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7 Things People Starting Their Own Business Should Know

7 Things People Starting Their Own Business Should Know

Gone are the days where the most viable option for most citizens to get an income was to get the regular 9 to 5 job. We live in an era where, through the power of the internet, the possibilities are endless—all it takes is for you to reach out and grab one.

A popular alternative option is entrepreneurship. What’s not to like about starting your own business? You get to be your own boss, plus you get to create, develop, and sustain something that you are passionate about. Starting your own business is no walk in the park, but it is one of the most amazing experiences that would reward you with a great life.

Ready to take on this journey and be part of the entrepreneur movement? Read on to learn the seven things that people who are starting their own business should know.

1. You must evaluate yourself.

Taking note of your expectations from the very start will make the path to building your business easier. You have to evaluate your reason for starting a business, your current skills and capacities, and any other relevant realizations that would aid the backbone of your business. It may seem daunting, but by knowing who you are, what you can offer, and what you expect to happen, you will ultimately determine how to go about things. No matter what happens, your personal aspirations will keep your morale up in the long haul.

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2. Your business starts with a great idea.

Ideas are the seeds that grow forth to become the great things we now experience in this world. You have to put great thought into coming up with one that fuels your passion because your business will be taking up a lot of your time, money, and energy. It needs to be more than an idea that nourishes you, it must also fulfill the laws of business: supply and demand.

Think about an idea that other people will believe and buy into. As much as possible, make sure that it’s unique so you stand out. Don’t be discouraged that just because there are plenty of cool things around for us to consume, that there might be fewer ideas to jump on. Everything we have now wasn’t present a few years back, and look at all the stuff we’re enjoying now. Your great idea is out there. Get inspired and then develop your plan. Bootstrap it to facilitate the idea into reality, starting with the most basic operations first.

3. Your excitement and stress will overwhelm you during the planning stage.

Now that you’re armed with a great idea, the next important thing to have is your business plan. This will be your roadmap, outlining the things you need to do, the cost of the entire operation, the strategies and tactics you have for execution, and the milestones to chart your business’ progress. Business plans are primarily seen as something to entice investors and banks with. But here’s a tip. More than its necessity for financing, think of your business plan as a means of formalizing your intentions.

For those people who didn’t take any business related course, you might be scared off by creating a business plan. Don’t fret! Everything can always be learned! There are so many resources that you can tap to help you create your business plan—case in point: the Internet.

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4. You will (more often than not) be forced to learn how to ask for money from everyone.

Businesses don’t magically pop out every time someone has a great idea. Ideas live in your head, but it is financing that brings it to reality. If you aren’t blessed lots of money in your bank account, this is the lesson that you will have to learn and not be shy about: Learn how to ask for money from everyone. There are many that you can approach to help you finance your business. You can file for a business start-up loan with your local bank, look into local investors that would be interested in your business, seek venture capitalists, use crowdfunding to help you raise the money, and the ever reliant approaching of family and friends. Looking for financing is always difficult; you could be rejected for a loan and might not be able to find interested investors.

But think of this as your training ground as a salesperson. To get investors, you have to learn how to sell your product. How will you learn to sell to consumers if you don’t know how to sell your business idea to people who could finance it? With this training, if you get investors to believe in you, then it is highly likely that you will get customers who will too.

5. Your office will be the second home that you will pour your heart and soul to.

When you have the financing to back your business, it is now time to set up shop. In business, just like real estate, this mantra is very important: Location, location, location. Whatever your business is, may it be a service where you would be needing an office, or a product where you would be needing a store, you must know where to place it. You want it to be accessible and appealing to attract more customers.

More than just the location, you also have to work on the atmosphere of your office/store and make sure it ties back to the brand of the business. Needless to say, you’ll be working on the aesthetics, buying supplies, getting necessary items installed, have your business cards printed, hiring your staff, basically building your second home. It will be exhausting, but also exciting at the same time.

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The beginning is always difficult, but isn’t it unbelievable exciting? We set up the success of our business by its origins, so make sure that in every step of this stage, you give it thorough thought.

6. You have to be creative when building your business’s customer base.

The magic phrase that will get your business its customer base is PR and Marketing. You have to build your brand, and then create a creative strategy to attract customers. It’s best to hire an expert in this field, to make sure that you’re getting a well thought of strategy that your brand will follow in years to come. Nowadays, there are so many creative ways to get your brand’s name and product out there. To be competitive, you need to come up with out of the box ideas on how to market your brand and keep the people coming back to your business.

Have you ever checked into a hotel or dined in a restaurant where you were given great service by people who were happy to assist you and made sure your experience there was pleasant? Treat this as a “never forget” in business: great customer service skills also go hand in hand with the right PR and Marketing. Make customers happy by addressing their needs and you will find yourself retaining and growing your customer base.

