This is the time for you to take action and put your ideas to the test. And, to help you get started, we have compiled a list of tips for budding entrepreneurs like you!
1. Understand your business. Make sure you have a good understanding of the various aspects of a new business before entering one. If there are any grey areas, sort them out before taking the plunge.
2. Get a skill upgrade. Invest in a skill that you believe would help you manage your business better.
3. Don't shy away from professional help. As a budding entrepreneur, it is not possible for you to know everything about everything. So whenever you are in doubt, seek professional help.
4. Plan Ahead. A plan is a statement of your objectives and the way to achieve them.
5. Differentiate and deliver value. Differentiate your products or services from those of your competitors' in a way that you deliver more value every time. And, its not just the quality of products or services that I am taking about here. It is about the entire customer experience.
6. Avoid Shortcuts. Remember there are no shortcuts to success.
7. Set the right expectations. Do not start a business expecting overnight success. Set realistic expectations and be prepared for some degree of grind.
8. Believe in yourself and keep faith your ideas.
9. Keep a business pitch ready and rehearse it well. Who knows where you will meet your 'angel' investor.
10. Hire the right people. People that you believe have the right attitude and with whom you can work comfortably.
11. Be Compliant with all rules and regulations that impact your business.
12. Don't be afraid of speaking to your customers. They can give you valuable insights that can help improve your business.
13. Spend Wisely. I have seen promising businesses closing down because they have burned up cash way too fast. This is where prudent financial planning comes into the picture.
14. Deliver more than you promise. Every time!
15. Take the Initiative. Often you don't get as long as you don't ask.
16. Don't be afraid of trying. Richard Branson once said, "You don’t learn to walk by following rules. You learn by doing and falling over.”
Thanks for your time!