Setting up a new company isn’t easy and making it successful is often even tougher and there are numerous things to consider, think about and evaluate. So, here are ten things that entrepreneurs learn in their first year of a start-up.
In The first year, pitches don’t always come to fruition and contracts aren’t often earned – you’ll prepare, pitch and won’t win any contract. However, what you do get is interest, and you let people know your company exists and are doing something of note.
Mentoring is Important
You’re better off having a good mentor for a long term project than a great one off advisor. Simply, the more you meet with each other, the more you can get to grips with each other and delve into the depth of the project.
Talk to customers, clients and employees and always look for feedback – it’s helpful and allows you to see where things are falling down.
Sacrifice is Great….but
Take some time off during the week and relax. Spend time with family and don’t buy into the myth of working 7 days a week. There are negative returns in the quality of work and thought if you don’t take a break. So, work hard, but take some time off to ensure you feel human.
Branding and promotion
You need to be honest with branding and promotion and show people what you’re really about. This means there is no upheaval at a later stage, helps you create trust in people and it’s easier to promote because it’s your brand and your brand alone.
There are all sorts of successful ways to start a business and though a high tech company is often the one people envisage when they think of start-ups, there are all sorts of other ways to begin a business. From franchising to buying and rebranding an already existing company – there are numerous ways to get started and create a buzz.
Getting people to take interest and to put up venture capital will most likely take longer than you expect, so prepare for that. Don’t spend money like it’s falling from the sky – be careful and vet everything you do.
You’re doing something amazing by setting up your own business and by doing so you need to celebrate and let of steam. It’s often hard to find the time to celebrate or get into the mindset of doing so, however you need to. Every little accomplishment is worth celebration, so ensure you do so.
Build a Community
Create a community rather than actively go out there and promote yourself. It’s a great way to foster influence and get people interested.
Things happen, fall outs occur and people can get on each other’s nerves. A start up is a stressful way to go about business and earning a wage. However, if you’re grateful you can be sure that this will resonate with others and this will help you navigate your way through the issues and turns in the road.
So, now you know how you can get started with making that start-up a huge success a little better prepared.