Deciding to start a business requires many factors to drive and motive a person to run his idea. If that process is difficult, it is even more to survive the first year of entrepreneurship. Time will give experience to the entrepreneur, but in order to keep running the company, it is vital to know how to react if problems arise, .
The Wadhwani Foundation of India presents the following infographic about some tips for for entrepreneurs.
1. Stay focused on the goal
Why are you starting a business? Is there something that motivates you to do it? Never forget why you are starting up. Every day you need to work hard, but remember what led you to begin the business. No matter if it is to generate your own income, be your own boss, fill a gap in the market, or because it is your passion, define your goal and do the job that takes you to fulfill what you desire from the beginning.
2. Believe in yourself – be sold on your idea
As simple as saying, if you don’t believe in yourself, why others have to trust you? The first person convinced about the project and believed capable of doing it, is yourself. A secure personality will transmit that to potential customers.
3. Find a supportive community
Sometimes it you start a business with a group and sometimes not, whatever your situation is, you must also be aware that you live within a community. If the market likes your project or are interested in your succeed, they are most likely to support you. Perhaps, they might not fund your project, but probably with other aspects such as giving you tips in which bank you could get your first credit, who is a good accountant, or how to manage a business.
4. Discomfort is your new status quo
And it is said that you leave a 40 hours job for freedom, but you are changing it for a 24 hours a day. Sometimes you do not know when you have to sacrifice some time because you are alone or just because there is no one who must get on the business and finish the job. You have have to visit clients or take calls late at night. Companies are not easy to handle, and there are some that require more of the entrepreneur´s time.
5. Learn to love risk
And how do you know that your business will be successful? How do you know your market will continue to accept it after the first year of entrepreneurship? You can do some analysis, studies and forecasts for insights about the business risk, but are you are starting up based on the risk, or based on what you can achieve. An entrepreneur will not know for sure whether it will succeed, but making constant tests will let you learn to feel the risk of having a business.
6. Have scheduled brakes; avoid burn out
Of course you have to be aware of every moment of the business, but don’t forget that you also have to take care of your health. When you’re an entrepreneur, sometimes we give up too much at work, that we don’t realiza how much time have passed. Do not forget that you need to rest and give some time to recover strength.
7. Learn to live lean
Forget about the luxuries, the first year is vital to know if a business will be successful, or whether it will be one more that dies as thousands of companies. Sometimes, within months that the business already have some profit, entrepreneurs start buying a new car, or something they want. It is important don’t bleed the business in the first year. Doing more with less, be efficient and effective will help to accelerate growth.
8. Eat right, get sufficient sleep, and excercise to counter the grind
Food, hours of sleep and exercise will not only help change your routine, also will make you feel better. These activities will allow you to keep optimum performance to analyze and think about the different situations that may occur to your business. Intellectual reaction is not only given by experience and study, it is also given by a good physical balance.