6 Tips for Start-Up Businesses or Aspiring Entrepreneurs
If you have been told that you don’t have what it takes to build something or that entrepreneurs are born with their abilities I am here to let you know– that all things are possible. I want to let you know that entrepreneurs CAN be made or “formed”. What I believe is that there are some people who were inspired from a young age and were “formed with a different mentality. They were instilled a certain confidence and assurance of success. And yes some definitely do have a God given gift or grace or even an instinct for the business world. But hey! This doesn’t mean that you can’t learn a few things as well. You might just have to push a bit harder. And you definitely have to be willing to put in the work, the passion and the faith!
It may take hard work as it does for mostly everyone starting from zero, but in the end it will be worth it and you’ll be a better rounded person because you will have learned from many mistakes and many accomplishments.
And as I am writing this, I can’t help but to think back to Forbes declaring Kylie Jenner a self-made millionaire. When I think of someone being a “self-made” anything, I think about a person who started from zero. Hmm, but I dont know. What do you think about that? Let me know in the comments.
I started my business (Gloryscent) venture about a year and a half ago and I have learned a few things which I’d like to share with you. Not because I’m an expert in research but simply because I lived it and there is no better teacher than experience, right?
So here they are…
Do your research
You have to know what you are getting into. Make sure to research the industry you are trying to get into. There many industries that are very saturated or don’t make much money are actually going downhill in terms of revenue. This is because depending on the time, trends an economy, the peoples purchasing habits change.
Do your research on what it takes to get into this industry. Who are the ones that purchase the goods or the service? Is it mostly women or men? How much money are you going to need to get started? Is it something you can start on your own and slowly work your way up? Or is it something that will immediately need partners? Is there a need for your product or service? These questions are very important and if you don’t have an answer, this means you’re setting yourself up for failure. Know your customers and know your competitors.
Don’t spend all you money
Something that many people do is–immediately start making the money rain on the business.
Calm down okay. Take it slow, because I guarantee that you will not be thinking the same after three or even after a month of starting the venture. You have to invest slowly into the business because soon after, you may come to say, “oh snap, I don’t need all these t-shirts. I found better ones” or “Oh man, I want to target men and not women so I should have bought this or that”. You catch my drift?
My point is that as an entrepreneur your perspective may not be totally clear in the beginning. You will probably learn a better way to do things; which is great but you don’t want to lose money when these greater and better ideas (or not so great ideas) come to you. This will happen many times along the way. So it is best to invest with only what you need. Investing in small amounts is best. When you are ready to buy in bulk buy in bulk, but if you are just testing the market— don’t go crazy. Like I did. Start with what you have.
Stop worrying about logos and your name
Staaaahp, doing this. You do not need a logo and a name immediately. I did this and I can tell you it was pointless. I was so focused on making everything look good and professional when really what I needed to work on was my brand or my customer demographics. You should focus on actually BEING a professional in the area of your business instead of just wanting to “appear to be”. If you just appear to be through your name and logo, you will disappoint people when they realize that you don’t have everything in order. When they find out there is no “substance” or something unique. And its not that its not unique but it just you haven’t used your time to make that known. I know, I know sometimes you have to “fake it ‘til you make it”, but this is not always very honest. It would also be nerve racking to pretend to be something that you are not….yet. You see?
This is a good transition to the next tip, actually.
Staaaap being fake. Was that mean? I’m sorry, I’m just a little extra sometimes. But seriously, don’t try to be like everyone else. Trends fade you know. And they actually place you in the shadow of another person or business. But if you are authentic– if you are yourself, you place yourself or your company in its own category in which you are on the top! Because no one can be YOU.
Actually lets read the actual definition of authentic
Authentic. Of undisputed origin; genuine.
Synonyms: genuine, real, bona fide, true etc
Those who are “the real deal”, which are the ones you want to come into contact in the first place, are able to point out a pretender. Also if there are a dozen of the same type of business with the same feel and style why would people be drawn to another of the same? What differentiates you from the rest? This question will shape every move and decision you make for your business. And this will be the catch of your pitch.
Be patient (enjoy the journey)
Yayy patience! Don’t we just all love to be told to be calm and have patience? Yes, you hate it. I know. But let me just explain that this advice is always one of the best even though its always being retold. But we continually need to hear it because it has an ability to grounds us all over again. It has the ability to calm the anxiety and stress. The truth is that a business takes time to reach new heights. Sometimes we see other businesses and we think that it happened over night and the fact is that they have been around for 20 plus years and they’re just breaking headlines. So, come one lets be patient and enjoy the journey. Make sure to learn all you can, so you can then pass down the knowledge to others need it. And you can then tell them…be patient.
Local entrepreneurship programs!
Something that kind of catapulted me in many ways was the Entrepreneurship For All (Eforall) Accelerator program here in Lowell Massachusetts. I took advantage of what my city offers by signing up for this program. I was taught or introduced to the fundamentals of business and I was able to expand on those ideas during and after finishing the program. I believe I have been the youngest so far, to go through the program. But I am sure this won’t be for long. There are so many young people with such amazing and fresh ideas. We just have to encourage them to come out with confidence and believe that they can build something great! Take advantage of what your city offers. Ask, look up and research what is readily available to for you within your city or nearby. You are more likely to execute on your goals if you will be held accountable. You are more likely to succeed if you have professional help and mentors to guide you in the process. Plus, the possibilities of networking are amazing! When you join one of these programs, like I did, you open up your filled of possibilities. you surround yourself with like minded people; which is so vital!
It’s a wrap!
Lets leave it at this for now. There are so many other tips that will become useful along the way, but I feel as though this is a good start. This are tips for those thinking of starting their venture or have recently started and are fearing and over thinking in these areas. Just know that everyone you look up to in the business field or in life didn’t get there over night. It was a process of faith, trail and error, wisdom and much more. They started with an idea; just like you did. Meaning, you are just as capable.