Thursday, 3 December 2015

Success Keys For New Entrepreneurs

Success Keys For New Entrepreneurs

It is through that i preach " Be your own boss" Being a first time entrepreneur can be challenging and also exciting and rewarding. There is no end to the many financial, legal , staffing, marketing, and customer issues that will come up as you launch your business. With lots of twisted advises out there telling you one thing or the other without a road map to success. But don't worry as i am about to open your very own eyes with success keys for any new entrepreneurs out there. These success keys will help you overcome huddles of starting a profitable business:

1 . Start a Business You Are
Passionate and Knowledgeable About Startups can be quite a grind , so pick something that excites and motivates you. Don't go into a business because your best friend is doing fine in it or that you where told that the said business will give you millions within few weeks or months.

2 . Get a Business Idea That Has a
Wide Market Opportunity. Make sure you carefully researched the business and identify a large market for your product or ideas. Investors will be attracted to your business when they see light of growth in it. Don't forget to raise enough capital as you can. It's almost always harder and it takes longer to raise startup financing than you
think . You must ensure you have a
cushion for all the product development and marketing expenses you will incur. In
an ideal world , you will have sufficient capital for your operations to break even. Developing a great product takes time and money.

3. Please,Always Monitor Your Finances. You must keep on top of all of your expenses , income and balance sheet. Many startups have failed because the entrepreneur was not able to adjust spending to avoid running out of cash. Maintain a low overhead. Manage your expenses and avoid unnecessary costs.

4. Research the Competition.
Make sure you are thoroughly
researching competitive products or
services in the marketplace, and keep on top of new developments and enhancements from your
competitors. Ask for advice from other Entrepreneurs ahead of you.
Advice from other entrepreneurs and
business professionals are said to be invaluable.

5. Develop a Great Elevator Pitch.
You should have a compelling story about what your startup is all about and what problem it solves. Have
this ready for potential customers and investors which is your target market. Articulate your mission
and goals, and why your product or
service is unique compare to others.

6. Hire the Right People.
Hiring the wrong people is one of the
biggest mistakes made by entrepreneurs . You need to bring on employees who have the relevant background and experience. Though, lots of entrepreneurs start do most of the job themselves. Don't hire workers that don't fit into your vision and objectives .

7. Network And Network And Network. Networking can land you a new investor , a great employee , a new customer, or a great mentor. Attend seminars and workshop on any business development trainings. Social media is a powerful tool
to help you network , so make sure both you and your enterprise have a good impression about you and your business. Give great customer service. Companies such as Banks became hugely successful
because they focused on providing excellent customer service and
support. You want your early customers to give referrals and sing your praises to their friends and colleagues . Thank your customers personally by SMS and email.

8. Get an Experienced Business Lawyer. You need a savvy business lawyer for your company , one who has regularly formed and advised many other entrepreneurs and who specializes in small business start ups. The lawyer can help you to register your company in C.A.C .
Prepare protective offer letters to
prospective employees
Help you negotiate terms with
prospective investors
Limit your potential legal liabilities
Protect your ideas and inventions
( through copyrights , patents and
non -disclosure agreements)
Get recommendations from other
entrepreneurs and venture capitalists . Make sure you have a good rapport with the lawyer.

9. Speaking in Public Is an Advantage. The ability to communicate effectively
can be critical to landing customers ,
inspiring employees, and pitching to
investors to raise capital . Most people are not very good at public speaking and many are even afraid of it. You need to work to overcome this fear. Consider working with a public speaking or business coach to practice, get professional feedback and improve . Some
of the most recognized entrepreneurs were great public speakers, like Brian Tracy, Bill Gate, Alhaji Dangote etc

10. Focus on Building a Great
Product or Service. But Don't Wait Till Thy Kingdom Come to Launch Out. Your product or service has to be at it best to start out with .
It has to be differentiated in some
meaningful and important way from your that of your competitors.
Hoffman the co -founder of LinkedIn , said : “If you are not embarrassed by the first version of your
product , you’ ve launched too late. ”
There is never a perfect time to launch a startup, so follow that famous advice and “just do it. ” Take the first step to building your business.

11. Market widely nonstop! You continually have to be attracting ,
building, and even educating your
market. Make sure your marketing
strategy includes the following:
Build a professional -looking, up- to -date website. Learn the fundamentals of SEO
( search engine optimization ) so that people searching for your products and services might find you near the top of search results.
Use social media to promote your
business ( LinkedIn, Facebook ,
Twitter , Pinterest , etc.) .
Engage in content marketing by
writing guest articles for relevant

With this few tips i hope you can now start a successful business of your own as an entrepreneur.
Just take action and do it. I wish you success.

Think Positive
Hope Uchemadu

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