6 Tips for New Entrepreneurs

entrepreneurship

It’s hard being your own boss and having your own company for the first time. It’s exciting and scary. Once that excitement boils over, new entrepreneurs feel lost at the start, along the way and as they try to build up their company. Here are 6 tips if you are new to entrepreneurship.

1.Strong unwavering focus

Do not jump to every opportunity, avoid being impatient and avoid being too ambitious. You will spread yourself too thin if you initiate and operate too many business ideas simultaneously. Being a jack of all trades and master of none will get you to square one. If you do one business well, it would give you experience, recognition and more capital to start another.

2. Be passionate and know what you are doing

Avoid being an entrepreneur just because its a trend that is picking up speed. Instead, be passionate about what you do and use your skills and strengths to build your business. Running a business is more than just profits and margins. It’s about having the passion to manage and grow your business to new heights.

3.Short and concise pitch

Always have your pitch ready and in hand. Keep it short, clear and concise. Have enough to inform and intrigue your potential investors.

4. Find people and mentors to nurture you

No one will be good at everything nor have knowledge of everything. Scout for people and mentors who could nurture you and help you grow as an entrepreneur. These individuals would share common interests and see value in working long-term with you.

5. Keep to budget

Budgeting and spending on things that are important for the success and growth of the company are key for a startup. Avoid overspending on unnecessary things.

6.Evaluate your plans

Think over the cost and expenditure of your plan. No investor will give you a large capital and always try to demonstrate your business’ worth to show/ prove to investors your potential returns upon their investment in your company.

 

We hope these 6 tips were useful for new entrepreneurs. TEMPO Business Training is here for you if there are specific areas you need 1-to-1 guidance and training as a new entrepreneur. Contact us anytime and anywhere at tempo@braatheenterprises.com. Or arrange a 1-to1 training with http://meetme.so/RobertBraathe

 

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