Dos and Don’ts For First Time Entrepreneurs

Collaborative post – may contain affiliate links

There’s no doubt that when it comes to jobs and careers the deck is stacked against the millennial generation. No matter how well educated millennials are and no matter how much of their lives they waste on unpaid internships they can find the doors to opportunity slammed shut in their faces time after time after time. When they are afforded an entry-level position they face a culture of wage repression and career frustration. Is it any wonder why so many young people eschew the conventional career path trodden by their parents for a life of entrepreneurship.

Sure, setting up your own business takes a lot of hard work and effort, but millennials are a hardworking and industrious breed. Sure, there’s a chance that they could fail… But at least they’d fail on their own terms. While there’s no right or wrong way to start or run your own business, there are still some dos and don’ts that will stand you in good stead if you’re serious about setting up a business of your very own.

DO- Put passion before profits

There’s absolutely no point in setting up a business if you’re not passionate about it. If you view a business as essentially a get rich quick scheme, you’re doomed to either fail, be miserable or both. If you pursue entrepreneurship in a field you love and are passionate about you will not only stand a greater chance of success, your passion will be able to pull you through the inevitable trials and challenges with a smile on your face.

DON’T- Neglect strategy

Running your own business keeps you extremely busy. With so many operational plates to spin it can seem as though you spend every hour of the day on the front lines with your team and barely get the chance to even visit your office. Yet, this can wind up doing more harm than good.

DO- Listen to podcasts and audiobooks to learn more

There’s an absolute plethora of sage advice out there for people who want to run your own businesses from innumerable business books to blogs just like ours. But let’s be honest, here, how many of that enormous tower of business books on your nightstand have you actually read? How many do you actually intend to read? Uh-huh. Instead, try podcasts like this one on growing a service based business, or alternatively try audio books. You can listen to them in the car or while you work and are much easier to make time for.  

DON’T- Put the cart before the horse when it comes to marketing

Many new entrepreneurs are excited and enthusiastic when it comes to marketing their business. And it’s easy to see why. Marketing is sexy. It’s fun, it’s creative and for the social media generation it’s easy and intuitive. Nonetheless, put your marketing efforts ahead of quality control and meeting the standards you have established for yourself and you risk putting the cart before the horse. You may even benefit more from outsourcing your marketing.

DO- Value feedback, no matter who provides it

Finally, it’s essential to value feedback even if it comes in an unpalatable form like a customer complaint. Every piece of feedback you receive (even if it’s unpleasant to hear) is an opportunity to grow, improve and refine your business. It will help to shape your business into a vehicle which will propel you into future success.

Ignore it, however, and your business will inevitably suffer.

Things Every New Entrepreneur Needs To Know

Collaborative post – may contain affiliate links

There’s no doubt that it has become more and more tempting for more and more people to walk away from the more standard employment models and start their own businesses. This can often be a wonderful thing. After all, being able to get out from under your employer’s thumb and take control of your life by doing something you’re really passionate about is one of the best things you could possibly do with your career. That being said, there’s no doubt that it’s also going to be a serious challenge and if you’re not ready for that fact then you could end up in trouble. With that in mind, here are a few things that every new business owner needs to know if they really want to succeed.

What resources you need

There are so many things that you need in order to run any kind of business and the most common mistake that a lot of people make right at the start is that they don’t really pay attention to what those things are. Sure, you need an internet connection and a computer to set up pretty much any kind of business. But what kinds of social media sites are best for your business? Do you need software for creating invoices? Are you going to be printing a lot of stuff and if so how much is that costing you? A company like 123Inkjet Cartridges can help bring the costs of something like that down but you need to make the same considerations for every aspect of your business. Otherwise, you could end up losing a whole lot of money.    

Where the money is coming from

Speaking of money, there is no doubt that it is one of the most essential ingredients for any business. Even as owning your own business has become more and more accessible you still need to think about how you’re going to fund it before you start to turn a profit. From putting in your own money to taking out a business loan to crowdfunding your business, there are plenty of different ways to raise the money you need, you just need to be sure that you’re using the right ones.

How to keep your life balanced

Maintaining a decent work-life balance might not be the first thing that a lot of people think about when it comes to running any kind of business but the truth is that there are a lot of serious risks involved in letting your business take over too much of your life. Make sure that you know when to step away so that you don’t end up letting it take over a great deal of your life.

The reality is that running a business might be one of the most exciting and fulfilling things that you will ever do but it’s also something that is incredibly challenging and difficult. If you’re not willing to push yourself to keep going even when things get really challenging, you’re never going to be able to take your great idea and turn it into a truly successful business that allows you to earn a living doing something that you really care about.