The concept of ‘the next big thing’ has become redundant. It today’s world, everybody wants to become an entrepreneur and run their own company in their own terms. The benefits of working on your own are obvious: you’re the boss, get to make something from the scratch, influence the people around you and of course, making dollars all along the way.
But is it the cake walk like most people assume it to be?
Of course not 75% startups fail miserably every year and only less than 10% startups excel to generate a good return of investment, a survey conducted by Harvard business review claimed.
Here are some essential startup advices from successful Serial entrepreneurs that can be helpful to you if you’re thinking to start a new business on your own.
Never hesitate to Risks:
Failure isn’t going to fetch you anything other than knowledge of what’s ideal to do what’s not. All the successful never thought about the negatives while taking the crucial decisions. A successful entrepreneur like Sheldon Barris Lending and others will always stand by his bold and courageous decisions he makes even if they don’t come out to be feasible in the end. A Toronto based business leader Sheldon Barris Solicitor has carried on a multitude of other personal and business ventures and enjoyed success in not one, but two careers for more than three decades.
A company like Amazon would have always been a online book retail shop if Jeff Bezos had not taken the risk of exploring new areas of the business. So don’t let the fear of failure haunt you. Some if those risks won’t come out to be in your favor, but the ones that do will be the one that will make you a better entrepreneur.
Work with the Team:
This is probably the most important advice that is going to be handy for the new entrepreneurs. Many people have misconceptions about entrepreneurship that it is is all about ruling. Well, it’s about leading not ruling. The young entrepreneurs in the business need to be with the team and communicate with them to make the startup run effective and efficiently.
Do the things differently:
Not every startup succeeds because of the fast that their ideas aren’t innovative. What’s the point of having a company that does the same thing the same way as the companies who are already present in the market. New entrepreneurs need to improvise their business ideas and do things that aren’t done by others. New perspectives should be introduced to make the business seem unique
Create that Network:
One of the main aspects about businesses are that they run of networks. When you haven’t business to expand and grow, your connections will lift you up. When you do the same to other companies, they can become your powerful allies. It’s all about helping each other to grow and expand. Never hesitate to tie up with other companies if you think that’s mutual benefit.
It is Worth the Hustle:
After reading all these, you would’ve understood that starting a new business isn’t easy. Entrepreneurs hustle everyday to succeed and a portion of that group do. Young entrepreneurs need to understand that running a business can be hectic sometimes, but in the end, it is worth the hustle.