Things to Know Before Starting a Business?
I want to have a pre-knowledge idea of the things that i need to know before starting a business. I want to go into a movie business after school. But i just want to know the background of every businesses. What must i know before i start a business by myself.
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Let me start with this Fog analogy.
Starting a business is a bit like driving through a heavy fog where you are only able to see a few feet in front of the windshield. You don’t know what’s up ahead until it’s upon you. However, the longer you are an entrepreneur, the better you can navigate through that fog.
Apart from choosing a niche, a particular aspect of business you want to start, here are few important things you must know before you start any business.
1. Do something you like.
Don’t start something you won’t want to do in five years. Because if you are successful, you’ll still be doing this in five years. Going into blogging when you hate writing I a failure already. You are allergic to Tomatoes and you want to start a Tomatoe farming. Do something that will serve as a drive force.
2. You are not going to know everything.
In fact, you probably won’t know anything when you first start. Other than just the basics. Start anyway.
3. Finish what you start.
Nearly every entrepreneur I know suffers from the same curse: we like to start things more than we like to finish them. In other words, if you are a good entrepreneur, you’ll have a lot of great ideas. Most of them would probably work out well and make you a lot of money.
However, that doesn’t mean you should pursue them. Pick one and go with it until it dies or it makes you rich enough to buy a private island. Smiles.
4. Never partner with someone because it’s convenient.
Partner with someone because it makes you stronger. The wrong partner will drive you crazy, make you hate your work and end up causing more problems than they solve.
5. Stop designing business cards, logos, business plans and stationery.
They don’t matter right now. Go build your business and stop doing busy work that makes you feel like you are accomplishing something. You will do them later.
6. Don’t quit your job too soon.
Yes, you’ll have more time to build your business, turn off Africa Magic and go to work. But don’t be afraid to quit your job if you can afford it.
7. Read — a lot.
If you don’t have time, listen to audiobooks. And not just business books. Read motivational books, self-help books, success books, fiction books, biographies and off course articles on Wealthresult.
8. Be determined
Determination is the key.
Like driving down a lonely highway on a dark, foggy night, entrepreneurship can be a little scary. But hopefully at least one of the above tips will help you navigate through the fog a little easier with more confidence. If you are just getting started with your business, just remember this: keep driving through the fog. Your future self will thank you.
If you have any other questions, ask below.