Top 9 Key Things You Should Consider Before Starting A Business

Top 9 Key Things You Should Consider Before Starting A Business

Most employed people have hundreds of business idea they always want to put into working but there are those nitty-grities that come along with ideas.

A lot of  people are always afraid of the unknown an this is the reason why people are afraid of taking risks for fear of failure

Below are 9 point piece of advice you should always have at the back of your mind as you think of your own start up.

1.  Don’t Just Do It for Money

Don’t ever do anything just for the money. Passion should always be the driving force because for any start up there will be those days when there will be no flow of money.

Strong motivators create strong results. Surround yourself with smart, loyal people.

Study the competition so well that you make as effective a case for them as you can a critical one. Know your field better than the experts so you can ignore all expert advice.

2.  Confidence Leads to Success

Be passionate and be confident. Many Millennial entrepreneurs are building a business for the first time, so it’s imperative that they come across as knowledgeable, passionate, and confident.

They need to know their industry inside and out and be able to articulate why they will be the best to bring on prospective hires, investors, customers etc.

They should be ready to confidently field whatever questions or obstacles may come their way

3. Do Something You Enjoy

To be successful, you must be out there. Hit the ground running, and if you have a good team around you, and with a bit of luck, you might make something happen.

But you certainly can’t guarantee it just by following someone else’s formula.

Entrepreneurship is about turning what excites you in life into capital, so that you can do more of it and move forward with it

4. Determine Whether Something Is Actually Important

Founders need to be careful of spending time on things that feel important but aren’t. Take networking meetups.

Networking certainly feels important, but is it really the best way to spend your time?

One way to distinguish between what feels important and what is important is by imagining yourself answering the question ‘how exactly will this grow the business?’ to a mentor or investor.

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 5. Deliver Exceptional Results Quickly

Someone starting their own startup needs to get the product in the hands of end users as quickly as possible. Then, repeat a two-step process: iterate and listen. Iterate and listen.

Too many people starting companies these days spend months and months on internal research without ever releasing an actual product to customers.

The quicker you can get it out the door, the quicker you can improve your product.”

6. Determine Whether Something Is Actually Important

Founders need to be careful of spending time on things that feel important but aren’t. Take networking meetups.

Networking certainly feels important, but is it really the best way to spend your time?

One way to distinguish between what feels important and what is important is by imagining yourself answering the question ‘how exactly will this grow the business?’ to a mentor or investor.

7. Criticize Yourself

Be fiercely critical and analytical about your successes and failures.

Early wins and losses can be as misleading as informative, and a shrewd, unemotional understanding of their causes is an essential requisite to every decision you make.

“You can’t let praise or criticism get to you. It’s a weakness to get caught up in either one.”– John Wooden

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8. Be passionate and be confident.

Many young entrepreneurs are building a business for the first time, so it’s imperative that they come across as knowledgeable, passionate, and confident.

They need to know their industry inside and out and be able to articulate why they will be the best to bring on prospective hires, investors, customers etc.

They should be ready to confidently field whatever questions or obstacles may come their way

9. Don’t Let Age Determine Your Success

Don’t let your age dictate your ability to create value and achieve success.

People will always question the early stages of your work, primarily because they don’t think you personally have the abilities to execute

Victor is a content writer at Career Point Kenya. Contact him at victor@careerpoinkenya.co.ke