Tips to Starting a Business

Starting a business can be a scary thing to do!  I remember how long it took me to take that step years ago.  It was late 90s when I was just at the end of my tolerance for my current job.  One particularly bad day, I called my husband crying and he asked me if I was ready to quit now and join him in starting a business!  Since we’d had this discussion more than once, I am sure he was as surprised as me when I turned in my resignation.

Tips to Starting a BusinessIt was a few years before I would become a full-time sales rep — a business that eventually become my own baby!  Was I scared?  Yup!!  But despite the ups and downs, I have never regretted my decision.

I don’t have a magic pill for success, nor do I know a major skill or trait that makes one person more successful in business than others.  But I do lots of reading and learning everyday.

One of my favorite inspirational newsletters I receive is the AdvantEdge Newsletter.  I would like to share you with you some quotes from an article by Josh Kaufman about starting a business :

There Are No Magic Businesspeople

…successful businesspeople (and business authors) are normal, everyday people, just like you and me. Their work is mundane, not magical — they have simply identified a need or opportunity, developed their knowledge and skills, and created something of value that satisfies the demand.

What does it take to start your own business? Less than you think!

• Create something other people want or need. (If you don’t know, test ideas in low-risk ways until you find something that works.)
• Attract the attention of prospects, and make them interested in learning more about what you’re offering
• Encourage your prospects to trust you enough that they give you money in exchange for your offer
• Deliver the value promised in a way that makes your customers happy
• Collect more money than you spend, and enough to sufficiently compensate you for the time/energy/money invested.

The author goes on to list a few points to starting a business:

1. Recognize that most of the value of a higher education degree is in social signaling.

2. Recognize that higher education is not as useful if you plan on starting your own business.

3. Recognize that all education (including higher education) is fundamentally self-education.

4. Separate price from value. It’s common for people to associate high prices with high quality, but you can often find huge educational value by taking advantage of inexpensive resources.

5. Self-finance as much as possible. The less debt you take on, the better — look into ways to generate income while learning, either by working a day job or running a side business to cover living expenses.

6. Minimize your living expenses. The less money you need to live on, the more resources you can devote to educational opportunities and tools while minimizing your total debt burden.

7. Invest in quality tools and experiences. Trying to teach yourself on crappy tools doesn’t make sense — effective learning relies on fast and accurate feedback, and the friction created by poor tools is a very real drag on your ability to improve your skills. I

8. Focus on learning economically valuable skills. In the immortal words of Zig Ziglar: “You will get all you want in life if you help enough other people get what they want.”

9. Focus on learning directly from practitioners. Find a few people who are already successfully doing what you want to do; then find or arrange some way to learn from them directly.

I highly recommend you read the full article:
There Are No Magic Businesspeople

 

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