If you have always wanted to start a new business but didn’t know where to start, then this post is for you. Do you keep getting so many ideas that it becomes difficult for you to choose which idea to work on first? Then few months and years pass by and you realize that you’re in the same place.
✔Do you have a brilliant idea that can change the world?
✔Do you want to start a new business?
✔Do you want to be your own boss?
✔Do you want to make a lot of money?
If you answered “YES” to one or more questions, then this post is for You. Below are the 10 business lessons that can only be learnt with experience. But here they are for You. Make sure you digest them fully.
1. 5% Idea, 95% Execution
Most people willing to start a new business think that their “idea” is everything. Let me be honest with you: that is never the case. Remember the light bulb invention by Thomas Edison? He had to “fail” 10,000 times to succeed. Yes, we can reframe this to: he had to “execute” his idea 10,000 times to find “success”. Do you see how important execution is?
If you’re starting a new business, then hardwire this in your mind right now: 5% Idea, 95% execution. 5% planning, 95% doing. 5% talk, 95% action.💪
2. Build Your MVP or Prototype
Build a mini-version of your product and go sell it to your potential customers. See whether they are willing to buy it and how much price they’re willing to pay for it. Observe how they react towards your product the first time. Ask them to give you honest feedback and make your notes about the same. Bill Gates once said, “Your most unhappy customers are your greatest source of learning.”
3. Your Goals & Mindset
Your goals, your mindset, and your actions will make or break your business. It’s not the idea or the funding that will make your business succeed. It is YOU who will make your business succeed. You will have to work to achieve that success EVERY SINGLE DAY. Are you willing to put that kind of effort?
4. Stop Talking, Start Doing
Do you have a great idea that will change the lives of people all around the world? Then stop talking about it and start doing. Remember that the greatest entrepreneurs in the world work day and night to make their ideas happen. These are the 3 signs of a successful entrepreneur:
1. You talk less and work more.
2. You’re a great leader and can handle teams effortlessly.
3. You’re fast and responsive to vendors, prospects, and clients.
5. Make A Business Plan & Pitch
When you pitch your idea to friends and family, you will get feedback in return. It could be “Wow, that’s awesome.” or just an “Ok, that’s good.” Pitch to the right people and you will get to validate your idea and observe your own passion. If you’re really passionate about your business idea, people will notice that & they will fully support you.
6. Plan Less, Do More
Later? Tomorrow? Next week? Does that sound like you? Are you that person? STOP RIGHT NOW. Entrepreneurship is not right for you.
Today! Now! Right now! Does that sound like you? YOU ARE ON THE RIGHT PATH. Entrepreneurship is your destiny.
7. Consult A Business Person
A business person has already walked the path you’re willing to walk. A genuine business person will guide you correctly. He/she will validate your ideas and tell you if this will work for you. Make sure to tell them to be 100% honest with you. Otherwise if they sugar coat you, you will go down the hill and eventually fail. The right person will light your path with their experience and wisdom.
8. Talk To A Mentor
“One of the greatest values of mentors is the ability to see ahead what others cannot see and to help the mentee navigate a course to their destination.” — John C. Maxwell
A mentor is like a light in the dark. The right mentor will guide you through the toughest times. They will teach you how to sail the harsh waters and life-threatening thunderstorms. If you have been a job person, then you must go find a mentor first. Because you have no idea what you’re embarking upon by taking the entrepreneurship route. Trust me on this one.
9. Success & Failure
Running your own business is like a rollercoaster ride, where you will experience both – the highs and the lows. In other words, when you start a new business you will get both success and failure. Celebrate your success for an hour and then get back to work. Learn from your failures by making note of what didn’t work for you. Just keep on putting effort every single day. Persistence is the key to success.
10. Borrowing Money From Friends / Investors
If you’re smart, super-skilled, well-known in the market, have great connections, have rich friends, or have a strong product worth a lot of profit, then you will get an investment easily. If you don’t have these in your bag, you’ll find it challenging to raise an investment. Investments require a lot of paper work, background checks, valuations and calculations, for which I recommend you to hire a professional.
BONUS: Want to Quit Your Job? Learn To Pay Your Bills.
If you feel that you are not a job person and you really want to take the risk of starting a new business, then learn to pay your bills. Make some quick buck and save money for your next 6-month bill period. That will give you ample time to test your product in the market & figure out stuff. If you succeed, it’s time to celebrate. If you don’t, find a company you will love working at.
Honestly speaking, your “job” is never the “problem”. It’s how you tackle yourself and your work. If you’re unhappy about something, then stop complaining about it. Take action and change that. Find what you are “best” at and then go find companies who are “looking” for people just like you.
If you think that entrepreneurship is not for you & don’t want to do the job as well, then start freelancing. Pay your bills. No one will then stop you from doing what you wish to do, because you’re paying your bills.
Have questions? Ask them below, I’ll quickly answer them.