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10 Tips for the First-Time Entrepreneur

Posted on September 6, 2015   by FlexiPort Team  
10 Tips for the First-Time Entrepreneur

So you have decided to take the plunge into the world of entrepreneurship? First have a look at this checklist of 10 start-up essentials that will ensure that you don’t fall short at the last moment. Read on and find out if you’re truly prepared for what lies ahead.

Stay Focused
With the adrenaline pumping staying focused is especially hard. The need to do multi-tasks and grab every ‘opportunity’ is often too hard to resist. But remember it’s better to excel at one thing rather than failing miserably at doing ten, so stay focused.

Do your homework well
Starting a business for the wrong reasons (imaginary profits, peer pressure, to impress the girl next door etc) is a recipe for disaster. Start one, only if you are well prepared and passionate about the field you are getting into. A business that plays to your strengths and talents will always have a greater chance at success.

Get the funds in place
If you have come up with a grandiose plan, chances are no one will lend you the money. Start small with an idea that manageable. Scale down all the large expenses, find ways to drive your business plans on a small budget. If you manage to prove yourself and your concept to investors the chances are you will never be short of cash.

Less is always More
Your idea may be pure genius, but if you can’t pitch it properly to your investors or customers it ain’t worth a dime. Be crystal about your objectives, service or product and its USPs. Keep it crisp and concise. Tailor your pitch to the person, not your personal agenda.

Have an open mind
Be receptive to well-meaning, sensible advice from the right people. Seek out successful, knowledgeable individuals with whom you share common interests and mutual business goals and learn from their experiences. Don’t hesitate to ask for help when you really need it.

Be frugal
No fast cars, expensive office, fancy lunches and unlimited expense accounts. Until such time as the cash inflows are rock steady, be frugal with every expense. Avoid the unnecessary ones altogether, double-check all other expenses and keep a close eye on those pesky overheads.

Be a fast learner
There is no such thing as a perfect business plan, so be ready to learn from your mistakes and try not to repeat them. One way to minimize unforced errors is to make sure that you are well-prepared for every eventuality. Have a back-up plan in place for minor setbacks.

Maintain your health
In our rush to prove our worth, we are often guilty of ignoring our health, which could prove costly. Taking care of yourself will enhance your productivity. So make sure you eat right, exercise and get plenty of sleep. Driving yourself endlessly to the point of exhaustion serves no real purpose.

Be realistic always
It’s the easiest thing – falling prey to your own lofty expectations. Stay realistic and grounded as far as possible. Avoid aiming for the skies right of the bat, lest you fall flat. It’s good to be ambitious, but very easy to be over-ambitious. Let your actions do all the talking.

Quit, while you still can
Some ideas work, others may not. If your big idea is not working out, quit while you still can. Don’t persist just to massage your ego or to prove a point. Don’t let failure be the end of the road for you, rather the starting point for your next venture. Learn from your mistakes, and emerge stronger (and smarter) the next time round.

To find like-minded enterprises who share your passion for business and select the right professionals who can drive it forward, log on to Theflexiport.com today.

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