With more and more people making the shift from the employee world to the business-owner world, there’s a growing need of getting educated about entrepreneurship.
So here we are, sharing some important tips for people that are just about to start their first business.
Passion is Not Everything
If your business is ONLY driven by your passion, you have a problem. – Anand Mishra CEO of Star Infranet.
Well, we are not saying passion has no place in your business, but that it shouldn’t be the only factor fueling your desire for starting a business. There must be a market for your passion, there must be room for improvement in what is already available out there, as well as an opportunity to offer better value to your potential customers than your competitors.
And this brings us to our next tip, which is…
If there has ever been a thing that can make or break new businesses, it has to be the market research. If you’re not aware of your market, how will you find a place for your product or service in it?
Regardless of how great your product or service may be, you need to find the areas or gaps in your market that are ripe to be filled. And make sure you design your product exactly that way.
This will increase your chances of making the product an instant success significantly.
Have a Backup!
Last but not the least is that you MUST have some backup when starting a new business. Given the staggering number of new businesses that fail, it would probably be foolish to invest everything you have in your new business without having anything to fall back on.
A job that you can always go back to or even savings that are enough to help you survive for a year or so may really turn out to be crucial if your business fails.