Who wouldn’t want to be a modern-day entrepreneur? The thought of working for yourself, at hours that suit you, for a business that you made – it certainly appeals. But did you know that only one third of new businesses survive for more than 10 years? Here is some advice so that you don’t end up as another statistic in that number.
Love your business
An obvious one, naturally, but if you don’t love what you do, how do you expect to be successful? From the Mark Zuckerberg’s to the Bill Gates’ of the world, most modern entrepreneurs would have only made it through the tough start-up period due to the sheer love that they have for their business or product. The same will certainly be said for you – to put it simple: if you don’t love cooking, you wouldn’t start a restaurant business, and if you didn’t love computers, you wouldn’t start a laptop repair business. Easy logic, but one often missed by wannabe entrepreneurs.
Stick it out
The saying goes that the road to Rome is not an easy one, but it is most certainly a satisfying one. When starting your business, you will naturally go through spells of discouragement and bumps as you find your feet in the first year or so. It is imperative that you stick the initial rocky roads out, and wait for those smooth sailing highways to come – the first year of any business venture is always the hardest, however once you have found your market and survived the first year, growth is possible.
Know your legal rights
Starting a business but don’t know your legal rights or legal responsibilities? Have an established business but seeking to expand and need legal documents provided? There is no need to suffer in silence or spend hours upon hours researching and still getting it wrong. LegalVision.com.au offer affordable fixed fee lawyer services online and offer a wide range of business services for the continued success of your venture without any hiccups or delays along the way.
Don’t go it alone
Everyone needs a little help from time to time. Any entrepreneur is only as strong as the team he or she has alongside, all fighting for the same common goal of further success. Strong teams of confident, goal-minded, and immersed partners all striving to the same goal will most likely reach that goal before a single individual.
Learn from your mistakes
It won’t be perfect every step of the way – that we can guarantee. Even companies such as Apple, Samsung, Sony, they all make mistakes. Don’t let your mistakes take over your vision and consume your business identity – your mistakes will define your future working but not your end product. Embrace your mistakes and learn from every step you take towards the life of an entrepreneur.
Don’t be a sellout
It is easy to get dragged into a quantity over quality philosophy, which could yield good results in the near future, but come the long term, quality will prevail. If you are in this business for the long term, always focus on quality and it will shine through in the end.
So there you have it. Are you a bustling entrepreneur of the future? Let us know if you have any other tips and advice you would give someone looking to follow in your footsteps.