6 Essential Tips for Starting a Business

Since we have ran our own online and offline businesses, and have experienced both success and failure, here are some of the fundamentals any entrepreneur should keep in mind:

1) Be honest and brutally so when examining your own strengths as well as weaknesses. It is imperative for you to realize where you are an expert, or at least can quickly become well versed about the business you wish to start. Do avoid running a business that you know very little about. Although this sounds like a no-brainer many entrepreneurs fail because of this mistake. Where you are not as knowledgeable, make sure to find people who can help.

2) Be a realist when it comes to setting goals. Remember every entrepreneur out there believes that their business will do well, but that doesn’t mean it will. Plan for success but also make contingency plans for when negative news impact your business. Also, make sure to quantify your goals so you can actually measure whether you’ve reached them or not.

3) Conduct a complete market research of the industry and business niche that you are going to be part of. This includes a solid analysis of your competitors.

4) Remember that you aren’t likely to reinvent the wheel, and that you don’t have to. It’s very rare for true inventions to come to life. Most products are innovations which are a combination of various existing products or services put together for a useful purpose.

5) Forecast for matters to take longer than you hope they will and be more expensive that you wish to believe they will.

6) Try to always think ahead of the curve, looking for both opportunities and potential setbacks. Being proactive in matters you can control is absolutely essential for long term business viability. Hard work, beyond the initial setting up the business, will be foremost in getting you to a higher level of success.

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