4 Rules For New Entrepreneurs - Practical Tips For Starting The Right Way

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  • Monday, March 21, 2011
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  • Michael G. Isinger
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  • It’s a great time to be an entrepreneur--in the last two decades, technology has leveled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that enables you to make more intelligent choices more quickly. You have an advantage over big businesses in that you’re lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime.

    But being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end. Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine gives some practical guidelines that can help you when beginning your own enterprise:

    1. Don’t Quit Your Day Job Right Away.

    Consider starting your business part-time, especially if it’s online, while you’re working and have a steady income. It usually takes six months to a year to get a business going and you don’t want your ability to make your house payment to hinge upon your company being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.

    2. Find Your Niche.

    The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a need--something a specific group of people want, but can’t get at the big chain stores--and fill it. Advises Lesonsky, “You can’t compete with the big guys, so you have to find where the big guys aren’t and go into your niches.

    3. Go Virtual--Have an Online Presence.

    Even if you’re not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base by, literally, millions. It’s also a great tool for promoting yourself and letting people, even in your own area, know that you’re there, and what you’re doing.

    4. Refuse to Quit.

    Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which flopped--but he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. Says Lesonsky, “Arm yourself with optimism to get beyond the ‘No’ or the trouble. There’s nothing wrong in failure--just don’t repeat the same mistake!”

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    7 comments:

    thedeafbeats said...

    I live in a small suburban town and it's really shocking to me how many local business don't have a presence on the Internet. Sure, they show up in some search engines, but often times the information's never even been verified. Every once and a while the information's just wrong. At the very least, having a site for your business will go a long ways to improving the information available about your business on the net.

    Anonymous said...

    Its well written and nice structured article. In this moving world it is not easy to start a business. But after reading it i have the hope that i can do it. Your article inspired me with new ways to stick on.

    Anonymous said...

    I think this advice is very good. When I was starting my own business, I made a point of getting a second night job to earn some capitol so I wouldn't be in a bad place when starting out my new business. I had my original job, the 2nd job, and A FUTURE. The advice here is excellent -- don't quite your day job!

    yago said...

    Now days it's really easy to find a job that we can do it from our homes, this is one of the best things on the INTERNET right now, the only problem is that some payments are not that good, at least on my experience.

    Bayoujd said...

    This is a useful article that focuses on the practical ways to become a successful entrepreneur. Excellent points are made about essentially, not quitting your day job and making sure you focus on a specialized area, no already accessible. Also, it is extremely important to continue to work towards your goals, even when there is no immediate gratification. There are some great tips I will use in the future.

    Brian said...

    This article really hit home to me being a recent college graduate in the business field. These tips are very good informaton to someone to use when starting their own business. In the future I hope to own my own business and plan on usuing these tips as a foundation for getting started. I do wish more local businesses used the internet as a medium of business around their cities. The internet isn't just for national and global business, but is an important tool for all businesses to use.

    Anonymous said...

    I agree, these four tips are all essential ideas for a new entrepreneur to keep in mind. They may seem common sense, but most of the time it is easier said than done. I have known many people who get excited about their new endeavor and quit their job without taking time to do the research or lay a foundation for their new business. They put themselves in such a bad position that their new endeavor doesn't even have a chance to succeed. Patience, research, planning and persistence will pay off in the end.

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