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