Every entrepreneur should know these five things when starting a new business

Fancy yourself the next self-made millionaire? Hone your hustle with this entrepreneurial business advice.

With the job market more competitive and less reliable than it was for our parents’ generation, more and more millennials and Gen Zers are embracing the idea of being their own boss. Here’s everything a would-be entrepreneur needs to know when embarking on their enterprise.

Be prepared… and prudent

Before you get carried away buying fancy new business cards, do your research. Is there a market for your idea? Are you fulfilling a need or serving a previously underrepresented niche? Who will your customer be? The excitement of a new venture can be overwhelming, but it may well be worth keeping that day job for the time being and working on your business as a side-hustle.

Fail fast (and often)

No matter how prepared you are or how much research you do, it’s highly unlikely you’ll get everything right on the first try. The first year of any business is one peppered with mistakes, missteps, and misjudgments. The important thing is to learn from each setback, and not be deterred or disheartened!

Remember, it’s a lifestyle

Get ready to start envying your friends and their 5 pm clocking off times. Starting a business from scratch means late nights, early mornings, and working weekends. It also means that if you take a day off, you don’t get paid. While this can be tiring as hell, it is also the best motivation you can get. And when it starts to pay off, it feels pretty amazing.

Be clear in your long-term goals

Do you just want to work for yourself? Or do you want to build a company? If it’s the latter, then you will need to start looking into forming best practices and implementing systems which will support your business as you continue to grow and hire other people.

Build a diverse network

The importance of forging relationships cannot be understated. Forget everything you learned watching The Apprentice; business isn’t about being aggressive or overbearing; it’s mostly about making friends! Obviously, you have to be able to charm potential clients and customers, but it is also incredibly helpful to build a network of people that you can turn to for guidance.

A lot of young entrepreneurs try to find mentors; more senior people in their industry who can offer advice based on experience. But reciprocal mentoring among peers also has its advantages; chatting through your ideas with somebody who is at a similar level in their career can help you find a fresh perspective. And speaking to somebody from a different background or industry can bring new insight into how to better serve your customer.

Plus, there’s an additional social benefit. Working for your own business can get tedious and lonely. Co-working events like Jelly and networks like Future Faces are a great way of getting out of that home office and mixing with fellow business owners and new contacts.

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