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What You Should Know Before Starting Your Very First Business

What You Should Know Before Starting Your Very First Business

This answer found in Quora by Oliver Emberton helps to describe what all first time entrepreneurs should know before starting their very first business.

11 years ago I was an impoverished student about to graduate with £14k in debt. I did what any sensible person would do in this situation, and started my own business.

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I co-founded with someone who proved to be less than ideal when he punched me in the face during our second board meeting. He owned 49% of my company. Our first annual profit – £200 – was barely enough to buy one iPod touch.

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    A decade later I’m almost embarrassingly happy and successful, but the road there was long and winding. Here’s some of what I learned:

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    On you as a founder

    • Firstly, do it.
      Every single person – from my family to my closest friends – ultimately doubted that this was a good idea. (Many started being supportive, and changed their minds when times got harder). If you feel compelled to do it, don’t let anyone stop you, and don’t expect anyone to support you either.
    • Start with total brutal honesty.
      I’d say this is Rule #1 in life. Everybody deludes themselves in some way – and in groups it can often be easiest to delude each other. But the more honestly you can see the world, the better your decisions will be. Doubt yourself. Question everything. If someone put a gun to your head, could you tear holes in your ideas? When your plans can withstand that, they’re probably pretty good.
    • Practice saying no. A lot.
      You will almost certainly want to do a hundred different things. Almost all business founders are like this by nature – they see opportunity everywhere and change the world (I’m certainly no exception). But this is a terrible way to run a business. You need to focus on doing a very small number of things really well, and that means saying no to 1,000 other things. This is harder than you think, and far more powerful than you can imagine.
    • Growing past 2-3 people will cripple most founders.
      Most small businesses are started by a person who’s good at what their business does: accountants start accountancy companies, bakers start bakeries; I was a geek who – at first – started a web design company. These people will find it extremely hard to grow past 2-3 people; most often they struggle to hire someone ‘as good as themselves’, and end up tired and frustrated trying to do everything. If you only read one business book, get the E-Myth Revisited and learn what to do about it, or at least skim these free notes.

    On your business idea

    • Don’t be afraid to change tacks.
      There is a saying that no business plan survives first contact with the customer. Nintendo started by making playing cards. Facebook was designed for university students. My own company built websites for 10 years before changing to software. Changing direction doesn’t have to make you weak or indecisive – you may have to adjust to find your perfect niche. Just try to do it early and avoid doing it too often.
    • Just one. Powerful. Idea.
      You can blend complementary ideas (e.g. a restaurant with comedy shows) but not totally disparate ones (a restaurant that sells management consulting services).  When you start pick out just a few key features of your idea, and focus on making those amazing. Say no to everything else.
    • A successful business is either loved or needed.
      It’s exceedingly rare to be both, although as owners we always like to think our companies are loved! (see Rule #1: be honest with yourself). Ensure you’re essential or utterly irresistible. Most often if you sell to businesses you have to be needed – like accountants, lawyers, web designers; if you sell to consumers you need to be loved – like iPhones, movie theatres, cosmetics.
    • Imagine being an outside investor.
      Pretend to be someone with a lot of self-made money but not much time. Meet yourself right now, and listen to your own explanation of your business. What do you think? Does it sound like a good investment? Once again – be honest. (Sidenote: it’s ok to have a business which isn’t planning to be a big financial success. But very few entrepreneurs believe they’re starting one of those).
    • Align with your passions.
      True passion is infectious. It will win over doubting prospects. It can make staff loyal to you. Passion will give you boundless energy and keep you going when others would throw in the towel. Ultimately if you build a business around something you’re not passionate about – and I made this mistake – you’ll wake up one day and think “what have I gotten myself into?”

    On marketing

    • Marketing isn’t about changing people’s minds.
      Your job isn’t to convince people to want what you’re offering. It’s to help your prospects convince themselves that what you’re offering will help them get what they really want.
    • A few things not to skimp upon.
      Your logo, tagline and website are utterly essential; they’re the first impression you’ll make to most people, and your only message while you’re not there. (If you sell face-to-face to businesses add business cards to that list). If you need professional help, get it. Don’t be tempted to hire your teenage nephew, or do it yourself. This is akin to being your own lawyer, and equally disastrous. You don’t have to pay a fortune – just keep your requirements simple and emphasise quality over quantity. Don’t worry about letterheads or compliment slips or custom email footers or any of that crap until you’re making money.
    • Advertising is a tax you pay for being unremarkable.
      A good idea is easy to sell; a great one will sell and spread itself. The harder you have to work to explain and sell what you do, the more your idea needs work. There are two solutions: simplify what you do, or change tacks entirely. You won’t sell more of a bad idea by making it more complicated.

