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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.

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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Published on January 7, 2021

How To Train Yourself When You Lack Attention To Details

How To Train Yourself When You Lack Attention To Details

Some people see the trees for the forest, and some see only the forest, meaning they lack strong attention to detail. But even if you’re one of the people who take a macro rather than a micro view, true professionalism requires balancing both.

If focusing on the fine points is not your forte, you will benefit from training yourself to pay attention to details. You will profit by saving yourself time, effort, money, and credibility.

Why Training Yourself in Attention to Details Pays Off

You add value to your organization when you make the effort to ensure that you performed your work thoroughly and effectively. This is why job postings often list “attention to details” among the required skills.

When you present your supervisor or client with well-completed, high-quality work the first time, it maximizes your value and minimizes wasted time. Detail-oriented people are also more adept at catching mistakes that could lead to costly blunders.

Moreover, attention to detail is an indicator of possessing other in-demand employee qualities, such as organization, thoroughness, and focus. In some professions, such as accounting, engineering, medical research, and more, you can only excel if you have trained yourself to pay attention to details.

In other professions, possessing strong attention to detail is the very quality that will get you promoted to a position where you will be asked to consider the big picture.

Finally, if you are the “go-to” details person, everyone else on the team can relax a bit. They know the project is in good hands and will likely throw you more projects as a reward. This will ultimately lead to your advancement.

3 Important Aspects of Becoming More Detail-Oriented

Here are the 3 important things you need to learn if you want to remedy your lack of attention to detail:

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  1. Respect deadlines
  2. Understand the work-flow plan
  3. Build in time to mess up

1. Respect Deadlines

Deadlines lend all projects a finish line. One smart idea is to take the given deadline and work backward from it, calculating when your piece of the project is due. Then, if you stick to the proscribed schedule for completing the mini-projects that you have, you will never miss a deadline.

One important note on this: It is smarter to stick to the deadline and turn in work that merits a “B+” than to blow the deadline with “A” work. Chances are, through revision and suggested changes from others on the team, you can bring up your B+ work to an A later. But if you disregard deadlines, you will lose the respect of your boss and fellow teammates.

2. Understand the Work-Flow Plan

Your team is developing work in conjunction with other teams who have projects and deadlines of their own. When you grasp the whole work-flow plan, you may be able to either add insight to the greater project or to your own smaller piece of it that others at the firm will consider valuable.

3. Build in Time to Mess Up

You can expect that “what can go wrong will go wrong.” Don’t overpromise on deadlines. Something likely will mess up, but when it does if you built in the time to fix it, those around you won’t freak out.

Chances are, you already give your attention to several details. Take heart. You can do this! You can overcome your lack of attention to detail and become more detail-oriented.

For starters, consider this: Most people take the time and put in extra effort into the activities or undertakings that matter to them most. Training yourself to become more detail-oriented can mean adopting a similar pattern of behavior.

Apply the same attention you give to your appearance. Are you a meticulous dresser? Do you pay attention to how you pair patterns and colors, and how you accessorize a particular outfit?

This is the same system to use when you lack attention to detail with your work. Give every item careful consideration so that each one contributes to the perfectly pieced-together whole.

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Assemble the ingredients the way you do when you cook. Cooking and baking from scratch require close attention to details as you measure and add each ingredient in sequence, and you time everything so that the meal comes together at the same time.

Similarly, your work product requires you to gauge whether all the ingredients have been added and that your final product is delivered on time.

Organize your business network like you do your social contacts. If you follow a broad base of friends and acquaintances on social media, you can apply similar skills to stay up-to-date on details associated with business acquaintances.

When you meet somebody who could be influential to your career or a resource for improving your skills, follow that person on social media. Respond to their posts to keep the lines of communication flowing.

12 Tips to Help You if You Lack Attention to Detail

Teaching yourself to take note of important details involves sharpening your perceptions and thinking ahead. The following tips will help you adopt these practices. Master these habits when training yourself to become detail-oriented.

1. Learn to Listen Well

You will pick up relevant information and needed nuance when you apply the skills of active listening. In conversations, train yourself to make eye contact, give your undivided attention to the speaker, and ask pertinent follow-up questions.

