If you have the entrepreneurial spirit and want to start your own business, use these 5 startup tips from the experts to get your idea off the ground.
Amazon, Apple, and Disney are three hugely successful companies that began in garages. After a little success and funding, they began to grow and become players in the marketplace. Today, these companies, and hundreds like them, have graduated from aspiring startups to behemoth conglomerates.
The lesson is this: If you have an entrepreneurial spirit and the desire to start your own business, the sky is the limit.
But how do you take your idea from concept to a profitable company?
The good news is you can follow the leaders. Listen to the advice of those who have successfully traveled down the road you are about to take.
To that end, here are five essential startup tips from some of the world’s most accomplished entrepreneurs.
Syed Balkhi, Founder of WPBeginner, Optinmonster.
Syed Balkhi is a serial entrepreneur, whose most recent success stories include WPBeginner and Optinmonster. He knows the ups and downs of growing a business and always striving to reach the next level.
Up and coming entrepreneurs would be wise to listen to his advice, which is:
“Often new entrepreneurs wait too long to put their product out in the market. With limited resources at hand, its crucial that you get an MVP (Minimum Viable Product) out ASAP and start getting traction. Take the user’s feedback to iterate and improve your products.”
“Not launching fast enough is a mistake you simply can’t afford to make. If you want to get an edge over others, launch now!”
Remember, you can’t steer the boat until it leaves the dock. Push off, launch and begin your business adventure now.
Learn as you go. Keep learning, read business and investment books, but don’t get paralysis by analysis. As Balkhi says, “Launch now.”
Elon Musk, CEO of Tesla, Solar City & Space X.
Few people disrupt industries as well as innovator extraordinaire, Elon Musk. His companies, Tesla, Solar City, and Space X, are changing the way business is done in their respective industries.
Musk has a way of making the unthinkable a reality. Take for example Space X plans to send humans to Mars by 2025. Not stopping there, the company’s ultimate goal is to build a city for humans on Mars.
Here’s Musk’s advice for business owners on Inc.:
“Take as much feedback from as many people as you can about whatever idea you have…seek critical feedback. Ask them what’s wrong. You often have to draw it out in a nuanced way to figure out what’s wrong. People don’t like to complain or point out faults, but that’s what will make your business stronger.”
The more information you have at your disposal, the better chance you have to make the right decisions to propel your company forward.
Sara Mohammadi, Co-Founder of Eventbox.
Like Musk, Sara Mohammadi is a doer. Where other’s see obstacles, she sees opportunities.
She helms Eventbox, an online platform for events based in Iran. Successfully launching TEDxTehran is another Mohammadi milestone. The venture now hosts regular TEDx events in Iran.
Mohammadi provides this insightful advice for entrepreneurs from all backgrounds:
“[My] most important piece of advice to any woman is don’t think about yourself just as a woman- you are not just a woman, you are a startup entrepreneur. That supersedes any other identity that you have… The minute you put another identity above that it becomes a limitation for yourself: limitation in your own mindset, and in your own perception of your abilities. If [entrepreneurship] is what you want to do, think of yourself first and foremost as an entrepreneur; not as your nationality, not your gender, nothing… Be brave. Go out there.”
Richard Branson, Founder of Virgin Group.
Richard Branson was born to be a business owner. He started his first business, a magazine called Student when he was only 16 years old.
Now, he runs Virgin Group, which controls over 400 businesses.
Branson follows the age-old advice to provide solutions whenever you see the need. Branson tells 30 Days of Genius:
“The best businesses come from people’s bad personal experiences. If you just keep your eyes open, you’re going to find something that frustrates you, and then you think, ‘well I could maybe do it better than it’s being done,’ and there you have a business. If you can improve people’s lives, you have a business. People think, ‘well everything’s been thought of,’ but actually, all of the time, there are gaps in the market here and gaps in the market there.”
So whenever you are frustrated with a cheap product or poor service, maybe there’s an opportunity to do it better — as a new business. Test your idea, make it profitable, get the right business loan if necessary, and grow your business.
Miko Branch, Co-Founder, and CEO, Miss Jessie’s.
Miko Branch and her late sister Titi started the successful company, Miss Jessie’s, from their Bedford-Stuyvesant, Brooklyn home. The sisters set out to create a hair care brand for women with naturally curly hair, allowing women of color to confidently wear their hair naturally.
They opened a local salon in 1997 and did everything themselves. Fast forward to the present, Miss Jessie’s is a multi-million dollar company whose products are top sellers in over 1,600 Target stores.
Thinking of starting a business? Here’s some advice Branch shared with Fundera:
“Embrace the failures and the mistakes as they all serve as an opportunity to learn. When I first started Miss Jessie’s I went through times of failure when all I wanted to do was give up. Instead, I learned from those mistakes and kept my head high. Remember to always forgive yourself, be courageous, and chase your dreams.”
We appreciate the words of wisdom of Branch. Don’t get down on yourself when things aren’t going well. Embrace the process and learn to enjoy the journey.
Startup Tips: The Bottom Line.
If you’re thinking about starting a business, take inspiration from these startup tips from successful entrepreneurs. These business owners are paving the way, taking their concepts from ideas to mega-corporations. The best part is, when you create a business, you solve a problem, you employ good people, and you make the world a better place.
If you like this article, please check out our feature stories and news about innovative companies.