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Tips For First Time Business Owner

(@Anonymous)
New Member

Save up as much money as possible before starting.
Start on a shoestring
Potect your personal assets.
Understand how -- and if -- you will make a profit.
Make a business plan, no matter how short.
Get and keep a competitive edge

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Topic starter Posted : 10/01/2010 9:15 am
(@Anonymous)
New Member

Re: Tips For First Time Business Owner

Hello

1) Focus. Focus. Focus: Many first-time entrepreneurs feel the need to jump at every “opportunity” they come across. Opportunities are often wolves in sheep’s clothing. Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.
2) Know what you do. Do what you know.:Don’t start a business simply because it seems ***y or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful.
3) Say it in 30 seconds or don’t say it at all: From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.
4) Know what you know, what you don’t know and who knows what you don’t: No one knows everything, so don’t come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.
5) Act like a startup:Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.
6) Learn under fire: No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less traveled. Never jump right into a new business without any thought or planning, but don’t spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes--and never make the same mistake twice.
7) No one will give you money: There, I said it. No one will invest in you. If you need large sums of capital to launch your venture, go back to the drawing board. Find a starting point instead of an end point. Scale down pricey plans and grandiose expenditures. Simplify the idea until it's manageable as an early stage venture. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.

Thanks for sharing and reading
Have a nice day

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Posted : 13/01/2010 4:13 am
(@Anonymous)
New Member

Re: Tips For First Time Business Owner

4) Know what you know, what you don’t know and who knows what you don’t: No one knows everything, so don’t come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.
5) Act like a startup:Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.
6) Learn under fire: No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less traveled. Never jump right into a new business without any thought or planning, but don’t spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes--and never make the same mistake twice.

i am agree with your views really very nice ..so keep on rocking

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Posted : 14/01/2010 5:11 am
(@Anonymous)
New Member

Re: Tips For First Time Business Owner

In relation to the top tip: Focus on what you want to achieve and plan a strategy on how to achieve it. Identify your strengths and weaknesses and use it for your business.

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Posted : 20/01/2010 7:54 am
(@Anonymous)
New Member

Re: Tips For First Time Business Owner

Great tips. Starting a small business takes a lot of risk, a lot of sweat and a lot of blood. If you aren't gung ho about starting your business then I wouldn't even bother starting. Most small businesses fail because the owners had no drive and no passion to succeed. Starting a small business can be scary but it can also be very rewarding. Stick to it and press on and you will find a way to succeed.

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Posted : 21/01/2010 4:14 pm
(@Anonymous)
New Member

Re: Tips For First Time Business Owner

1) Do what you love:You're going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it's really important that you truly deeply enjoy what you do, whether it is running fishing charters, creating pottery or providing financial advice.
2) Start your business while you're still employed:How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you're starting your business means money in your pocket while you're going through the business start up process.
3) Don't do it alone:You need a support system while you're starting a business (and afterwards). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start up crisis is invaluable.
4) Get clients or customers first:Don't wait until you've officially started your business to line these up, because your business can't survive without them. Do the networking. Make the contacts. Sell or even give away your products or services. You can't start marketing too soon.
5) Write a business plan:The main reason for doing a business plan first is that it can help you avoid sinking your time and money into starting a business that will not succeed.

Have a nice day

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Posted : 22/01/2010 3:45 am
(@Anonymous)
New Member

Re: Tips For First Time Business Owner

# Focus. Focus. Focus.
# Know what you do. Do what you know.
# Say it in 30 seconds or don’t say it at all.
# Know what you know, what you don’t know and who knows what you don’t.
# Act like a startup.
# Learn under fire.
# No one will give you money.
# Be healthy.
# Don’t fall victim to your own B.S.
# Know when to call it quits.

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Posted : 29/03/2010 3:08 am
(@Anonymous)
New Member

Re: Tips For First Time Business Owner

1-Implementation of proper planning
2-A good knowledge on marketing issues
3-Collection of some data about the business
4-A approximate estimate about the risk- return of the business
....................these info are required before starting a business

__________________________
Piggy Banks
Skechers

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Posted : 29/03/2010 4:55 am
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