20 Business Kickstarter Fun Facts You Can’t Miss Out
Starting your own business is a lot like finding true love. It’s both terrifying and exhilarating since for every magical thing that can happen during the course of starting your business, there is always something that threatens to thwart your dream of becoming a successful entrepreneur.
The man who knew a thing or two about failure, Henry Ford, the founder of Ford motor company once said, “When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.”
According to a report published by the University of Phoenix, 63 percent of adults under the age of 30 aim to run their own business one day and in the near future, there will certainly be more opportunities for them to do so.
Like moths to a flame, entrepreneurship draws people to it because of the opportunity it gives to direct one’s own fate.
The anatomy of an average entrepreneur
The image of an average entrepreneur relates (rather stereotypically) with a young, living-off-the-red-beans adult with a 50+ hours work-week lifestyle. The depiction may be right to some extent but on many levels, it is just flat out wrong.
As demonstrated by the recent report from Kaufmann Foundation for Entrepreneurship, many young business persons identified their work success as good fortune and based it on prior work experiences/failures.
If you’re not a risk taker, you shouldn’t start a business. Before diving into the new entrepreneurial venture, you should be well aware of at least 20 facts about small businesses – even if they keep you up all night, every night.
1. Do something you love
Don’t start something you wouldn’t want to continue after a short period. A good way to think about this is; do you love something enough to do it for free? If yes, go right ahead.
It is important to pursue an objective you’re most passionate about because you will inevitably find yourself in challenging situations and won’t be able to move ahead if you don’t enjoy what you do.
2. You are never too obsessed
Break the limits. Trample right over the line between passion and obsession. Never let anyone tell you that you are ‘too obsessed’ with your idea. It is completely acceptable, and in fact commendable, to be overwhelmingly infatuated with your work.
3. Always be clear about the ‘why’
Being a business owner isn’t easy. The road to self-employment needs to be considered carefully before setting out on the journey. The challenge and constant lack of certainty might pull you back but the upside of the test is incredibly satisfying – control of your own destiny, learn and earn more than you would as an employee and be free to work the way you want to. Hence, it is important to be clear why you want to start a business and dive right into it with your eyes wide open.
4. Following statistics is dumb
Don’t pay heed to the casually-thrown statistical numbers about failed businesses. It is just an excuse to make you accept defeat with comfort. Even if the numbers are correct, it is mostly because people fail to commit to their objectives or don’t follow through to the end, especially when times get tough.
5. You can go a long way with a small budget
The idea of effectively marketing your business becomes questionable when you have a small budget. Entrepreneurial successes such as airG have successfully created inexpensive marketing methods for their products and services. They use bundle of strategies and tactics that leverage their growth, out of them one is the most simplest method and that’s to find the thought or your customers by visiting different forums, review stations and online discussions.
In 2013, 53 percent companies managed to find new customers on Facebook.
6. It’s okay to not know everything
You probably won’t know anything but the bookish basics when you first start a business. As a beginner, a real-estate investor, for instance, may not know how to buy property, rent a house or evict a tenant. They usually figure it out ‘on the job’ and so will you.
7. Checkout the competition!
Starting a business without an idea about the competition is absurd! Take time out to study your competition, how they market, promote and sell their product/ service.
Examine their strengths, and what they could potentially improve. This will not only provide you with insight but will give you the opportunity to figure out how your business offering is going to have that ‘edge’.
8. The wrong partner can drive you crazy
Always partner with someone who makes you stronger and helps you grow as an entrepreneur. The wrong partner will drive you crazy, end up causing more problems than solve them and make you hate your work.
9. You’re going to suck at employee management
You may not be good at it now but employee management is one task you must get better at. Even if it is for 2-3 dollars an hour, hire an assistant right now. It will definitely give you some great training on worker administration.
10. Make sure to charge enough
One of the gravest mistakes that you can make as a newbie entrepreneur is not following the current business rates. You might look at being the cheapest as your best marketing strategy but in reality, it becomes hard to pull your prices up once you build a solid reputation for being ‘reasonably cheap’. It is, therefore, far better to sell on quality than price. Do the math and ensure that your charges will bring in good profit.
11. Lure clients in
Investing a fortune in the new business, setting up the premises, building the website, and stocking and staffing, are not the only factors that need to be considered before you launch your business and expect a horde of customers to come in. You must have a very good plan developed beforehand that clearly identifies how you attract clients to your services or products.
12. Designing fancy logos is a hoax
At the starting stage, designing fancy brochures might make you feel like you’re busy accomplishing something great but right now, they don’t matter as much for your business. Go build your start-up and get involved with hard-core in-person product advertising. It’s better than just inking your not-yet-known company name on paper.
13. Do tasks that make more money
Divide your tasks amongst the ones that make you most money. Compare the $10 per hour work with a $1000 per hour assignment and focus more on doing the latter. Yes, you might be pursuing a lot of high-priced projects without even realising, just make sure to do more of them to bring in maximized profit.
14. Don’t overspend
In order to avoid financially taxing yourself and your family, you will need to learn where and when to spend the hard-earned money. While it is important to not underspend the precious seed dollars, it is equally essential to not squander them.
15. Get your insurance in place
Before opening the doors of your business, the insurance needs to be firmly established. Otherwise, your business runs a very real risk of being sued.
As a bare minimum, the Public Liability Insurance protects you from being injured on your premises. Moreover, you can talk to other business owners for their opinions on what is needed and what is not for long-lasting financial security.
16. Self-education is important
If you don’t have time to read large volumes, listen to the audio books instead. And also, not just business ones. Read self-help resources, fiction pieces, biographies and anything productive you can get your hands on.
17. Find a mentor
You can easily avoid making all of the common start-up mistakes if you have someone you can talk to for business advice; in other words, a mentor. A mentor is usually someone who has ‘been there and done that’ and can give you some solid advice that might save you from making a costly mistake. Having a good mentor might actually curtail your route to success by years.
18. Always finish what you start
Many entrepreneurs suffer from the same curse: they like to start things more than they like to finish them. If you’re a good business person, you may have a lot of great ideas to pursue and most of them will work out well; making you good money.Just make sure to choose one target and follow it until it makes you rich enough to buy a jet.
19. Be a morning person
You can definitely be a morning person even if you think you are not. Being ‘incapable’ is just an excuse lazy people make to avoid significant life-alterations.
20. Don’t quit your job too soon
Even though you will have a lot of time to build your business, there are only 168 hours in a week, only 40 consumed by your job and 50 by sleep. You will have plenty of time to spare for your startup if you just hustle and quit late night Netflix sessions with your buddies.
Entrepreneurship can be like driving down a lonely highway on a dark, lonely night. One or more tips mentioned in this article, however, can help you navigate through the smog easily and with more confidence.