18 Golden Tips For Those Who Want To Start Their Own Business

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It’s every employee’s dream: starting your own company someday. Entrepreneurship, however, is never as easy as it seems. Even though you somehow manage to actually “start” your own business, it takes a lot to keep it alive. So if you want your dreams to come true, we have 18 tips for you!

1. If you don’t know how to express yourself, don’t even start at all.

First and foremost, you should be able to tell what you have in mind. Good communication skills will be a lifesaver for developing your plans. Starting with your small circle of friends, you have to express yourself in the best way possible to your possible partners, investors, and of course, to your clients. Considering that there will be a lot of people to convince, you better start with being a good communicator before being a good boss.

2. “If you can't explain it simply, you don't understand it well enough.”

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Einstein’s famous quote is an important one for entrepreneurs. Even when you have the best plan, if you’re not able to simplify it to others, you’ll be standing there with empty hands with a great plan.

3. Choose your investor wisely.

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Of course, you may not even need an investor, but most of the time, people need an outside financier to start a new business. Consider their expectations as well as yours, and come up with a good plan to make them believe in you.

4. Don’t forget: You cannot “fire” the investor once you get the money from them.

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Even partners can part ways. But investors are protected by the law to a great extent. So make sure that you are on the same page with your investor and try to figure out how they will react when things don’t go as expected. A good way of doing so is looking at the previous businesses they were financially involved with.

5. Choose your partners wisely.

You’ll be spending more time with your business partners than with your own family, probably. They’ll be the ones you have to face every difficult business situation with.

6. It’s important where you’re going, but it’s more important whom you’re going with.

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Again: choosing your partner is one of the keys to success. Think of it as some sort of a marriage. Both sides should set their criteria even before nothing is certain.

7. If you can’t find a good partner, rethink what you had in mind.

That problem may be the result of two things: Either you couldn’t express yourself clearly, in other words, you don’t have necessary “marketing” skills, or your plans weren’t as exciting as you thought they were. Either way, you should review your business plan.

8. Finding an investor doesn’t necessarily mean you’re a good entrepreneur.

Think of the steps we’ve listed above: Let’s say you have a great partner and a good investor. Do not think of this as a success story. You still have a lot to do. Remember the people you have convinced to be part of your plans are waiting for an actual outcome, and they’re expecting to get what they were convinced of.

9. Do not “show off” before you actually achieve something.

You have every right to get excited if you have a good start. But if you can’t keep yourself from showing it off, you may as well summon a great deal of negative energy around you. Keep it cool for a while, and make sure that you’re taking the right steps for long term achievements.

10. Don’t expect to be a great success story in just a few months, or even in a few years.

Dream big, but don’t expect to dominate the market or become a world famous brand in a very short time. Studies show that even the most successful businesses can’t get a big boost or even profit in their early years. So, keep your expectations realistic.

11. Question every step and every decision.

You may have a great idea, but as soon as you enter the business world, you’ll see that the original ideas and successful start-ups don’t have very much in common because a good idea should be open to improvements and changes. Those who are open to question every decision they make are very likely to succeed in the long run.

And data doesn’t lie. Always keep your mind open to what the data has to tell you. The moment you stop improving is the moment you start to fail.

12. Don’t let compliments hold you down.

We all know that motivation is important, but guess what: compliments can be as dangerous as lack of motivation. Most of the feedback will be coming from people who are closest to you, and they tend to encourage you even if they have no idea what you’re up to. At least in the beginning, don’t take compliments so seriously.

13. Don’t believe in what your own PR is telling about your business.

PR management is for creating a public face, and it aims at informing people as well as marketing your products. Don’t let it make you believe that you’ve done your best.

14. It’s a good sign if people start to talk about you and your company.

Even if you don’t really like what they’re saying, it’s a good thing that people started talking about you.

15. Don’t mind people who are copying you.

Sooner or later, you’ll see people starting businesses with the successful ideas they’ve stolen from you, or they’ll just be copying everything you do. A good idea is a good start, but don’t forget that it wasn’t the only thing that made you successful. So just think of people copying you as an indicator of how innovative you were.

16. BUT, keep an eye on them anyway.

Don’t even talk about them, if possible, but take them seriously. Don’t forget that competition can even be good for you.

17. Don’t be too optimistic.

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We tend to believe that we can overcome difficulties no matter what. But facts and figures don’t lie. If they’re showing signs of failure, start taking them seriously immediately. And if it seems that there’s no way out, just accept the failure. There’s nothing wrong with accepting your failures.

18. Lastly, “When you lose, don't lose the lesson."

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Every failure is a lesson to learn from. Don’t dwell on past failures and try to figure out what you’ve done wrong.

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