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12 Foolproof Tips for Entrepreneurs to Be Successful in a New Venture

12 Foolproof Tips for Entrepreneurs to Be Successful in a New Venture

Beginning a new startup or business venture as a first-time entrepreneur can be a daunting affair. You’re more than likely tight on cash, unsure of whether your next planned steps are right and there’s nobody to tell you what to do.

So as the co-founder and creative lead of a strategic presentation company, I’ll share with you 12 foolproof tips for entrepreneurs to be successful in a new venture:

1. Don’t Spend Unnecessarily

First-time entrepreneurs have a tendency to splurge on a new venture. It might be the early jitters of starting a business for the first time, or just plain inexperience. But making frivolous purchases can kill your business before it has even begun to take off.

For example, it’s difficult to make a case for spending a couple hundred dollars on premium stock name cards, paying thousands to shoot a video production about your business or shelling out excessive rent for a swanky office. When in doubt, ask yourself if the spend is going to directly impact the success of your business or whether it’s purely for egotistical reasons.

It could just be the case that certain kinds of spending will reap more pronounced results when your business is more mature.

2. Validate Before Going to Full-On Production

If you’re in the business of developing software or designing hardware products, you’ll want to make sure that you validate the demand and fit of the product to the market you’re selling to as soon as possible. This is more popularly known as finding ‘Product-Market-Fit’.

Kickstarter Is a great example of how companies can get pre-orders and buy-in from their customers even before their products are made. They use marketing videos to show previews of their products to get early sales before they’ve even gone into mass-manufacturing. Founders end up saving hefty upfront costs of production and avoid building something that nobody wants.

If you’re not using Kickstarter, there are other ways you can validate your idea as well. Consider interviewing a few prospective customers and conducting research on how other competitor products became successful.

3. Start Marketing from the Start

A big problem with new ventures is that founders can spend months working on their product, but only spend a small portion of the time at the end promoting it. More often than not, they’ll either end up in a situation where they’ve built something that nobody wants, or find that the much-anticipated launch of their product falls flat because they don’t have anyone to sell it to.

Marketing early, even before your product is a 100% ready can provide useful feedback from potential customers that can enhance the success of your business in the mid-term. At the same time, when you do eventually begin selling your services or products, you’ll already have access to a captive audience to sell to.

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Start collecting leads and engaging with your customer communities early to ensure that you have a ready, hungry crowd to sell to.

4. Always Negotiate

The popular adage: ‘You get what you negotiate’ rings true especially in business. There is no limit or line in the sand that restricts business owners from negotiating better deals for themselves. You’ll also find that the first offer presented to you is never the absolute best offer available.

Distance yourself from the mindset that asking for a discount or a better deal is being ‘cheap’ or ‘disrespectful’. In some instances, when negotiators use techniques like low-balling, it can be taken too far.

Approach any negotiation with a mindset of finding a win-win for both parties where you already have a position or desire before you enter the negotiation.

These tips on how to negotiate in difficult situations and get what you want will be helpful.

5. Get Online Immediately

‘If you aren’t online, you don’t exist’ – This is especially true in today’s age where more than 4 billion are using the internet.

Without a web presence, you’re missing out on a powerful traffic driver to your business.

Start Your Own Website

Starting your own website doesn’t have to cost thousands or take months. Using platforms like SquareSpace, Wix and content management systems like WordPress, you can very quickly get setup with a web presence for your business or even a personal website to provide information and collect leads.

Claim Your Googlemybusiness Listing

Google is the largest search engine in the world and it’s the first place where most customers will search for your business. Claiming your free listing ensures that your customers can locate your business and get accurate information like reviews and operating hours.

It’s becoming a lot more important for food and beverage outlets to get noticed and is referred to more than Yelp for reviews.

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Drive Traffic to Your Website

Driving traffic to your startup business website is imperative to ensure you have a continuous flow of enquiries and clients.

Using paid advertising like Facebook Ads or Google Adwords and organic marketing techniques like content marketing on your own blog, you can potentially acquire new customers at very reasonable rates.

You’ll even have the potential to automate some of these processes which you might not have been able to do with traditional advertising and marketing efforts.

6. Pitch for Press

Getting noticed by the general public should be one of the eventual priorities for new businesses. Press coverage by mainstream media can potentially send hordes of customers your way. Here are a few ways you can get press coverage for your business:

Pitch Directly to Journalists

Concoct your story angle, prepare a press release and email it in a brief pitch to the journalist covering the beat of your choice.

Using platforms like HARO, you can also provide comment for journalists looking for interviewees.

