The greatest and most successful entrepreneurs of our time worked very hard to get to the top of their businesses. And they did something else, too. We’ve compiled a list of their business rules.
1. Find something you like to do
If you have decided to start your own business just for the money, stop. The prospect of wealth that awaits you over the horizon will keep your enthusiasm alive, but not for long. In business, you will not do without force majeure and difficulties, in addition, the first time the new business will be unprofitable. Only the desire to earn money will not keep you stimulated.
To make it a success, turn it into a passion. Understand what to do, will help the answers to three questions:
1. What do you love? 2. Do those around you love it? 3. Are people willing to pay money for it?
Remember, a business doesn’t have to be anything innovative. You don’t have to be afraid to open a coffee shop or tire shop just because someone else has done it before you. The main thing is to add something of yourself to your business and do it with love.
2. Surround yourself with good people
It doesn’t matter what your business is about or what your views on doing business are, you will need a team anyway. You will not be able to supervise and do everything by yourself: you will not have enough time and energy.
To do business successfully, gather around you tough professionals who share your views. Find like-minded people, for example, at seminars, trainings, or forums for young entrepreneurs. Choose people to help you not only on personal but also on professional qualities. Business is work, which means that friendship is of secondary importance here.
Remember that your colleagues and partners are not just performers, but a team that works for one common goal. So, treat them with respect.
3. Remember the budget
Money is the foundation of your business. Manage your start-up capital carefully. Make a financial plan in which you will write the necessary expenses and the budget for the month.
Compare expenses and profits: it’s likely that at first, your expenses will be high. Don’t be frightened, this is a normal situation for business: to start making a profit or at least reach zero, you have to wait a couple of months, six months, or even a year. The time depends on many factors, such as the volume of production and staffing.
So before you start your business, get a cash reserve, which should be enough for at least the first 2-3 months.
To financial plan does not turn into a multimillion-dollar sum, save money. You can save money on several items:
– Purchase used furniture and appliances. By buying items for the office off-hand, you’ll spend half as much money.
– Work from home. While it’s possible, conduct business remotely and don’t rent an office. Rent an office when you’ve built up a client base.
– Use online accounting services. It’s expensive to hire an accountant in the first few months, and it’s hard to keep track of your budget on your own. And this way you’ll be in charge of your business, understanding your paystub.
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