The Top Tips for Startups and Entrepreneurs in 2020
The call of entrepreneurship is strong for many people out there. Getting to be your own boss, set your hours, and create something of value are some of the top reasons people choose to start their own businesses. Chances are, you’re considering starting your own business, or maybe turning your side hustle into your full time gig. When you’re at the pivotal moment of deciding whether to go all in on your big idea – it’s always important to get some advice from people who have been there before you. Here are three pieces of invaluable advice from people who know what it’s like to start from scratch:
Ahmad Sufian Bayram is quoted by Startupswb.com and explains the importance of having a mission:
“If you’re not willing to invest in yourself, why should anybody be willing to invest anything in you?”
As Ahmad notes, working on your mindset is key when thinking to start your business. “People usually invest in people, not in ideas. So you have to keep learning, keep growing, and keep working on your mindset. When it comes to mindset, you don’t just have the mindset, but you work on your mindset all the time.”
Having a mission, vision, and values may seem like something for a big organization, but it’s actually quite important for you to have an idea of why your new venture is important. Without passion, your excitement can dwindle over time and when you run into roadblocks you could be tempted to give up. Try to determine why your project needs to happen and why you’re the one to do it. If you’re only in it for the money, remember that it can be a while before you turn a steady profit and you need to keep focused during your building phase.
Abdo Riani at Forbes.com tells us why it’s important to scan your idea:
“If you want to build a profitable business this year, there is no room for easily avoidable mistakes starting with investing resources in a product you could easily know if people need and will pay for. Therefore, the first step is to test your idea before moving forward and committing significant resources.
The least you can do is ask ten potential buyers about their needs and expectations. The goal is to uncover the urgency of a need for a better solution. Products that make things just a little better will make your goal of building a profitable business this year a lot harder. By the end of this phase, you should refine your idea by identifying a problem worth solving.”
The old adage “Two heads are better than one” comes to mind. You may have come up with the perfect solution to a problem – but how do you get your new idea in front of people who need it? It’s wise to scan your idea or business plan for info gaps. Have you done any competitor analysis, or potential customer interviews? These are great ways to make sure you don’t have any hidden risks that could derail your efforts.
Ryan Gilmore at StartupNation.com tells us why it’s important to get started and set a deadline!
“The best time to start working on your business is now, and you don’t necessarily need to quit your current job just yet. Many experts advocate starting your business as a side hustle first, and then transitioning to it full time when you’re confident you can earn a living wage from it.
If you’re committed to jumping in head first, take an honest look at your personal finances (you might have to live off your savings for a while) and the amount of time you have to set up your new business. You’re going to need to ensure you have enough financial runway first.
Whichever path you take, we highly recommend setting a deadline. There’s no better way to overcome inaction than by giving yourself a hard timeline that you need to hit.”
They say the best time to start is yesterday and the second best time is today! When you’ve done your research and know that your project is ready to go – get started! Many people get hung up on waiting for the right time and miss the opportunities they have in the present. It can be tough to overcome the mental blocks: imposter syndrome, fear of failure, and the anxiety of not having a steady paycheck. Remember why you’re choosing to be an entrepreneur and go for it!
Now that you’re ready to start taking your big idea to the next level, check out our co-working space here and claim your desk.