Vesta Digital Blog

5 Tips for the New Business Owner – Part 1

Posted on: October 12, 2010

start your own businessFor those of you who are just beginning to start up your own small business, you may be feeling entirely overwhelmed. There are very limited resources for young, new entrepreneurs. However, there are a few ideas to help you get started in the right direction and nurture your small business.

Scott Gerber, a writer for the Young Entrepreneurs column in Entrepreneur.com recently posted a great article about 10 tips to follow when launching your first startup business. I have included the first five below, and will post the next five tips very soon.

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 sexy 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.

Starting your own business can be exciting, frustrating, and overwhelming. Follow these tips to jump start your new venture and watch your small business succeed and prosper.

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