5 principles to starting your own business

evolution leadership development

If you hear a voice within you saying “you are not a painter” then by all means paint and that voice will be silenced

-Vincent Van Gogh

This great quote emphasizes the importance of action. If you don’t know how to paint, the best way to learn is to pick up a paintbrush. You don’t need to be an entrepreneur to get started with your endeavour. You need to get started with your first endeavour to be an entrepreneur.

1) Research thoroughly: Before starting your business, make an effective blueprint of your business idea. A prudent approach is to research your idea from top to bottom ensuring that your idea doesn’t already exist. If it does, it’s certainly not the end of the world. Simply ask yourself if you can find a unique angle or position your brand differently. A well-researched plan is a pathway to success in business. Research thoroughly about your industry, market, competitors, and stay updated about every trending or non-trending topic in the world.

2) Acquire Soft Skills: Entrepreneurship in the new millennium should comprise both soft skills and hard skills. Soft skills are interpersonal skills, which are absolutely imperative for making an impact, especially at the sprouting stage of your business. Below I have listed a few soft skills that an entrepreneur must definitely cultivate:

  • Empathy: Leadership is about empathy. Be it employees, partners, mentors or customers, empathy is the way to becoming a problem-solver by understanding the pain areas of others. By enhancing listening skills can empathy breed and result in compassion. This will ensure that as an entrepreneur you go beyond just caring for your consumers and help them in their personal endeavours as much as possible. This will make you stand out not only as a person but a business head.
  • Be a good conversationalist: Effective communication and public speaking skills will take you to great heights as an entrepreneur. Opportunity can arise without any prior intimation, which is when being a great speaker will come to aid. An entrepreneur, who is a good conversationalist and a powerful speaker, is already a winner; this leads to the next point.

3) Know as much as you can: Unexpected things are bound to arise when starting a business. Hence, there’s a need for preparation to be able to deviate and stay adaptable as and when required. Being well informed and knowing the nitty-gritty details of every industry should be on your agenda.

4) Make a short term and long term plan to know your business treadPlans lay the foundation of a successful business. Make sure to define both short-term as well as the long-term course of action for your venture. Creating a business plan by charting out the financial projection forces will keep you ahead of any unforeseen or unnecessary confusion during execution. Let your plan be a living, breathing thing that you review on a regular basis. If growth is on your mind, then having a strong plan for the future is essential.

5) Be prepared to face the best and the worse; jump in: After researching and planning towards starting your business, make sure that you jump-in without fear. Keep the optimist approach high and be action-oriented. Too much procrastination results in reaction-oriented approach, which is hardly the space you would want to be in when running a business.

In every success story, you will find someone who has made a courageous decision. Go ahead and bring your dreams and aspirations into reality. With hard work and well-thought decisions, success is never far away.

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