7 Success Tips I wish I Knew Before Starting My Own Business

The concept of buying and selling, whether virtual or real products, has always appealed to me from a young age.

I remember how I had to beg every Dick and Harry in my secondary school to buy a magazine that they really weren’t interested in reading.

Or how can I forget my experience with Mr X {cant mention his name} who convinced me to invest in a mouth-watering venture that promised quick enormous returns within months. The rest is history. That was how my friendship with Mr X ended.

Since then, I’ve launched several businesses. Some exceedingly successful while others cost me dearly.

However, there is always a lesson to learn from each experience and a better way to approach the next business.

I will be sharing some of these life-saving tips that you need to know before starting your business.

I have also included other lessons from the experiences of other entrepreneurs that I interviewed. Read along.

1) Stick to what you know

Why invest your money in a business you have no understanding about?

The promise of profit should not drive you to stick your head into just any business plan laid at your feet.

Many entrepreneurs follow the wave of the moment to decide what ventures to invest in.

There was a time when everyone invested in fish and snail farming despite having no knowledge of agriculture and taking a two-day crash course to satisfy their curiosity.

How many such entrepreneurs have stood the test of time?

Warren Buffett is notoriously known for investing in companies that he understands.

He is a great friend to people like Bill Gates, but he wouldn’t dare to make an investment in Microsoft because he doesn’t understand the tech industry.

If you want to increase your odds of succeeding, follow Buffett’s advice by sticking to what you know.

2) Put all your eggs in one basket

“The way to become rich is to put all your eggs in one basket and then watch that basket.” – Andrew Carnegie.

Stay focused.

A lot of entrepreneurs are super involved in up to three or four capital intensive and time taking ventures that it has become increasingly difficult to give adequate attention to any one of the businesses.

As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.

It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.

Although some entrepreneurs argue differently, the choice is yours. What do you think?

3) Make your mistakes early

I would advise starting your first business as soon as you get into the university.

At this point in time, external pressure to succeed is less and can be easily managed.

The same can’t be said of a forty-year-old father of two lovely kids.

Starting young and early helps you to experiment and test the waters before finally settling (A luxury you cannot afford at certain stages of your life).

4) Test your products

 A lot of startups and soloprenuers miss this important aspect of business.

Never assume that people will simply buy from you after setting up your shop.

Validating an idea or product is important because it helps you get a sense of the potential market or, lack of market, for your product idea before spending a lot of time and money on it.

The single most important reasons while many businesses fail is that they assume too much in the beginning. Don’t fall into that trap.

5) Read, Learn and never stop learning

Invest in yourself. Never stop learning. Get clarity from learning and take inspired actions towards growing your business.

Your job as a new entrepreneur and future business owner is to know about every aspect of your business.

Gather learning resources. Interview or hang out with successes in your chosen industry.

The only downside to learning is that I know some people who spend so much time on learning and never take action.

That is equally unfruitful. Learn and act.

6) Measure your input & output

 Take the time to take stock of your business right from the start. This implies that you must have initially set measurable goals in the beginning.

Don’t get too carried away by forgetting to track your progress and cut down on failing strategies.

Moreover, it helps you to invest more in marketing strategies that seem to drive more customers to your doorstep.

On the long run, it will guide you to decide whether to push on your business or otherwise.

7) Avoid shortcuts

I started this post with my experience with Mr x. 99.9% of “get rich quick” business agendas are scams.

Dish your lottery mentality and get down to work. Work hard and smart. Then spice these up with patience.

“When we first got started, we figured we’d have a wildly successful business rolling within a year. Fast forward 6 years, and we’re still trying to get there.”- Lauren & Rob

The business world isn’t a place where most people get rich overnight. It takes time and dedication. If you can’t afford these, get a paid job!

In Conclusion

I hope this post doesn’t stop you from taking the plunge into entrepreneurship.

You just need to have realistic expectations when taking the plunge. So, what do you think about starting up a company?

Is there anything you wish you knew before taking the plunge?

Share your experience in the comments field below and you can join the forum to start a new topic or ask questions.