7. You will flourish with trial and error.

If you ask any entrepreneur, from the small time internet shop to the big time CEOs of Fortune 500 companies, they will always tell you that the road to building their business was/is never perfect. There is no easy formula to follow that will guarantee your success in business. “You will flourish with trial and error”, as shared by Sagar Babber, CEO of Snyxius, who relocated to Austin to kickstart his web and mobile app development company and now serves clients from over 10 different countries.

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There’s no harm in creating mistakes because it is with mistakes that we learn best. And when we learn, we are able to find ways on how to make the situation better the next time. So don’t be afraid to stumble and bumble once in a while, because if you take it in stride, these mistakes will be what ultimately lead you to your success.

Starting your own business is undeniably one of the biggest risks that any individual could take. With the right mindset, the right idea, and the right work ethics, any business can thrive. You will be tempted to quit when faced with the frustration, rejection and hardships that happen in the beginning, but the one secret that you should remember is this — don’t stop. Great businesspeople never stop when hit with setbacks. If that happened, then we would never have Apple, Ferrari, Paramount, or your favourite restaurant, favourite salon and all the other things that we enjoy now.

Starting your own business is never easy, but then again, aren’t the difficult things to come by the ones that you enjoy more in the end?

Featured photo credit: Steven Depolo via flic.kr

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Last Updated on November 5, 2018

8 Powerful Reasons to Love Your Enemies

8 Powerful Reasons to Love Your Enemies

We’ve all got our enemies; people who take pleasure in causing us pain and misery. Sometimes, the development of an enemy is due to certain differences in your characters and events have led to that. Other times, some people end up hating you for apparently no reason at all.

Regardless of how you got this enemy, as opposed to the paradigm of fighting fire with fire, consider the following reasons and see why you should actually appreciate your enemies. This article will show you not only how to not be bothered by your enemies, but how to actually foster love for them.

Read on to learn the secret.

1. It’s a practical lesson in anger management

To be honest, your enemies are the best people to help you understand your sense of anger management. When it might be true that your enemies have a way of bringing out the worst in you as regards anger, it is also true that they can help you in your quest to have that anger managed. You can’t get truly angry at someone you love and it is only in that time when you get truly annoyed that you learn how to manage it.

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Anger management is more effective when it is in practice and not in theory

Your enemies are like the therapists who you need, but actually don’t want. Inasmuch as you might want to hate them, they provide you an opportunity to control the anger impulse that you have.

2. It’s an opportunity for healthy competition

You might not know it, but your enemies make for great rivals as they help harness the competitor in you (sometimes, you might not even know or bee conversant with this competitive side until you come across an adversary). You get the right motivation to compete and this can go a long way to spur you to victory.

However, while doing so, it is also essential that you remember not to become a worse version of yourself while competing. Working against an adversary is tricky, and you need to ensure that you don’t cause harm to yourself or your morals in the process. Healthy competition is all you need to get out of this.

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3. Their negative comments can help you make a breakthrough

It is true that your enemies never really have much good to say about you. However, in as much as they might be talking out of a place of hate, there might be some truth to what they’re saying.

To wit, whenever you hear something mean or nasty from an enemy, you might want to take a step back and evaluate yourself. There is a chance that what this enemy is saying is true and coming to face that fact is a major step in helping you to become a better person overall. This is another testament to the fact that enemies can be therapists in their own way.

4. Enemies can also be powerful allies

Loving your enemies can also mean making an effort to interact and make peace with them. In the end, if you are able to establish some common ground and patch things up, you’ll have succeeded in making another friend. And who doesn’t need friends?

This can also help you in working with people in the long run. You get to hone your inter-personal skills, and that can be a big plus to your ledger.

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5. It gives you the ability to realize positivity

In a multitude of negativity, a speck of positivity always seems to find its way through.

Sometimes, a knowledge of the fact that you have enemies will also help you to focus on the many positives and good things that are in your life. A lot of times, we neglect what really matters in life. This can be due to being overly concerned with the enemies we have.

However, it is also possible for this acknowledgement to spur you to take a step back and appreciate the goo things (and people who surround you).

6. There might just be a misunderstanding

Sometimes, the reason why you have an enemy might be something very innocuous. You might not have known the cause of this fractured relationship and your enemy will help complete the picture.

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Simply approaching them will help you to understand the reason for the fracture. This, in turn, can help you to work towards healing your relationship moving forward. Misunderstandings happen, and you need to be able to work around them.

7. You learn to appreciate love as well

A constant reminder of the fact that there are enemies will also help you not to take those who love you for granted. Love and hate are two opposing emotions and it is possible for one to momentarily overshadow the other.

However, while you’ll always have enemies, there will also always be people who love you. These people need to be appreciated for what they do for you. Never let the hate projected to you from your enemies take the place of that.

8. Do you really need the hate?

The truth is that enemies bring only toxic emotions and generate bad reactions from you. If you’re truly to live a prosperous life, you can’t really be carrying all this baggage around.

Hate is bad and you should try all you can to get rid of it. It is a well-known fact that nobody can get really far in life while carrying a lot of emotional baggage. Well, hate is the biggest form of emotional baggage there is.

Featured photo credit: rawpixel via unsplash.com

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