How to Start a Business

Many of us dream at some point of taking the step towards financial independence by creating a small business.

Inside of us we know that it is the way but we are always invaded by questions that we cannot always answer the first time:
  • How to start a business?
  • What business can I put in?
  • What is the best business opportunity?

And although we have approached this topic from different perspectives, today I will give you some practical advice so that you can begin to shape this great project that is to create your own company.

What is Entrepreneurship?

As a first step, it is important to understand and define what entrepreneurship is and what exactly an entrepreneur does and although the term sounds very interesting, there are actually some qualities that define it very well.

I recently heard from an entrepreneur a concept of an entrepreneur that I liked and that I share with you today:

“An entrepreneur is that person who has the dream of creating his company. He is a highly motivated person and therefore he will not give up on anything even if he fails hundreds of times, until he succeeds”.

And it is precisely the main quality of an entrepreneur is his ability to overcome all the obstacles that the process of create your company step by step.

Having said that, then we will say that an undertaking becomes your project. More than just a dream, an east is translated into actions. They have to do with giving life to that dream, setting goals, obtaining resources, preparing a business plan, a budget and in general all the activities that together allow your company to come to life.

It all starts with a dream. The dream of freedom. The dream of being your own boss and being independent. But the dream is not enough. You must act because otherwise, you would be just a dreamer and not an entrepreneur.

How to start a business?

So when you already have the dream, the great challenge then is to start shaping it. The first thing you should know is that a company is built in a similar way to how a large building is built. There are different phases and stages. It takes patience, commitment, supervision, and a lot of work.

But you also need to have money for materials, for specialized collaborators, and of course, the plans! No engineer could build a large job site without the blueprints for the project. In the same way, you must plan your business.

So what I always recommend is that you start by making a business plan. This step is very important to start a business because it is the starting point.

Making a plan will allow you to answer many important questions such as What do I want to do? How am I going to do it? What resources do I have? What other resources can I get? Who or who will be my allies in the project?

We have developed some broad topics about how to make your business plan and what you can find here.

Once you have that business plan, you should know that it is flexible. It means that you can make all the changes you need, when you need them. It’s your plan! and nobody else. Whether it works or not is your business plan. So it is not a rigid guide that cannot be altered. In fact, you need to make all the necessary adjustments on the fly for it to work.

What if things don’t go well?

Do you remember the definition of what an entrepreneur is? Its main characteristic is not to be defeated. Don’t get frustrated or discouraged quickly. In fact, you should know that things do not always go well the first time, not even the second. Some entrepreneurs acknowledge that they have had to make several attempts and modify their strategy many times until they find the business model that really worked.

So we are not going to fool you. Entrepreneurship means failing many times to achieve it. The important thing as many experts say is that, if you are going to fail, fail fast and fail cheap.

Plan your project in such a way that you can measure in a short time if your business idea It will be accepted, if it is profitable, if you will have a market interested in your products or services and if it will really translate into profits.

Be analytical, keep your eyes open, and don’t be discouraged by the first failure.

What to do if things, IF they go well?

If your idea becomes a winning company and things are going great. You must also be alert. Many entrepreneurs actually get overconfident when things are going well. To the point of neglecting their undertakings, thinking that they have succeeded and that from now on nothing can stop them.

Being successful is great but a good entrepreneur is always in constant growth. You must update yourself, improve your strategy, consider new market alternatives, find more clients and optimize all your procedures.

Competition is strong, always, everywhere. There is no business that does not have competition and if it does not have it, sooner or later it will. So don’t trust yourself. Take advantage of your success to grow intelligently.

Ask Successful People for Advice

The worst mistake many entrepreneurs make is seeking advice from their friends, family and even their teachers when they have never built a company in their life. And then they wonder what could have gone wrong?

If you’re going to ask for advice, which is highly recommended, ask successful people for it. To honest entrepreneurs who can tell you without reservation what you need to know about the business you want to start.

They will tell you openly what works and what doesn’t. They will tell you how much money, time and effort you need to invest. You may be surprised by the things they can tell you about the business but whatever it is, it will be real data from people who have achieved it.

And something else, do not wait for free advice. Sometimes you will have to pay for an hour of their time but that is worth more than free advice from someone who does not know what they are talking about.

Above all, do not ask negative, pessimistic people or people who have never achieved anything in their life for advice, they will be happy that you are part of their club of losers.

Make a budget and take care of your money

Getting money to start a business is complicated. Is not easy. Money does not fall from the sky and nobody will give it to you easily if you do not have a serious project. Investors, banks and finance companies will give you their capital only if you can verify that your business is a profitable idea that will return good profits.

Nobody wants to lose their money right? You don’t want to lose your money and neither do the banks. So before you suffer and regret not obtaining resources, take care of work a business plan sell and show that you are a passionate entrepreneur who will achieve what he sets out to do.

And once you get the capital, then make the most of it. Don’t waste it by swapping your cell phone or buying new accessories for your car. That’s for losers. Once you have the capital, be guided by your investment budget to ensure that you will inject it into the key phases of your project. And then you will see how it multiplies.

Finally and to close this question of How to start a business?. Work tirelessly. Entrepreneurship will not be easy. It requires many hours of sleeplessness for which no one will pat you on the back to congratulate you. Undertaking is sometimes like a lonely journey where no one seems to understand your sacrifice.

But I can assure you that if you follow these tips, sooner or later you will achieve your goals and when your company starts to grow then you will enjoy the wonderful benefits of being your own boss.

There are still many questions to answer, but we will talk about them in a next post.

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