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Don’t Start a Business if You Don’t Have these 7 Things

Don’t Start a Business if You Don’t Have these 7 Things

Startups emerge constantly, and many young entrepreneurs are encouraged to start their own business and invest a great deal of time and money into them. However, there are some things no one tells you at the beginning, and are related to your skillset and abilities. Let’s go through the most important traits and abilities you need to possess in order to successfully start your own business.

1. Grim determination and willingness to sacrifice

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    Starting a business isn’t easy, and the fact that many businesses and startups emerge constantly on the market, doesn’t mean you should rush into becoming a business owner. You might think you are determined enough and prepared to make sacrifices, but the question is will you feel the same way when problems start to occur.

    Problems will occur, and you’ll make mistakes, and there’s nothing wrong with it. However, if you fall to pieces, then your business will fail as well. The most important thing is to learn to benefit from your mistakes, and stay motivated and determined no matter what happens.

    As a young entrepreneur, you belong to the millennials who are taking over the market. However, according to many studies conducted, millennials will face a lot of challenges in their career journey. When it comes to sacrifices, the hardest ones will be those related to private life and your family. Others are related to taking the right business opportunity, risking and making decisions, of which not so many will be the right ones.

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    2. A financial safety net

    As a business owner, you will need to make a lot of investments, but still make sure that you don’t suffer a huge loss that can lead your business to fail. If you aren’t familiar with bank systems and investments, consult with a professional, or several of them. If you consider their advice in the same matter, you will be able to make a good decision.

    Sometimes, whether you will profit or lose your money is a risk, which you need to take. However, at the beginning don’t make rash decisions and risky investments.

    3. Understanding of modern business technologies

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      Startups usually focus on technology helping them to be noticed on the market, which is the right move, but shouldn’t be the only one. You need to develop your professional profiles and gain followers.

      But, small businesses and startups need to focus on technology that will make their work hyper-productive by helping employees to work efficiently, and creating a great experience for the customers. There are many types of software made to improve CRM and track your goals, and you should definitely find the right one for you.

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      Depending on your business, go through different reviews to find great small business software and see if it suits your needs. Ask other business owners which they find the best, and why.

      4. People skills

      One of the most important must-have skills for every entrepreneur, and business owner are people skills. You need to have good verbal communication skills and you have to be friendly. These will help you make the great first impression that can land you a lot of good deals. Everyone will want to have a meeting with you, but the point is that they want to have a second meeting with you and work with you.

      Therefore, if you don’t have much experience working with people, call your friends and start practicing. Also, you can apply for different job interviews, even if you don’t want to work there to practice introducing yourself, and don’t be nervous when it comes to your meetings.

      5. A talent for haggling and problem solving

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        Problem solving is most important for business owners, as you will face many problems, and you shouldn’t point out all the problems, but try to find a solution to them. Don’t focus on the problem, but on finding the solution. Many people fail, because they don’t know how to deal with problems, and just become discouraged. If you are one of them, you might want to consult with someone who faced many problems and how they solved them.

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        Also, haggling is one of the things you will need to perfect. You might not love it, but it’s the key to getting some things at a reasonable price, as you are new on the market. For this one, you will also need people skills, and some help from people who are doing it for some period of time.

        Don’t be ashamed to ask for help, because it’s better to see their mistakes and successes in order to learn how to perform certain task.

        6. An idea that has something truly unique

        Your business and your idea must be different from others, and it’s up to you to find something original. You aren’t the only company that does offers certain products or services, and because of that you need to come up with a unique approach. Your customers need to know why they are choosing you, so you need to have a truly unique idea.

        If you don’t know how to make yourself differ, do a good research on different companies, and see how they made themselves unique. This way, you’ll certainly get a grasp of it.

        7. Great attention to detail

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          The whole business deal and project can fail because one small mistake. In the business world, it is something that shows your true value. Don’t let your talents go unnoticed or even decrease your value as a professional because of one small error. Also, it may happen that small detail ruins your whole effort in developing your business. Therefore, make sure you have your eye on every little detail and not make small errors.

          Starting a business is a risk you have to take, but also you can make sure you don’t fail after few months. Before you start your business, make a good business plan, consult with different business owners and work on yourself in order to create a successful business.

          Featured photo credit: https://www.flickr.com/photos/gato-gato-gato/ via flickr.com

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          Ivan Dimitrijevic

          Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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          Last Updated on August 20, 2019

          How to Find New Growth Opportunities at Work

          How to Find New Growth Opportunities at Work

          Career advancement is an enticement that today’s companies use to lure job candidates. But to truly uncover growth opportunities within a company, it’s up to you to take the initiative to move up.

          You can’t rely on recruiter promises that your company will largely hire from within. Even assurances you heard from your direct supervisor during the interviewing process may not pan out. But if you begin a job knowing that you’re ultimately responsible for getting yourself noticed, you will be starting one step ahead.

          Accomplished entrepreneur and LinkedIn Co-Founder Reid Hoffman said,

          “If you’re not moving forward, you’re moving backward.”

          It’s important to recognize that taking charge of your own career advancement, and then mapping out the steps you need to succeed, is key to moving forward on your trajectory.

          Make a Point of Positioning Yourself as a Rising Star

          As an employee looking for growth opportunities within your current company, you have many avenues to position yourself as a rising star.

          As an insider, you’re able to glean insights on company strategies and apply your expertise where it’s most needed. Scout out any skills gaps, then make a point to acquire and apply them. And, when you have creative ideas to offer, make it your mission to gain the ear of those in the organization who can put your ideas to the test.

          Valiant shows of commitment and enterprise make managers perk up and take notice, keeping you ahead of both internal and external competitors.

