Five important tips for start-up business owners from an entrepreneur

by Ashvini on December 27, 2011 · 9 comments

in Entrepreneurship

This is a Guest post by Nishant Soni

I have recently been engaged in a new start-up which has been established about a year ago. It has been better than expected. Initially I was the only person managing most of the things. I was thus able to get a better understanding of running the business. In this article, I am going to discuss about a few psychological factors which play major role in the success of your venture.

Tip#1: Don’t boast about you being a “businessman”

I see new entrepreneurs get over excited and start talking about their start up and how it is going to make them heaps of money . Even though it may be good to let others know what exactly  you have been doing, however, sometimes it may backfire. Discussing your business model with a lot of people will generate a lot of expectations leading to built up of lot of pressure for the entrepreneur himself If the results do not match the expectations, this pressure may start distracting your mind from your business.

Suggestion:

It  good to discuss about your business with the people because it markets your business and get you a opportunities. However, it is not a good idea to share your entire business model and how it’s going to make you money. For example, as I own a web hosting company. If I meet someone who is connected with the online world, I tell them that I serve customers who run their websites. If I  meet someone who may understand my business,  I tell them that I provide web hosting at comperatively affordable rates with best quality.

I do not tell them about the entire marketing strategy and how I acquire new clients. The point is that I do not have to assure others about the success of your business.

Tip#2: Listen to everyone

When you’re about to start a new business, many people would provide their opinion on it. Be aware that these people might come in handy when you need them in future. Don’t turn them down.Listening to him may provide him the motivation to  advertise your business more than you can imagine.

Tip#3: Do not get influenced

You have done your research before you started your business. You may listen to someone who has an opinion on it, but don’t get influenced by their point of view. If you change your decision every time you talk to another person , you sure don’t know what actually you are trying to achieve. If you know your goals then you may not be easily influenced.

Tip#4: Develop a  plan

Successful entrepreneurs talk about importance of planning. However  it is not as easy to plan for everything as .in the initial phase, you have no numbers which you can refer to for your future revenue prediction. However you CAN predict the expenses for example, office rent, salaries and other things. Adding all of them will give you a good idea of expenses daily and monthly which will make it easy for you to set your targets and plan accordingly.

Tip#5: Don’t jump on conclusions quickly

I have seen people deciding to shut their entire business down right after the first week when it did not yield the results that they desired. In my opinion, you should never start a business  without doing your homework .

However, if you have indeed started a business, then don’t shut it down before at least three months. In my opinion three months is the minimum time you need to spend in business to see how is it going for you.

Hope you found this article helpful. I have tried my best to note down points that I followed when I was establishing a new business and it all seemed to work out pretty well!

About me:
Nishant Soni is a 24 years old businessman who has written about Business Management and owns a web hosting company. Business Management,

Web hosting company

About The Author

{ 9 comments }

Employee Monitor January 11, 2012 at 8:01 pm

Hello Ashvini and Nishant! I really found this post useful in the sense that it was simple and clear with just the right amount of information to make sense and not overwhelm the reader. I think these tips apply to any kind of business, not only internet based ones. The first thing I found really inspiring, and we rarely see that in the business context, was modesty. Not to mix excitement with boasting. It is great that you are trying to start your own business, but that doesn’t mean you have to convince everyone you meet about how great an idea it is. It really just pushes people away because you don’t even have any proof of your success to back your claims. Being respectful with your future colleagues, competition, or sponsor is key, and you never know which person you talk to will be in one of those positions. I think it is not only respect, but humility. Knowing that you are not the king of the world because you are a “businessman”. And, finally, the 3 month rule. I think it can even be a longer time. A business will show if it is able to succeed after 3 months, but real success usually comes almost a year in. Thank you so much for sharing your thoughts and making us feel more grounded! Best wishes, Leonard

stacie January 5, 2012 at 3:16 pm

I find this article very helpful, Nishant! great tips for young businessmen! thanks for this sharing! I think that young people should also take the example of good businessmen like Donald Trump or Yury Mintskovsky in order to have success in their business. These men are great role models for us!

Nishant December 29, 2011 at 3:45 pm

Aswani, Robert, Akos:

Thanks a bunch for taking your time to read up my article. As it always feels good when someone appreciates your work :)

Hope this helps others.

Akos Fintor December 28, 2011 at 3:22 am

Hello Nishant,

Great tips.
I found that for me peoples’ criticism (about why anything online is a scam) was a big challenge to overcome. Even my friends were telling me perhaps I should finish college and get a “good job”. Well J.O.B. is just not for me and they are just gonna have to understand and accept that.
Thanks for the great share!

Akos

Ashvini Kumar Saxena December 29, 2011 at 10:27 am

Hi Akos,
I am sure you have successfully overcome the challenges. Thanks for commenting .

Robert December 27, 2011 at 11:33 pm

Hey Nishant,

First, thanks to Ashvini for featuring this post. Tip #1 really stood out to me. Lots of people have unrealistic expectations of themselves when they start in business. There are times when you should be ‘talking up’ your business and times when people don’t need to know. It’s always best to stay humble with friends and family i.e. people who you don’t have a business relationship with.

Tip #5 is also very good – the problem is that most people fall at the first hurdle. Having a business is all about making progress but being realistic and not being too hard on yourself.

Ashvini Kumar Saxena December 29, 2011 at 10:28 am

Hey Robert,

Its nice to see you back here. Nishant is an entrepreneur himself and he has provided excellent tips on being one.
Staying humble is so important . Thanks for suggesting. Hope you are having a great day :)

Aswani December 27, 2011 at 1:04 pm

I really enjoyed reading this. Though I am not managing any business presently, I still find it very useful. To start any business doesn’t look to be an easy thing and I must congratulate Nishant for what he has been able to achieve till date. Truly an inspiration for budding entrepreneurs. Keep it up …cheers !!

Ashvini Kumar Saxena December 29, 2011 at 10:29 am

It is really great read. I think a lot of people will get inspired after reading this. Thanks for your comment bro

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