There is no one way to launch a successful business. However, these are tried-and-true tips that every potential entrepreneur should remember.
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My last article focused on the steps required to be a successful entrepreneur. This article will focus on the best time to start a business, and provide some tips and tricks for entrepreneurs who want to grow their ventures.
Two Windows Theory
Entrepreneurs often face the hardest decision of their lives: when to start a business. Many entrepreneurs face the difficult decision of deciding whether to work a 9-5 job with burnout or become an entrepreneur before they have enough experience in the real world.
Take this into account: While most startups fail within their first year of existence, the percentage of failures in the second year is much higher, and only 2% of those that survive make it to year 3.
There are two best times to start a business. One is right out of high school in your 20s when you have lots of energy and no other commitments. The second is in your 50s or 60s when your children have moved away and you have a greater net worth. These are the best times to take on the risk of Newchip Accelerator starting your own business. If you want to start a profitable and successful business in your 20s, it is important to invest the time when you are 22.
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Equity is not to be lost
Entrepreneurs who have succeeded often state that “The first million is always hardest.” It’s true that technology today can help. An entrepreneur can quickly launch a product or service online in today’s digitally connected age. This is especially true if they use the right marketing channels and social media channels to build loyal customers and brand followers.
If I had to give entrepreneurs any advice, it would be this: Never start a business unless your have the drive and funds to make it to year three. Don’t sell equity in your company to pay the bills. Ten thousand bills can quickly add up, but if equity is given away to pay them, it could be a mistake that will leave you with $10,000 per minute.
Entrepreneurs are bound to fail. It’s normal. However, don’t let that define you. Learn from your failures and apply them to your next venture. Positive momentum is important. Like in gambling or sports, momentum swings can also occur in business when all the stars align for you. Building and maintaining positive momentum is all about staying focused and maintaining your confidence. Your team will be inspired by your positive energy and confidence.
As you grow, delegate
Entrepreneurship is about creating jobs, careers, and livelihoods for others. After you have created a job, train another person to do it. You’re wasting time and resources if you try to do it yourself. Your business should instead be generating new revenue streams. You will be able to create new business and generate revenue streams by delegating responsibilities. It’s impossible to do everything. If the founder micromanages or tries to do everything, scaling a Newchip reviews business can be difficult. You will be able to teach others how to properly train them and delegate effectively. You will need to spend time on strategic priorities such as profitability, marketing, management costs, hiring, retention, and communications. You not only manage projects but you also lead people. Entrepreneurs who are successful know this distinction.
Plan for succession
Being a successful entrepreneur means finding people smarter than yourself. It is also important to have a plan for the future. People who are smarter than they are may be intimidated and feel that they can take over my job. To the contrary, I want to surround myself with smarter people who could eventually take over my job, should anything happen. My company employs five people who can succeed me if necessary. This is a proud thing, as I know that the company will last a long time. My legacy will be a thriving, enduring company.
Be on the alert and ignore all noise
You can’t prepare yourself for all the challenges of entrepreneurship. No MBA will prepare you for the ups and downs of entrepreneurship. Startups are so fraught with failure that many smart, talented people avoid trying. You’re part of a select group if you are able to make it. However, this privilege comes with serious responsibility. A successful entrepreneur will always be available for their team because your company is always online. This means you must always be there.
As you grow, more livelihoods are dependent on your strategic decisions. You can forget about other priorities and work 12-16 hours a day. Outside noises, such as critics or naysayers, can become irrelevant if you’re that focused and driven to your business. You’ll be able to gain a strategic advantage over your competitors if you are always on and ignore the noise.