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Top 10 Tips for Aspiring Entrepreneurs

Written by: Maia Haag

Article Overview: Maia Haag, Founder and President of I See Me!, Inc. offers her top 10 practical and insightful tips for people who are contemplating following their dream of starting a business.

Top 10 Tips for Aspiring Entrepreneurs

1. If you’re searching for an idea, start by thinking about your strengths, hobbies, or anything that you know a lot about. You’re more likely to be successful if you develop a product that’s based on your knowledge and passion for a certain subject.

2. The hardest part is starting. Once you put your toe in the water, you’ll find that you’re knee-deep in your dream. I know many friends who have ideas but are afraid to pursue them because they fear that they might fail. Start by taking small steps such as doing research on the subject, or talking with people about your idea. The goal is to start developing momentum.

3. Don’t be afraid to talk about your idea with other people to get feedback. Many people are afraid that someone will steal their idea. But the risk of not launching your idea due to lack of momentum is greater than the risk of someone else stealing it.

4. If you’re developing a product, pay meticulous attention to every aspect of your product’s quality and whether it truly meets a consumer need. You can have a great marketing campaign, but if customers don’t like the product, you won’t be successful in the long run.

5. Go to the Small Business Administration’s website to find a business plan template. Writing a business plan is essential because it makes you think about how you will market your product or service. It’s also essential to write the business plan before asking for funds from a bank or any other source.

6. Be wary of borrowing money from friends and family. If you need to do this, use an attorney to add structure to the deal so that everyone understands the terms.

7. Develop a relationship with a banker early on. Walk in with a business plan, and cash flow projections showing exactly how much cash you’ll need to borrow. Never wait to meet with a banker until you’re out of money or else you’ll be in a position of weakness.

8. Test out your sales pitch on people who aren’t critical to the success of your business. For example, sell to a small store before you attempt to sell to a large store, so you can hear what their issues are, and you can adjust your pitch.

9. Being persistent is more than half of the battle. You have to be willing to knock your head against the wall ten times or more for every time that a door will open.

10. Think of what your business will look like when it’s a huge success. If you can imagine it, you’re closer to making it happen.

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Article Tags: borrowing money, business plan template, cash flow projections, doing research, friends and family, great marketing, hobbies, marketing campaign, meticulous attention, momentum, passion, relationship, risk, sales pitch, smal, small business administration, small steps, writing a business plan



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