What “Not To Do” When You’re A Budding Entrepreneur

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Budding Entrepreneur_Chispa MagazineAre you keen to make a splash in the world of business? Do you want to be the next big thing? If so, a rocky road lies ahead. It’s very rare to get anywhere in business without encountering at least a few setbacks along the way. Nevertheless, if you can steer the ship back on course and avoid the icebergs, your efforts will be rewarded. If you’re new to business, here is a guide detailing what “not to do” when you’re a budding entrepreneur.

Don’t act like a bull in a China shop. In business, it pays to prepare properly and to take your time and make sure you do a good job. If you rush into launching a business and go all gun blazing from the outset, you’re likely to make mistakes, and you may be offering a service or product, which isn’t as polished as it could be. Setting up a business is not just about getting some business cards printed, and arranging a few meetings. There are so many things to consider, and you need a clear strategy in place. You’ll need to work out how you’re going to fund your venture, what you’re going to offer, who you’re going to employ, and how you’re going to run the business from day to day. It’s easy to get ahead of yourself when you’re excited about a new venture, and you want to achieve global domination. But you need to walk before you can run. Once you’ve got the foundations in place, you can then start looking to the future, and building your company up from the ground.

Don’t overlook the costs. Nobody should go into business without knowing exactly how much it’s going to cost them. This doesn’t just refer to the initial cost of setting up a company. It should also cover running costs. It’s common for businesses to lose money before they make profit, so work out whether you’re able to take the financial hit. If you need to borrow money, shop around for the best offers, and make sure your business plan is the real deal before you go to meetings with lenders. You need to have all the facts and figures to hand and know exactly what you’re getting yourself into before you take the plunge and launch your business.

Never underestimate the importance of the Internet. If you’re a modern entrepreneur, it’s a cardinal sin to underestimate the importance of the Internet and the value it could offer your business. Millions of people all over the world have laptops, tablets, and cellphones. We spend a great deal of time surfing the World Wide Web, and we’re increasingly reliant on a WiFi connection. As a new business owner, it pays to tap into the power of online marketing and growing mobile market. Many of us now access the Internet on our phones. Once you’ve got a great website up and running, look into creating a mobile-friendly site, and creating an app. If you’re not a marketing whiz, it’s a good idea to work with professionals with expertise in this area. You could look into hiring freelancers or contact companies like Targetoo. When you’ve got apps and a website, you can boost your online presence with an online marketing campaign that targets popular social media sites, and elevates your position on search pages.

Don’t blend in. In this day and age, more and more individuals and groups of people are taking their chances and attempting to go into business. There’s a great deal of competition out there, and you don’t want to blend in. You need to outshine your competitors and encourage people to choose you rather than your rivals. When you’re at the planning stage, think carefully about your USP. Why would customers trust you? Why would they choose you over other companies? What is different about you? If you can’t answer these questions, take your time to figure out what you can do to make your brand or product stand out from the crowd. If you blend in, you’re likely to get swallowed up.

If you have grand plans for your future, and you’re desperate to make a new business venture a success, there are certain things you shouldn’t do. To make it to the big time, you need to plan carefully and adopt a methodical approach. Don’t charge in like a bull in a China shop. Take a measured approach, make sure everything is set up and ready, and don’t launch until you’re happy. Get your finances in order, and ensure that you have a firm grip on the numbers. When you’re ready, take advantage of the Internet, and the popularity of smartphones. Bear your target audience in mind at all times, and build your online presence. Make sure you’re offering something different from your competitors, and emphasize your USP whenever possible. Stick at it, work hard, and don’t give up when you hit a hurdle. You might have to endure some lows before you experience the highs.

Photo by Angelo Pantazis

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Milo Senalle

Milo Senalle

Managing Editor at Chispa Magazine
As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.

Milo Senalle

As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.