5 Tips For First Time Entrepreneurs

In 2015 we saw a number of start ups emerge like never before. It seems as though a new business is beginning every day and according to The Kauffman Index this is a pretty accurate statement. In 2014, the rate of new entrepreneurs in the U.S. alone increased about 10 percent from 280 out of 100,000 adults in comparison to 2015, when the start up activity index increased from 310 out of 100,000 adults. The 0.31 percent increase of new entrepreneurs equates to about 530,000 new businesses owners each month of the year.

With the booming sharing economy in full force, many are able to do so by creating convenient and handy on-demand services and marketplaces — such as Instacart, Uber, and Postmates. But the idea of becoming an entrepreneur can be intimidating and frightful to say the least. No one wants to put all their eggs in one basket because the risk of giving up everything for something uncertain can be dangerous.

Of course, there are many risks when it comes to entrepreneurship, but, if done right, it can result in innumerable success.

Here are 5 tips every first-time entrepreneur should consider:  

1. Don’t let fear cloud your judgment: Yes, there will be setbacks, problems, and difficulties. You name it, you’ll encounter it. Nothing comes easy. For example, look at Facebook and Airbnb. Some may call them an “overnight success” but we know better. If you’re truly passionate about your business, pursue it, because sitting on the sidelines doesn’t power your idea any further.
2. Network like there is no tomorrow: Networking is everything in today’s cut-throat world. The more connections you have, the better off you’ll be. The opportunities are endless when it comes to networking. There is the possibility of meeting your next investor, partner, or point of contact to guide you through the process. Research the best events and local meet ups in your space to attend and watch your relationships grow!
3. Be open to advice: As you start to grow your business, you’ll experience people seeking to give you their opinion. While some may be irrelevant, don’t write off advice completely. Listen to the suggestions, consider them, but make sure to be the ultimate decision maker at the end of the day.
4. Build your brand: Find your target market and build off your customer persona. A consistent, recognizable brand is one that consumers tend to remember. Attend events, market your brand on social media platforms, and build brand awareness through the opportunities that present themselves to you. Remember: you have to start somewhere.
5. Give, don’t take: Starting your own business will require a lot of give rather than take. Be prepared to give up a few aspects of your life: social and personal time. Time and money are the two most important factors in creating a business. Missing out on family events or social events may be required of you on certain occasions and that’s okay. The most successful people devote themselves completely to their jobs and business. Success will come with time.

As you can see, becoming an entrepreneur can be challenging and frightening. But then again, what isn’t? Don’t be complacent in your tiring 9-5 job if you have a passionate business idea.

Embrace it, power it, and build it.

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5 Tips For First Time Entrepreneurs