There is no institution in this world that fully prepares you to start your own successful business, but you can learn from successful business man that how they start and overcome the problems that they faced in their career. There are some worthy advises/tips that I have learnt from thriving entrepreneurs.
1. Entrepreneurship is not a sprint.
No one can’t trust that things how changes in few seconds. Same like this business. Business is not a race that you decide in one attempt but it is a marathon and you will go for a long term. Many entrepreneurs start working to become a tycoon in their field, but after some time they lose their heart and leave the work. So, keep in mind that you will survive if you have ability to plan a long term business strategy.
2. Make sure about the demand for your product.
An entrepreneur needs to work harder about the product that he/she wants to produce. If entrepreneur launch a product that not fulfill the needs of customer that result no cash with in hand and you will again to go for a job to work for others. Before start a business you need to do research and ensure that there is a demand for your product, and then you will be able to get profit from your business.
3. Know you won’t get it right the first time.
You will never be able to reach at your destination if you not start travelling. Same is like with business if you have confined yourself to just collect information and not to start business you never be a successful entrepreneur.
Take action as soon as possible, analyze all situations, make changes then you can be stand on your feet. Avoid un necessary expenses, make possible to sale on cash, when you test what you plan then you will be able to make powerful decisions.
4. Adequate Investment:
Money works like a blood in business. So, to survive it is compulsory to calculate the actual fund that is required to startup. Because in many businesses funds are required for long time, and then it seems possible that business start earnings profits. There is lot of stories you have listen about businesses that failed due to lack of proper funding. It is funds that help to make sure that business must succeed.
If you think that you can sell your product only by marketing then you only waste your time and money also. Because to become a successful business man you must listen problems of your customers. If you address the issues that a customer facing regarding product or services then achieve what you plan. Also start a campaign to listen the problems of your targeted customers and their expectation about the product. When you done that then every customer become the marketing staff of your product, and you don’t need marketing your product to be sold.
6. Be organized to pivot.
What you learn from founding a business, you never learn from any school/college/university or other institution which you face on ground field and make decisions how to tackle these problems by making good business plan.
If you start a business with some partner then you must know about their personality, financial position, and how much they available in making planning about business. Your product must be simple and you well aware about the market situation.