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Starting up a business is very challenging and often overwhelming. While the tips below won’t ensure your new business will be a success, doing these can help keep you on track and, well, sane:
- Keep focused. Many entrepreneurs, especially the first-timers, are tempted to grab every ‘opportunity’ that comes their way. Nonetheless, you must keep in mind that opportunities are often there to sidetrack you. If you grab every opportunity you come across, chances are, you will never do your tasks effectively.
- Do the business that you know. Start a business based on what interests you and what you know. Don’t get attracted to the huge profit margins, which are just plain hypothetical. Doing what you love to do and what you are really familiar of can give you the edge. Remember, if you are half-hearted in what you do, you are more likely to fail.
- Be in the know. While it is impossible to know everything (please do not play a know-it-all), it is nice to know people who knows the things that you don’t. Mentors, advisors, trusted friends can help you nurture your business by contributing what they know. Swap common interests with knowledgeable and successful individuals.
- You are a startup, so act like one. Don’t invest yet on fancy offices and high expenses. You are just starting up, so you should practice the art of frugality. Write down every cent that you spend and triple check your list.
- Learn from mistakes. A startup business is basically trial and error. You may need a lot of planning before execution, but don’t wait forever before you do these plans. Experience is the best teacher and learning from mistakes is crucial.
- Know when to stop. If your business plans just won’t work, save yourself and don’t go down with the ship. Be smart enough to know when to call it quits. If the business did not become successful, take note of your mistakes and don’t do them again with your next business venture.