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5 Principles of Starting Up My Own Business-Or Any Business!!!!

You got to dream big. But you also have to plan big. The most successful entrepreneurs have a clear plan and an organized list of to-dos all of the time. We’ve compiled a list of 7 key principles to keep in mind if you’re inspired to start your own firm:

1. Guts/Courage: we would be lying if we said that starting your own firm was an easy task. This particular endeavor begins with the will and courage to turn your dream into a tangible reality.

As Steve Jobs put it: “have the courage to follow your heart and intuition. They somehow already know what you truly want to become.”

Courage is a necessary quality in starting your own firm because the process of starting one’s own company involves risk taking and therefore serious drive to keep moving forward in difficult conditions. This is why taking the step to actualize your dream takes courage.

2. Financial Stability: you’re going to need the proper funding to open up your business in order to pay for office materials, renting space, hiring a staff and many other miscellaneous costs. You can raise capital through family, friends and programs such as Kickstarter, Go Fund Me Rockethub. Also, you’ll need quite a bit of cushion capital to rely on when business is slow. Yes, there are times when business is slow.

3. Contacts: networking is a must for any business. If you’re not willing to go to events, conferences, lunch/dinner dates, speak to people and forge strong connections than the business world may not be for you. Press contacts are flooded with emails every day. Knowing people personally and sustaining a good relationship with them means that your email or phone call will be addressed faster than someone unknown, especially in publicity.

4. Establishing a Solid Brand: like we mentioned recently in our article about branding, you need to have a clear picture of what your brand values are and ensure that this message is effectively communicated to your intended audience. Write a powerful mission statement for your company, and outline exactly how your brand differentiates itself from others in the same domain.

5. Knowledge of the Business: do you have adequate knowledge and understanding of the domain you’re entering? Speak to entrepreneurs who have experience in starting up their own business and find out how they do it. Learn from their mistakes rather than having to repeat the same ones yourself. Also take advantage of the abundance of literature (much of which is free!) via blogs and online magazines that offer invaluable advice on how to create and manage a business.

Best of luck to our readers!



Joelle-Photo on 2012-12-02 at 09.04 #2

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This entry was posted on Wednesday, April 16th, 2014 at 2:09 pm and is filed under Clients, Friends and Colleagues. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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