Starting your own business as first time entrepreneur can be a stressful, complicated, and yet rewarding endeavor. However, if you don’t have much experience starting and growing a business, you surely have more questions than answers.
Involve in Every Aspect of Your Business
As a first time entrepreneur you will gain massive experience by involving in every aspect of your business. Consider these experiences as a valuable asset which will help you run all your future business even more successfully. Every entrepreneur has a bent toward one or two specific areas of business. Some people like the creative side of things and prefer to spend time on marketing, branding, and design. Others are more analytical and enjoy programming and data. But regardless of your interests, you have to be involved on some level with every aspect of your business.
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Over time, this will change. As you hire people and the company grows, it becomes healthy to step back and release control. However, the early days are different. You need to understand how your company works and the only way to do this is by being directly involved in sales, marketing, logistics, manufacturing, payroll, management, etc.
Set Your Business with The Right Legal Company Structure
Business ideas can develop slowly over many months. And before you know it, your idea has become a reality. In the process, it’s easy to forget how important it is to add the proper layers of legal and financial protection.
Learn More : 9 Steps to Start Your Business Seamlessly
Experts recommend legally incorporating your business. Incorporating will protect you from personal liability from any business debts and obligations, and can provide tax advantages as well. Do your research and find out the best type of legal entity for your business and goals. Options include LLCs, corporations, and even nonprofits.
Seek Advice from Other Entrepreneurs
No matter how many books you read or podcasts you listen to, there’s nothing more valuable than having one-on-one conversations and relationships with other entrepreneurs. And believe it or not, most are generous enough to help as first time entrepreneurs who are bold enough to ask. You can find other entrepreneurs in your own personal network, on LinkedIn, in local business groups and startup clubs, etc. The key is to put yourself out there and take chances.
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Sitting down and speaking with other founders who have already been through the process is invaluable and will save you from making unnecessary mistakes. I couldn’t be more grateful to the numerous people who have served as mentors, providing advice and helping to calibrate the direction of my business, and now I feel a strong responsibility to pay that forward.
Hire Strategically as First Time Entrepreneur
You’ll eventually outgrow yourself and need to bring on other team members and employees. And once you start hiring, your growth potential goes through the roof. However, you must hire strategically. Some founders and venture capitalists say good entrepreneurs should spend at least half of their time hiring; Meaning networking, recruiting, vetting, and interviewing. If you’re not dedicating at least a few hours per week to onboarding the right people, probably you’re not setting your company up for success.
Also Learn : How to Create a Successful Company Culture?
People make a business. Don’t hire strictly on past experience or degrees. Get to know people and find out how to identify passion, drive, discipline, and selflessness. These are the qualities you want in your startup team.
Stay Open to Pivots and New Ideas
Every entrepreneur has a certain amount of pride baked into the business. Admitting that your idea might not be successful or profitable can be sobering. However, the most successful founders remain open to pivots. Whether it’s two weeks from now or two years down the road, keeping the door open to a pivot allows you to embrace the best opportunities and maximize your chances of success.
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