Ten Useful Tips For The First-Time Business Owner

Owning A Business Is Extremely Exciting; It Is Also Hard Work And It Is Easy To Make Mistakes!

You will not avoid every mistake of a first-time business owner, but with the right guidance you can make good decisions and avoid the problems that may cause some business owners to give up.  Hang in there; it does get better!

Here are ten useful tips for first-time business owners to help you stay on track:

1. Focus. It is easy to get sidetracked, so stay on task.  It may help to have weekly or even daily meetings with others to bring you back to center.
2. Do What You Know and Know What You Do. You got into business because you enjoy doing something, most likely.  If this is the case, stick with what you know and like.  Just because someone comes up with a “great idea” for a business does not mean it is right for you.
3. Say It Fast or Don’t Say It At All. There is an old adage that says that if you cannot say something in under one minute it will take you ten.  Be prepared to pitch your business in under a minute at any time.  You never know when opportunity may arise!
4. Know What You Know, What You Don’t Know and Where to Find The Answers. You do not have the answer to every problem.  Be sure to surround yourself with those who have these answers and lean on them when necessary.
5. You Are a Start-up, So Act Like It! It is easy to get carried away with spending, but it is important that you do not. Be sure to act as if you are a “starving artist” when you start a business.
6. Learn From Your Mistakes. You are going to make mistakes, so treat them as learning opportunities.
7. No One Will Give You Money. Grooming investors comes later.  Right now, you need to prove that your business is viable.
8. Take Care of Yourself. Eat, sleep and exercise.  You cannot function if you are not healthy.
9. Actions Speak Louder Than Words. Demonstrate by your actions that you are a person of integrity.
10. Know When To Quit. Stop before you are forced to quit.  If your idea does not work, try something different!

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