Start by Guest-Posting

There are many blogs that accept guest author contributions to their publications. Using one of these as a stepping stone to get traffic and coverage is a great way to get free placement by taking the initiative.

Search up for blogs in your industry that accept these by searching terms like: “write for us (your industry) blogs”.

Hire a PR Specialist

You can increase your chance of coverage by hiring a professional.

Look for a freelancer that has had experience getting coverage for companies in your industry. The rates available will be a lot more affordable versus hiring an agency and you’ll still be able to get decent results for your investment.

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7. Calculate Your Breakeven Point

Unless you run a pure service company, there’s very likely to be some upfront cost to start your business. These could be the cost of producing your goods, the development costs of your software.

To have a good handle of your finances, you’ll need to calculate your breakeven point.[1] This is just basically the point where your business revenue covers all your expenses and has become profitable.

Knowing this can help you project your finances and costs ahead of time to determine if the business’s pricing and costs are viable or not to avoid a rude fiscal awakening later on.

8. Set Future Goals

Many new business owners get into business with ecstatic enthusiasm only to see their motivation fizzle out after a number of years.

Planning ahead for the business by setting financial and business goals is crucial to continue growing as well as maintain healthy profitability.

There will be moments where entrepreneurs get ‘comfortable’ with their situations and forget that they are running a growing organisation. Avoid this instance by staying on your toes and looking towards your vision for the business in the future.

9. Learn To Sell

For newbies in business, one of the most difficult obstacles to get past is the fear of selling. Sometimes, it’s handling difficult questions,[2]
others it’s about believing enough in your own business to sell it to someone else.

When making any interpersonal sales, always approach it from a standpoint of being a ‘facilitator’ to the sale rather than trying to force it down the person’s throat:

  • Ask questions to determine what they need
  • Repeat the questions in summarised form to ensure you’ve gotten it right
  • Propose solutions that your business can offer that match the needs
  • Ask for the sale and propose next steps

It always helps to consistently keep educated on sales techniques and try them out for yourself with different customers to see what works.

10. Collaborate with Other Businesses

As a small business, the odds are against you succeeding. Many other small businesses face a similar predicament and collaborating with ones that have a similar customer demographic can prove to be a lucrative arrangement for both parties.

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For example, consistently getting new leads and customers can be a stressful and time-consuming activity for businesses that run on lean teams. A great way to ease this burden is to cross-refer business with other collaborators that may have similar customers but don’t directly compete in the same space.

That way, both businesses keep the pipeline full and build on a healthy alliance. There are many other ways for businesses to collaborate besides cross-referring business for a kickback or commission. Businesses can also work out package rates for services that both businesses provide together to the same clients.

11. Operationalize Your Business

As a startup business owner, your goal should always be to work ‘on the business’ and not ‘in the business’. Otherwise, you’ve only just invented a job for yourself. Entrepreneurs need to build organizations that can run independently of the founders.

A way to get closer to that reality is to develop Standard Operating Procedures (SOPs) to ensure that staff and systems can run without supervision.

Begin breaking up your business into various functions and developing step-by-step instructions and considerations for each role. Eventually, you’ll end up with SOPs for every function and role to be delegated to other staff that work in the organisation.

If done correctly, you should see massive savings In your time to focus on growing the business rather than just getting bogged down by the day-to-day.

12. Test and Experiment with New Ways To Do Business

There are tested and proven ways to get new customers and run businesses in various industries. However, the best methods aren’t always mainstream or well-known. Sometimes the best ways haven’t been discovered yet.

These can be in the form of new technologies that have recently become available for mass adoption, or simply creative ways to conduct marketing activities.

Are there systems that can be improved with automation in your industry? Are there untapped niches that can potentially be wildly profitable that others have yet to explore?

Once you’ve dominated your current line of business, consider expanding into new areas. The business world is ever-evolving and changing, the only way to really stay ahead is to endeavour to innovate and disrupt first.

Featured photo credit: Austin Distel via unsplash.com

Reference

More by this author

Eugene Cheng

Eugene is Lifehack's Entrepreneurship Expert. He is the co-founder and creative lead of HighSpark, offering presentation training for companies.

How to Succeed in Business: 10 Skills Every Entrepreneur Needs How to Learn Business as an Aspiring Entrepreneur 10 Most Successful Entrepreneurs (And What to Learn from Them) Why Leadership and Management Are Two Sides of a Coin 12 Foolproof Tips for Entrepreneurs to Be Successful in a New Venture

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Last Updated on March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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