Four tips to have in mind when planning to start a new business venture.
Do something you know
They say knowledge is power. Go for something you have an extensive knowledge about (You’ve mastered it to an extent). “It’s not knowing what to do, it’s doing what you know”, Tony Robbins.
Putting so much money into starting a business is enough risk in itself, you don’t need to add more risk by not having reasonable knowledge of the area you are interested in starting a business.
Do what you love
We all know that what you love or like is what you do best (except for a few people who function the other way round). This will not only make you want to learn more every day, but, it will also be your “Major” source of motivation – you push yourself to succeed more.
It will not matter to you how many times you failed, if you are passionate about what you do – you are going to push harder and harder until you make it. It’s the best way to make money and possibly the “easiest”. You can read more on this subject in the book titled “Work with Passion, how to do what you love for a living” by Nancy Anderson. It’s a great book.
Get a mentor.
You need a mentor.You might have all the knowledge of the business but you lack the experience. A mentor will walk you through the ups and down of the industry. They will give you a very genuine feedback on the business like no one’s business.
Generally, Mentors are the best people, they will always be there for you when you need them. They will be your only best friend in times when your friends do not want to hear your daily complains about your business anymore. Yeah that’s right! People get tired of hearing complains, Mentors don’t.
Whatever it is you are going to do, standout! You’ve got to be unique. Differentiate from the rest of the world. If they stand out in terms of PRICE, You make that your second priority. Don’t let your products or services be compared to some low quality brand – Simply, do not allow!.