1. Get into "Katy Perry" mode and roar boldly
Although it sounds obvious and a
bit simplistic to say that it takes courage to start a successful business,
consider this: If it didn't involve courage, many more people would. Starting
your own business can be a long-term adventure, even for life. It takes a
lot of pluck to pursue your dream despite all the obstacles and setbacks you
have to face.
In addition, it must be recognized
that much of the fear is in getting started. Many entrepreneurs get caught
up in excuses such as: "I need to gather more information," "I
need more funds," "I still don't have the talented team I need well
put together," and so on. Many aspiring entrepreneurs never get past
the planning stage because they use all these rational excuses to keep feeding
their fears. While it is certainly possible to be too rushed to make the
first step, it is always time to stop making written plans, stop creating charts
and graphs, and just take the leap. Learn now how to overcome the
fear of failure.
If you firmly believe in your
instinct that tells you that you have a good idea for a successful company,
also trust him when he tells you that the time is right and ignore all those
little voices that are not letting you move forward.
Remember: the brave is not he who
is not afraid, but he who, even with fear, dares.
2. Don't try to sell the Brooklyn Bridge
Are you sure people will want to
buy what you sell, or do you just think they
will want to buy it? Many new business owners fall into the trap of
launching a product that they believe will be successful rather than betting on
one that has already been successful in the market.
Of course, it is important to be innovative, as this is how you can position yourself above your competitors. However, if there is no real market for your parachute and sunglasses at the same time, your
innovation will not translate into sales.
How about maybe a "sports
flashlight"? A functional and attractive flashlight for athletes or
those who enjoy outdoor activities would be a better strategy.
Once your idea gains strength,
and you have a recognized brand, you can start taking greater risks with the
development of innovative products.
3. Take advantage of the ingenuity and
knowledge of those before you
Edmund Hillary would never have
climbed Everest without Tenzing Norgay. Beethoven needed initial
instruction from Christian Neefe. Even Luke Skywalker needed Yoda to be
able to use "the force." And everyone who starts their own
business also needs strong mentors to be successful.
Certainly, it takes humility to
admit that we do not know what we simply do not know, but there is also great
power in doing so, as it allows us, in turn, to have an open attitude. It
can also open the doors to new networking opportunities, which in turn will
help boost our sales or better negotiate with our salespeople.
If you've never owned or run a
million-dollar business before, are you sure you really know how to run it? Perhaps
you can benefit from guidance from someone who already has that experience. An
outside perspective can be of great help as a guide to identifying fears that
could be sabotaging you and the best way to deal with them, as well as to stay
focused on your mission without getting stuck in a single market niche (as in
the example above ).
Of course, this can be a very
delicate dance: it requires both knowing when is the best time to start the
business and knowing when to trust your own instincts: after all, not all
mentors offer us the best guidance.
Spending time with them and
watching their own development process can help you identify if they are what
you need. Remember: it is perfectly acceptable to disagree with your
mentor. The key is to see clearly when it is a difference of opinion and
when it is your ego not allowing you to listen to someone else's suggestions.
Not sure where to start to find a
good mentor? Your former teachers or former bosses are a good place to
start. Even if they are not what you need, hopefully, they will be the
ones who can recommend someone who is the right option. Approach your local
Chamber of Commerce: this can be a good place to meet people. Find out
when the events that interest you take place and get a list of members to
contact easily.
4. Dream high but reduce your expenses
Lack of cash flow has a high
probability of wiping out a new business. It is then necessary to keep
expenses low and generate that flow of money immediately. It is true that
there are costs that must be covered, but it is easier to expand than to
decrease.
Related
Article: 7 Tips for Managing Your Small Business Cash Flow
Some ways to achieve this are:
·
If you run a service
provision business, you can request an advance as a deposit and the remainder
to be paid at the end of the service.
·
Paying your suppliers in
advance can give you an advantage in negotiating better prices.
·
If you run a retail occupational,
you can make use of the model popularized by Amazon with its Premium
Membership, where for a monthly or annual fee, deliveries are guaranteed in a
certain number of days.
·
Add value to generic items
by creating exclusive brand pieces for boutiques or specialty stores.
Ultimately, this is where your imagination
and revolution can really flourish - there will always be ways that skilled
microentrepreneurs can come up with ways to keep costs low and sales high
without sacrificing the quality of their products or services.
5. Stay calm and in control
The word "controller"
has taken on a negative connotation when it comes to the owner of a successful
small business. Although no one likes to be controlled all the time, today,
it is necessary for a successful small business owner to maintain control of
day-to-day operations to make sure things are aligned with the mission and
vision of the company.
In addition, when choosing
our potential business partners, it is important to be very aware of
whether this is the best route to follow. Consider their temperament in
the face of conflicts that may arise: Will they be able to work together to
find solutions, or will they only exacerbate problems? Are their goals in
line with yours, or do they have their own intentions? Once again, listen
to the voice of your instinct.
Embarking on the adventure of
becoming a business owner involves instinct, intuition, creativity, and
humility. If you are able to handle your fears, trust your instincts,
think differently, and ask for help, you will be well-positioned to be a
successful entrepreneur!
And who knows, maybe one day the
student will surpass the teacher, and then you will have the privilege of being
the mentor of the next generation of entrepreneurs.
As anyone who has practiced
success will tell you, it is important to pass the baton on to the next
generation.