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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

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Eugene Cheng

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

10 Most Successful Entrepreneurs (And What to Learn from Them) How to Succeed in Business: 10 Skills Every Entrepreneur Needs Why Leadership and Management Are Two Sides of a Coin 12 Foolproof Tips for Entrepreneurs to Be Successful in a New Venture How to Be a Successful Entrepreneur (15 Powerful Actions to Take Today)

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Last Updated on November 19, 2019

Work Smarter, Not Harder: 12 Ways to Work Smart

Work Smarter, Not Harder: 12 Ways to Work Smart

I imagine that like me, you say that you never have enough time and that you just cannot cope with 60 dozen things all at once.

How on earth do you get out of that spiral?

Many people never sit down and look at how to work smarter, rather than harder and even longer hours. But not you, you’re smart enough to try to learn effective ways to work.

So how to work smarter not harder? Here are 12 smart ways you should be following:

1. Improve Your Time Management Skills

Easier said than done? Well, no actually, because there are a few simple rules that can really help you to manage time better.

For example, when setting up a top priority task, you need to switch off the phone and ignore your email first. Then you need to abandon any ideas of multitasking as that will slow you down and ruin your focus.

Finally, set a reasonable deadline and do everything in your power to meet it.

“When you’re born, you’re born with 30,000 days. That’s it. The best strategic planning I can give to you is to think about that.” — Sir Ray Avery

2. Speed up Your Typing and Use Shortcuts

These days we’re all keyboard slaves. So why not speed up your typing and try to get rid of the two finger syndrome. In fact, when you save 21 days per year just by typing fast!

This is exactly what I am doing now, so I cannot honestly say I am practicing what I preach!

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But help is at hand. Try some of these apps and games to help you type fast: 8 Most Effective Games and Apps to Learn to Type Fast

Using shortcuts on the keyboard is another time saver and can speed up your work.

For example, press F2 to rename a selected file, while CTRL + I will put selected text in italics.

There are so many of these. If you make the effort to learn them, they really can be helpful.

3. Learn How to Use Productivity Tools

It is well worth downloading all the useful tools and apps that can highly boost your productivity. Take a look at these 18 Best Time Management Apps and Tools and install whatever fits your needs.

Now that is really a great way of working smarter, not harder.

4. Use Your Phone Wisely

Instead of writing emails, sometimes it’s better to pick up the phone and talk to the person responsible. It saves time, especially for important or urgent discussions.

If that colleague works in the same office, it is even better to go and talk to him or her. It gives you a break, you get some exercise and you actually make human contact which is becoming quite rare in this electronic world.

5. Keep a Tab on Your Tabs

If you are like me, you might well find that you have a ton of tabs open at the top of your browser.

In order to find the one you want, you have to search for them as they are off screen. Having all these tabs open slows down your browser too.

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One solution is to use OneTab which can keep a neat list on the screen of all these tabs when you want to quickly get to one of them or you want to remind yourself which ones you have open.

6. Use a “To Don’t” List

We all know about to do lists and I find that they are generally great. They give me a great sense of achievement as I cross off the tasks done.

But often, I find that we are doing non-essential tasks or ones that can easily be postponed. That is why many people recommend the to don’t list.[1]

Some people prefer to savagely prune the to do list while others prefer to have two separate lists, to do and to don’t. You just have to work out what works best for you when you are trying to save precious time to become more productive.

7. Expect Failure and Fight Paranoia

When failure rears its ugly head, some people get a bit paranoid and fear that this may become a trend.

Projects will go wrong and failure should be expected rather than feared. Learning lessons from failure and analyzing what went wrong is the best way forward.

“Do not be embarrassed by your failures, learn from them and start again.” — Richard Branson

And here you can find 10 Great Lessons Highly Successful People Have Learned From Failure.

8. Be Concise

Rambling on at meetings, in emails and even when introducing yourself to new clients can waste a lot of people’s time.

One way is to practice and sharpen your “elevator speech,”[2] which tells people in 30 seconds or less why they need your skills and how they can benefit from doing business with you.

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Just think of the many situations where this could be useful:

  • Making new contacts
  • Talking about yourself at a job interview
  • Meeting people at conferences or parties
  • Phone calls to new clients

9. Ask the Right Questions

“You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions.” — Naguib Mahfouz

How do you get feedback? The secret is to ask the right questions at the right time.

When you do this, you are gathering the information you need to help in decision making. This will save you time and you will be able to cut meetings to a minimum.

Forbes magazine reports on research that they carried out on asking the right questions.[3] When that happens, the positive effects are increased by 400%. There are also other benefits in staff motivation and a positive impact on the company’s bottom line.

Lifehack’s CEO Leon has shared about how to ask for feedback to learn faster: How to Learn Quickly And Master Any Skill You Want

10. Learn as Much as You Can

You should always be on a steep learning curve. Look at your skills profile and determine where you need to fill a gap. Talk to important connections and network in your niche.

Keep up to date on trends and developments. It is a fact-changing world. When an opportunity arises, you will be the best equipped to seize it because you have never stopped learning. Just another way of working smarter.

“Live as if you were to die tomorrow. Learn as if you were to live forever.” — Mahatma Gandhi

11. Look After Your Greatest Resource

No, your greatest resource is not time. It is YOU.

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If you do not get enough sleep, exercise and relaxation, you find that you become less and less productive. You begin to work longer and longer hours, which is the exact opposite of what you want.

What you should be doing is making sure you are in the best shape. It is useful to remember that you need a break of 15 minutes after every one and a half hours of work.[4]

Taking breaks and getting fresh air and exercise is one of the best ways of working smarter, not harder.

12. Don’t Fall into the Trap of Working Smarter and Harder

As a society, we are obsessed with doing everything smarter so we are more efficient and we save time all around.[5]

But the most important thing to remember is to accept when we are ready to switch off that computer and not fill up the time with even more work!

The Bottom Line

The key to greater productivity is to work smarter, not harder. Working smarter saves precious time and energy for the things that really matter — your life goals, your personal growth, your health and your relationships.

Stop working for more hours and start working smarter!

More About Working Smart

Featured photo credit: Unsplash via unsplash.com

Reference

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