4 rules for new entrepreneurs: practical tips to get started

4 rules for new entrepreneurs: practical tips to get started

Now is the perfect time to become an entrepreneur: in the past decade, technology has leveled the playing field and sparked a business revolution. As an entrepreneur, you now have better access to information that enables you to make smarter decisions, faster. It has the advantage over large companies that it is easier, more flexible, and faster to walk. You can address new markets faster and activate them in the shortest possible time.

But to be successful, you need to have the big picture and follow a plan from start to finish. Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine, shares some practical tips that can help you start your own business:

1. Don't quit your daily job.

Consider starting your business part-time, especially if you are online, work, and have a stable income. It usually takes six months to a year to start a business and you don't want your solvency for your house to depend on your business success overnight. Start with what you can manage financially and over time, and grow as your business grows.

2. Find your niche.

The days of general stores are over. Consumers look to specialty stores online, in particular. You have to find a need, something that a certain group of people would like, but that doesn't fit into and satisfy the big chain stores. Lesonsky advises, "You can't compete with the big guys, so you need to find out where the big guys aren't and get into your niches."

3. Be present online.

Even if you have no plans to start an online retail store, you should know that the internet can still play a valuable role in your business. Having an online presence removes the limitations of physical location and expands your customer base by millions. It's also a great tool for promoting yourself and letting people in your area know that you are there and what you are doing.

4. Refusing to go out.

Business success requires creativity, energy, and a willingness to move on when that fails. Few know that before Bill Gates created the very successful Microsoft 3.0, he created Microsoft 1.0 and 2.0, both of which failed but moved on. And that determination and unwillingness to give up will separate successful entrepreneurs from others. Says Lesonsky, “Arm yourself with optimism to overcome the no or the problem. There is nothing wrong with failing, don't repeat the same mistake! ""