10 Tips for First Time Entrepreneurs

May 11, 2017 / in Blog, Entrepreneurship, / by number8

first time entrepreneurIn today’s world it may seem easier than ever to create your own business. As long as you have access to the Internet, the possibilities are endless. However, there are still many difficulties that come along with being a first time entrepreneur. So, below we have assembled a list of ten tips to help you and your business succeed.

Take Risks

Arguably, just making the decision to pursue an independent career as an entrepreneur is risky in itself. And once you get past that first step, you can’t stop taking risks. No matter how intimidating it is, fear of failing should never stop you from taking your business to its highest potential. Playing it safe doesn’t lead to success.

Be in control

Take initiative, and stand by your decisions. Your employees and coworkers will appreciate a firm vision. Own your ideas and stick to a path that you believe in.

Network among peers

Look for employees among your peers. They are more likely to understand your perspective and be able to support it. Hire people that you admire and will enjoy working with. Surround yourself with people who won’t be afraid to challenge you and teach you. Work with people who you respect and who respect you.  

Ask for help

It is difficult to admit when you don’t have all the answers. But if you feel comfortable around your employees, it may be a little easier to ask for advice. It is important to remember that asking for help does not mean you are no longer in control. Even the most successful CEOs struggle, and the sooner you come to terms with that, the better off your company will be.  

Trust your team

As an entrepreneur, it may be tempting to micromanage all goings on throughout the office. But remember that you hired your employees because of their competency. Trust that they are spending their time wisely. It can be disheartening for employees to feel as though they have no control over their work. Resist the urge to nitpick and instead focus your energy on the big picture.  

Know when to say no, and when to say yes

Don’t take on more than you can handle. But also don’t skip out on potentially lucrative projects. This will become easier the longer you are in the business. As a first time entrepreneur, sometimes the best advice is to just trust your instincts and learn from your mistakes.

Stay organized

Organization is essential to being a successful entrepreneur. It can be as simple as keeping up with a mobile calendar, or as detailed as mapping out plans and projects for years to come. You should know what is ahead and be ready for whatever it may be.    

Be true to your brand

Developing and maintaining a brand helps to promote your business and keep it in the public eye. If marketing isn’t in the forefront of your skillset, it would be worth it to either hire an in-house expert or outsource through other companies.  

Save money, but don’t be afraid to splurge on the necessities

As a first time entrepreneur, you probably aren’t generating a large profit yet and should be wise about how you spend money. However, that doesn’t necessarily mean holding onto every last dime. Depending on the type of business, you may need to invest quite a bit of money into technology. If you invest in quality equipment from the beginning, the cost will pay for itself once you attract clients.   

Be accountable

There are many benefits of being your own boss, but sometimes it means being tough on yourself. If you can hold yourself accountable, keep your promises, and consistently follow through with goals, then your employees will too. Set an example, and be the boss that you would want to work for.   At Number8, we understand and support those who want to pursue their own career path as an entrepreneur. We also offer tech support services for new businesses. Learn more about the work we do, and how we can help your company succeed by clicking here, or give us a call at (502) 890-7665!  

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