    Everyone has to find their own path, but you can save yourself a lot of time and stress by learning from the best and brightest who have come before you. I highly recommend reading just three brilliant books: The E-Myth Revisited7 Habits of Highly Effective People and the Personal MBA; they’re worth at least a year’s head start by themselves.

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    Everyone I know who has ever tried had a single common refrain: they wish they did it sooner. If you think it’s your calling, what’s your excuse?

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    Brian Lee

    Chief of Product Management at Lifehack

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    Last Updated on May 23, 2021

    10 Best Free Job Apps You Need For Effective Job Hunting

    10 Best Free Job Apps You Need For Effective Job Hunting

    Seeking for the right job but not sure how to do it in a more effective way?

    Try job search apps!

    To make the job hunting process easier, I’m recommending 10 best job apps that can help you look for the right match anywhere at any time. The best of all? They’re all free!

    1. jobandtalent

    jobandtalent

      Great for browsing new jobs as you commute home via subway, bus or carpool, the jobandtalent app is like a Pinterest for job seekers.

      Easily browse, save and revisit job postings from your smartphone and receive notifications about jobs that match your professional qualifications.

      Download it for iOS and Android.

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      2. Jobr

      jobr

        This job hunting app is unique in that it lets you anonymously browse job listings based on your professional resume. If a company that you like also shows an interest in you, the app let’s you chat directly with a company rep. Great for getting your foot in the door and making a memorable impression.

        Download it for iOS.

        3. Monster Job Search

        monster job search

          I’m a big fan of Monster. It’s one of the first job sites employers think of when they want to list a new position online. The Monster Job Search app functions pretty similarly to the normal website, so it’s very easy to use for not-so-tech-savvy job hunters.

          Download it for iOS and Android.

          4. Jobs and Career Search

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          job and career search

            This is a good, simple app for browsing global locations for your next job. With a job index of more than 50,000 jobs listed globally, this app is a good choice if you are moving to a new area and want to line a new job up quickly.

            Download it for iOS.

            5. Hyper Networking Groups

            hyper networking groups

              This job hunting app isn’t so much a job hunting app as it is a connections hunting app. It’s great for learning who’s who in your desired field and forming connections. It also shows you how you and your industry connections are connected via your social networks, so you can follow up with them on your other social sites.

              Download it for iOS.

              6. CardDrop

              CardDrop

                CardDrop is an awesome job hunting app that let’s you digitally drop and pick up virtual business cards. This app is great for helping you make new connections at seminars, interviews, meetings and conferences. You can also attach social media profiles to the cards you pick up or send to enable easier connecting on social networks.

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                Download it for Android and iOS.

                7. Job Interview Questions

                interview questions both

                  Okay, so this app looks kind of outdated, but it’s super useful for getting you into the swing of answering any kind of interview question that is thrown your way. The big benefit of using this app is that it explains to you what your interviewers motivations might be for asking you a specific kind of question. Learn what your interviewer is looking for in your answers and be more prepared for the real interview when the time comes.

                  Download it for Android.

                  8. 101 Interview Questions and Answers

                  101 both

                    This app is great because it provides guidance about the kinds of answers you should give for each kind of question. Think of it as an essay rubric but for job interview questions.

                    Download it for Android.

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                    9. Job Interview Question-Answer

                    q and a

                      Feeling confident with your text-answered interview questions but concerned about doing the face-to-face interview? This app prepares you for interacting with your interviewer by simulating an employer asking you questions.

                      You can record your response and see what you look like to the interviewer to understand what movements, vocal pauses, etc. you need to work on.

                      Download this app for iOS and Android.

                      10. HireVue

                      hirevue

                        HireVue is a great job hunting app for those times when your interviewer wants to get some preliminary questions out of the way.

                        When an interested employer wants to interview you, they send you a request via HireVue and you can answer it in your free time, when you’re ready. Your interview might consist of a some FaceTime, some multiple choice questions or open-ended text answers and can be completed and sent to the interviewer when you’re finish.

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                        Download it for Android and iOS.

                        Featured photo credit: Yura Fresh via unsplash.com

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