New entrepreneurs are business owners who have recently launched their companies. New entrepreneurs are nimble, open to any opportunities that will help them reach their goals. With the shift away from traditional 9 to 5 careers, new entrepreneurs will likely help drive the future job market.
Top 7 Tips for New Entrepreneurs in 2019:
1. Believe in yourself.
This is fundamental - if you expect anybody to believe in you and your ideas, you need to believe in yourself. This is not to say that you're not open to critique or change, but that you know your business idea is sound and will, with hard work, yield results. Further, you know you have the capacity to make it happen.
New entrepreneurs face a number of challenges, and while it's entirely normal to have doubts, a core belief in yourself, your idea, and your ability to bring your business concept to fruition will help you endure adversity and succeed.
2. Build a great team.
You believe in yourself and your idea - now you need a team you can believe in. New entrepreneurs often want to tackle every obstacle on their own, which is a laudable idea but not terribly practical. Having a solid, reliable team in place can help you focus on the aspects of the business that require your attention while other details are being taken care of.
A good team can also provide inspiration and give you an insight into other points of view, both of which can be invaluable as you move forward with a new business.
Funding Ideas for New Entrepreneurs:
- Family & friends.
- Angel investors.
- Small business loans.
3. Read everything.
While a solid team can provide new entrepreneurs with additional viewpoints on the business, it's also important to know what business's top minds are saying about effectively marketing and running a company in today's economic landscape. Collecting and reading a library of the current best business books is a great way to stay on top of what's going on in the world of business.
Think about it - reading the best books by the best business minds is like having a team of the top mentors provide their best advice to helping you get your business off the ground.
4. Seek out good outside advice.
While you and your team focus on your business, it's also good to have access to a source of advice outside the company, either one person or a group of people who aren't personally invested. New entrepreneurs should seek out mentors, mindshare groups, forums, or any other outside resource that allows for interaction regarding company issues.
New entrepreneurs' ideas may be great, and the business they're founded on can be getting off the ground successfully, but it's always important to be able to get advice from people who've been in your shoes. Seek advice from more seasoned businesspeople and you'll be able to better work through the issues that face every new business.
5. Be fearless.
Success rarely comes without taking risks, and new entrepreneurs have to take more risks than most. You're trying out a new business idea, one that may be unproven in practice, and it takes guts to believe in yourself and your idea. There will likely be people out there who think you should take an easier route to economic security.
Remind yourself that none of today's major companies, businesses whose existence we take for granted, would exist without someone having taken a risk. Think of what will happen if you take the safe road - you'll always be wondering "what if?" Have faith in your idea and your ability to bring it to fruition.
Pitfalls for New Entrepreneurs to Avoid:
- Starting a business your heart's not in.
- Spending a lot of capital prior to proof of concept.
- Quitting your "day" job too soon.
- Overlap between personal and business social media accounts.
- Not fully researching potential markets.
- Getting bogged down in small-picture details.
- Overworking and burning out.
6. Be tenacious.
You believe in yourself and your idea, you've built a great team around it, you've read all today's best business books, and you have a good mentor; you should be bulletproof. Even with all that in place, though, you're still going to have setbacks, challenges you didn't predict, failures you didn't see coming.
Remember that greater success rarely comes without failure, and many businesses evolve beyond their original concept to overcome obstacles. See every failure as a challenge to even greater success. Be as objective as possible, but don't give up - adapt.
A new business can easily demand all of your time. There are so many details to take care of, new challenges to overcome; new entrepreneurs can easily find themselves swamped. Remember to take moments for yourself to step away - schedule them if you have to. Even a 20-minute walk can provide a sense of relief and a new perspective.
You're working hard and need to recharge. It may seem as though you're avoiding your responsibilities, but you're not. Taking some time to breathe and refocus can allow you to apply yourself more productively to the tasks at hand while avoiding burnout.