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Title: Five Tips for First Time Entrepreneurs
By: Author: Audrey Hoffman
It seems so long ago that I started my first business. Since
that time, I've created several successful businesses and
learned a lot of lessons along the way. There are several things
I wish I would have known in the early days of my
entrepreneurial efforts that I hope will help some other first
time entrepreneurs on their path to success.
You'll Work Harder for Yourself than You Ever Have for a Boss
If you think owning your own business is simple or means you get
to lounge around all day long, think again. While this may be an
end result after a lot of hard work, it will certainly not be
the beginning of your business. You will work long hours, long
nights and at times you'll feel overwhelmed at the amount of
effort owning your own business can take. But, also know that
owning your own business and working hard for yourself can be
one of the most satisfying feelings of your life.
Don't Confuse Setbacks with Failures
They say there is no successful business owner who hasn't failed
with at least one business before they started the one that
"struck gold". It is important that you take each failure you
encounter on your path to success as an opportunity to learn
something. This helps you to not repeat your mistakes and makes
you more prepared for your next business venture. In addition,
things that seem like failures can turn out to only be minor or
temporary roadblocks that can be overcome with time and hard
work. Entrepreneurs learn from everything they do, though they
may not always "succeed".
You Still Need a Life
Many new business owners work all hours of the day and night.
While hard work and a lot of hours are certainly required for an
entrepreneurial lifestyle, you also need to make time for your
personal life - whether it be for family, friends or personal
hobbies. You need to take time for your own personal well being.
In addition, if you sit behind your computer, in your office or
on a "jobsite" all day, every day, you will miss great
networking opportunities out in the "social great beyond" of
your world. All work and no play makes Jim, or Jane, a very dull
person.
Good Bookkeeping is Essential
This isn't an understatement. My first time in business, I paid
for something here, something there and never kept receipts or
records of any expenses. I told myself I would "one day when the
business got off the ground". Eight months later, my business
was booming and it was tax time. Not only did I lose out on a
lot of business expenses I couldn't claim due to no proof, I
ended up paying an accountant triple what I would have had I not
been a nightmare client with no records or receipts. Don't wait
for your business to "take off" - keep records from the very
beginning - it will make it a habit, make your taxes owed less
painful should the business start booming and will make your
accountant more pleasant than mine was.
The Internet Isn't The Magic Pill
If you are a new business owner starting your own business based
on the Internet, then this part is for you. The Internet is not
a "magical flow of endless customers". The adage "build it and
they will come" couldn't be further from the truth online. You
need to work an Internet business as hard as you would a "brick
and mortar" establishment. While starting a business online
requires less start up and overhead in many cases, it is NOT
free. You will need to put out money, or spend a lot of time
learning new skills (sometimes both), to make a successful site
on the net. It takes marketing, hard work and a willingness to
learn. If you think you can slap up a website and people will
pile into your shopping cart, then you may want to take some
time to actually plan your business model.
Good luck with your business. Being an entrepreneur has ups and
downs, but it can be the most satisfying and rewarding (both
personally, professionally and financially) of your life if you
put your heart and soul into doing what it takes to succeed.
About the author:
Audrey Hoffman owns http://www.speedy-incorporation.com - a site
that offers online incorporation
services and information about forming an LLC or corporation across the United States, including Maryland Corporations.
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