For my final words of advice to those wanting to take the dive into the world of entrepreneurship, I offer what I consider to be the five most crucial elements to starting your own business: Dream big, be different, be passionate, plan EVERYTHING, and adjust as you go.
Starting with the first, Dream Big. If you have a dream to do something you are scared to do, don’t be! First times for anything will always be scary. Go ahead and dream big! It needs to be something you’re crazy about and if you aren’t dreaming of it then you probably don’t really care about it so if you have a dream, don’t be afraid of it, indulge it! Go for it, but don’t forget number two….
Plan EVERYTHING! I’m talking, every little detail. You’ll start with a business plan, and this will be necessary if you need financial funding or investors. You’ll need to know even the smaller details. How many people will the business require to function well? How will you get inventory and where will you store it? How will you advertise? Where will you be located? Who will your target audience be? How much do expect to make? How much do you expect to grow over the next few years? Include your end goals as well, if you plan to spread your business to other areas or incorporate more products down the road. Even after you’ve accrued the necessary funding and have already made the dive, keep planning. You’ll need to write everything down in a hand book and be extremely well organized so that your company will know what to expect and your employees will work in unison. When your customers know what to expect every time they come in, they’ll feel comfortable and trust you more.
Be passionate! Passion isn’t just about being crazy about your dream business. It’s staying crazy about it when things get hard. You may go through hard times or work really long hours. You may undergo losses and failures. Use these to your advantage and find ways to make it better, to make it work, and stay madly in love with it!
Be different! You don’t want lots of competition. This means less customers. You want to stand out and offer something in a new way or with an improvement that makes you stand out and above your competition. Could be packaging, style, price, efficiency… whatever it is, just make sure it’s not the same because you won’t catch anyone’s eyes.
Adjust as you go! This goes back to number four just a little. You will face failures and that is OK! Use those as learning experiences to help you come out on top. Now you know something that doesn’t work and you can move on to another way! Congratulations!
If you keep all 5 of these tips in mind, you are bound for success! Time to take the dive!