5 Things Every Entrepreneur Should Know From The Outset

Image: Entrepreneur by Nick Youngson CC BY-SA 3.0 Alpha Stock Images

  • Know who your customers are

This is absolutely necessary in starting any business.  Customers are the foundation of your business so it is important to know exactly who they are and what they want.

Often entrepreneurs will make the mistake of going into business without ensuring there is an audience or a market for what they are trying to sell.   An entrepreneur may become blinded by what they think is a good business idea, though customers may not share the same interest.  It is crucial to do research and plan according to what the customers want and need.

  • Take small steps towards your bigger goals

When a business is getting started, there should always be some big picture goals planned out.  Perhaps it’s gaining a significant amount of market share, earning a certain level of profit, or becoming a franchise.  These aren’t things that will happen overnight and entrepreneurs need to remember to be patient.  Each small step towards achieving a major goal is an opportunity for entrepreneurs to look back and determine what did/did not work, allowing for improvements going forward.

  • Confidence is key

In starting a business, an entrepreneur should convey a very professional image.  Maintaining a strong sense of confidence is essential to professionalism and gaining a customer base.  Confidence is important not only to gaining customers, but also in making valuable business decisions.  An entrepreneur demonstrates true leadership when he/she can confidently take action and not overanalyze important decisions.

  • Don’t take on more than you can handle

There are so many different aspects that go into running a business.  When just getting started, entrepreneurs may become overwhelmed with the amount of work that needs to get done usually without many employees.  It can be very beneficial to outsource certain back office services and customer service needs.  A company such as Kendlebell can handle your business’s phone calls, bookkeeping, diary management, and various other tasks so that you can focus on the bigger picture.  Outsourcing will also allow your business to pick up that professional image you need while you may not have the qualified staff just yet.

  • Know the business environment

A common mistake many entrepreneurs make when starting a business is not doing their research.  Research on customers is definitely important, but there are more factors that need to be accounted for in starting a business.  Entrepreneurs should have strong understanding on the trends in the economy and to ensure that they are starting up at the optimum time for their product or service.  Another incredibly important thing to research are the laws and industry standards behind the sector you’re trying to enter.  Any small mistake or violation of protocol could result in a huge loss of money for your business, so make sure to do your homework.