Training yourself to pay better attention to details in conversations includes learning to fully concentrate on what others have to say. If you find it hard, there’s no harm in taking notes on what they say.

2. Pay Attention to Social Cues

Make a point of noticing body language and facial expressions that provide insights into how others perceive a situation. Social cues offer details that give you an understanding of how words and actions impact others. The infamous character Michael Scott of the television show “The Office” epitomizes the consequences of not paying attention to others’ body language.[1]

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3. Follow Rules

Rules and protocols usually come about from lessons learned and are put in place to avoid further mishaps—whether from a safety or efficiency standpoint. If you’re given step-by-step procedures to follow, check them off as you go. Also, return to the rules at the project’s end just to make sure you adhered to them all.

4. Take Notes

Note-taking is a way to boost your retention and gives you something to refer back to when you need to keep track of pertinent details. You will also heighten your focus as you listen for relevant information. Review your notes shortly after the meeting or conversation and highlight the content that you intend to apply.

5. Prioritize What Needs Your Attention Now

When you have a full slate of work that demands your attention, take a few moments to sort assignments from most to least urgent. Keep a calendar, spreadsheet, or project planning software up-to-date with schedules and deadlines to help you stay organized.

As you tackle each urgent assignment, give it your full attention so no details are missed. Give yourself ample time—especially if you tend to be someone who waits until the last minute—as rushing can make you overlook important details.

6. Have a Detail-Oriented Assistant Check Your Work

If you lack attention to detail, then it makes sense to seek help from someone detail-oriented. If you have this option, take advantage of it. Two sets of eyes are better than one. Just be sure to credit your assistant for their help once the project is completed.

7. Learn the Rules of Writing Well

English is a difficult language, and grammar, punctuation, and spelling can all sabotage you unless you pay attention to detail. When in doubt, look it up. Free to use website services such as Grammarly can help.

8. Proofread Before You Hit Send

Nothing is perfect in its first draft. If you lack attention to detail, then put in the extra effort before submitting things. Before you send off any written work, check carefully not only for misspellings and incomplete sentences but also for improper tone, inappropriate colloquialisms, and inconsistent formatting. When your written communications are error-free, they will have their intended impact.

9. Minimize Distractions

It is impossible to stay focused when colleagues carry on conversations nearby or your mobile notifications ding you throughout the day. Do your best to limit distractions.

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If you are working where there is a lot of noise or side activity, try wearing noise-canceling headphones or seeking out a quiet corner. Disable your notifications when you need to focus, and resolve to only check them after you have completed your assignment.

10. Take Breaks

It may sound counter-intuitive to stop and take a walk, but it’s necessary. Walk away from the screen. Moving from one task to the next across the span of your workday is a recipe for brain fatigue. Give your brain a recess time when you come to a natural stopping place or after you complete one project and before you start the next. These short pauses are necessary for sorting through all the details needed for coming up with successful solutions.

11. Make Time for Reflection

At the end of a workday, take a few minutes to go over the day’s events in your mind. What was said or relayed in conversations? What is the status of the projects you worked on? What else occurred that you should pay attention to? Could there have been any details you might have missed that you should address tomorrow?

12. Keep a Detailed To-Do List

This simple organizational tool is your best ally for getting your work done on time and for paying attention to the details. If you are pressed for time (and who isn’t?), write your list to coordinate with dayparts.

Allot a certain number of hours to complete each task, do it, and then check it off. Nothing feels more rewarding than completing all the tasks on your list. But if you can’t finish them, then carry them over to the following day.

Final Thoughts

Details may seem small, but they can become a lot larger when they are overlooked. If you know you lack attention to detail, commit to training yourself to embrace the many facets that can help you consistently excel in the tasks you set out to accomplish.

When you begin to catch your mistakes in advance or apply the tidbits of information you gathered from paying close attention, you will know that you have trained yourself in the fundamentals of becoming detail-oriented. After that, you should start hearing the phrase “Great job!” more often.

More Tips on Boosting Your Attention to Detail

Featured photo credit: Cristina Gottardi via unsplash.com

Reference

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