          Employ these other useful tips to let your rising star qualities shine:

          1. Promote Your Successes to Your Higher-Ups

          When your boss casually asks how you’re doing, use this valuable moment to position yourself as indispensable: “I’m floating on clouds because three clients have already commented on how well they like my redesign of the company website.”

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          Tell your supervisors about any and all successes. Securing a new contract or signing a new customer should be a cause for celebration. Be sure to let your bosses know.

          2. Cultivate Excellent Listening Skills

          Listen well, and ask great questions. Realize that people love to talk about themselves.

          But if you’re a superb listener, others will confide in you, and you’ll learn from what they share. You may even find out something valuable about your own prospects in the company.

          If others view you as even-minded and thoughtful, they’ll respect your ideas and, in turn, listen to what you have to say.

          Check out these important listening skills: 13 Powerful Listening Skills to Improve Your Life at Work and at Home

          3. Go to All Office Networking Events

          Never skip the office Christmas party, your coworker’s retirement party, or any office birthday parties, wedding showers, or congratulatory parties for colleagues.

          If others see you as a team player, it will help you rise in your company. These on-site parties will also help you mingle with co-workers whom you might not ordinarily have the chance to see. For special points, help organize one or two of these get-togethers.

          Take the Extra Step to Show Your Value to the Company

          Managers and HR staff know that it can be less risky – and a lot less costly — to promote from within. As internal staff, you likely have a good grasp of the authority structure and talent pool in the company, and know how to best navigate these networks in achieving both the company’s goals and your own.

          The late Nobel-Prize winning economist, Gary Becker, coined the term “firm-specific,” which describes the unique skills required to excel in an individual organization. You, as a current employee, have likely tapped into these specific skills, while external hires may take a year or more to master their nuances.

          Know that your experience within the company already provides value, then find ways to add even more value, using these tips:

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          4. Show Initiative

          Commit yourself to whatever task you’re given, and make a point of going above and beyond.

          Position yourself so that you’re ready to take on any growth opportunities that present themselves. If you believe you have skills that have gone untapped, find a manager who will give you a chance to prove your worth.

          Accept any stretch assignment that showcases your readiness for advancement. Stay late, and arrive early. Half of getting the best assignments is sticking around long enough to receive them.

          5. Set Yourself Apart by Staying up on Everything There Is to Know About Your Company and Its Competitors

          Subscribe to and read the online trade journals. Become an active member in your industry’s network of professionals. Go to industry conferences, and learn your competitors’ strategies.

          Be the on-the-ground eyes and ears for your organization to stay on top of industry trends.

          6. Go to Every Company Meeting Prepared and Ready to Learn

          A lot of workers feel meetings are an utter waste of time. They’re not, though, because they provide face-time with higher-ups and those in a position to give you the growth opportunities you need.

          Go with the intention of absorbing information and using it to your advantage — including the goals and work styles of your superiors. Respect the agenda, listen more than you speak, and never beleaguer a point.

          Accelerate Your Career Growth Opportunities

          A recent study found that the five predictors of employees with executive potential were: the right motivation, curiosity, insight, engagement, and determination. These qualities help you stand out, but it’s also important to establish a track record of success and to not appear to be over-reaching in your drive to move up in your company.

          Try to see yourself from your boss’s position and evaluate your promote-ability.

          Do you display a passion and commitment toward meeting the collective goals of the company? Do you have a motivating influence with team members and show insight and excellence in all your work?

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          These qualities will place you front and center when growth opportunities arise.

          Use these strategic tips to escalate your opportunities for growth:

          7. Find a Mentor

          With mentorship programs fast disappearing, this isn’t always easy. But you need to look for someone in the company who has been promoted several times and who also cares about your progress.

          Maybe it’s the person who recommended you for the job. Or maybe it’s your direct supervisor. It could even be someone across the hall or in a completely different department.

          Talk to her or him about growth opportunities within your company. Maybe she or he can recommend you for a promotion.

          Not sure how to find the right mentor? Here’s How to Find a Mentor That Will Help You Succeed.

          8. Map out Your Own Growth Opportunity Chart

          After you’ve worked at the company for a few months, work out a realistic growth chart for your own development. This should be a reasonable, practical chart — not a pie-in-the-sky wish list of demands.

          What’s reasonable? Do you think being promoted within two years is reasonable? What about raises? Try to inform your own growth chart with what you’ve heard about other workers’ raises and promotions.

          Once you’ve rigorously charted a realistic path for your personal development within the company, try to talk to your mentor about it.

          Keep refining your chart until it seems to work with your skills and proven talents. Then, arrange a time to discuss it with your boss.

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          You may want to time the discussion around the time of your performance review. Then your boss can weigh in with what he feels is reasonable, too.

          9. Set Your Professional Bar High

          Research shows that more than two-thirds of workers are just putting in their time. But through your active engagement in the organization and commitment to giving your best, you can provide the contrast against others giving lackluster performances.

          Cultivate the hard skills that keep you on the cutting edge of your profession, while also refining your soft skills. These are the attributes that make you better at embracing diverse perspectives, engendering trust, and harnessing the power of synergy.

          Even if you have an unquestionably left-brain career — a financial analyst or biotechnical engineer, for example — you’re always better off when you can form kind, courteous, quality relationships with colleagues.

          Let integrity be the cornerstone of all your interactions with clients and co-workers.

          The Bottom Line

          Growth opportunities are available for those willing to purposely and adeptly manage their own professional growth. As the old adage says,

          “Half of life is showing up.”

          The other half is sticking around so that when your boss is looking for someone to take on a more significant role, you are among the first who come to mind.

          Remember, your career is your business!

          More About Continuous Growth

          Featured photo credit: Zach Lucero via unsplash.com

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