always been done. In such cases, a fresh approach can make a lot of difference. If you have a business idea that is not new, you can think about how you can create something cheaper, better, and faster.

You can also consider items that are currently being used around the house, or for a particular category of people. Do you have an idea about improving these items or their usage?

For example, these bike lifts are now being made after someone’s idea about improving motorcyclists’ lives. You can also talk to other people, ask advice from other entrepreneurs, research ideas online, or use any other methods you find useful.

Market research.

This is a very important step once you decide on the type of business you want to start. You need to know if anyone else is already doing what you want. Therefore, it is essential to do some research on your potential rivals.

This step is important because it breaks down the objectives that you need to complete. You can conduct interviews face to face or by phone. You can also use questionnaires or surveys. Do not make the mistake of using only secondary research, only research, or interviewing only people you know.

Feedback.

Allow people to interact with your service or product and find out what their take is on it. Another set of eyes can show you an issue you might have missed. Also, these individuals will become your first brand advocates, even more so if you listen to their feedback and if they like what you are selling.

By launching a product, receiving feedback, and then adapting before you push out the next one, you can continually improve and ensure that you remain relevant. Solicited or not, some of that advice you will receive will also be good. Some of it will not. For this reason, you should have a plan on how you receive feedback.

First of all, do not jump to conclusions. Take the time to digest the information you received. Thank for every advice you get, be it positive or negative. If nothing else, you will surely gain respect. Also, make sure you search for the grain of truth. Just because you received negative feedback, it does not mean that the entire service or product is bad.

If you hear the same thing from several people, you should start seeking out the patterns. Another important thing is to listen with curiosity about what a customer has to say. You will give him or her a sense of power, and leave the impression that they matter to you. Last, but not least, ask questions.

Find out why someone likes or doesn’t like your product, or what could you do to make it better. You know what they say, two heads are better than one, and who knows what great ideas you might get for a truly successful business?

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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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