Vesta Digital Blog

5 Tips for the New Business Owner – Part 2

Posted on: October 14, 2010

small business ownerAs I mentioned in 5 Tips for the New Business Owner – Part 1, any new entrepreneur or small business owner needs as much advice as he or she can get. The lack of resources available for starting entrepreneurs and business owners can be a frustrating and difficult obstacle to overcome.

Here is the second half of the 10 tips to follow when launching your first startup business, as according to Scott Gerber, a writer for the Young Entrepreneurs column in Entrepreneur.com.

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.

8. Be healthy.

No, I’m not your mother. However, I promise that you will be much more productive when you take better care of yourself. Entrepreneurship is a lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don’t make excuses. Eat right, exercise and find time for yourself.

9. Don’t fall victim to your own B.S.

Don’t talk the talk unless you can walk the walk. Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. In short, put up or shut up.

10. Know when to call it quits.

Contrary to popular belief, a smart captain does not go down with the ship. Don’t go on a fool’s errand for the sake of ego. Know when it’s time to walk away. If your idea doesn’t pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur will prevail over adversity.

Your small business has a great chance in succeeding. By following the tips from this post and the previous five tips, you will give yourself the best chance to jump start your new venture.

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