When you decide to start a new business, at first everything is happiness, enthusiasm and energy to start your project. Nevertheless you need to take into consideration that only 15% of new businesses make it past the first two years.
Therefore if you want your business to past its first two years, you need to take into consideration the following survival kit, which will serve you to move forward and get though the beginning.
You will find next the 11 lessons that compose the survival kit that every entrepreneur should know:
1. By yourself or accompanied: if you are going to start your business with an associate, keep in mind the possible risks that engaging in business with bad associate may involve. It is essential to acknowledge everything in writing, and especially important to specify what would happen in the case of disagreement or dispute.
2. The business has to be flexible: this allows the entrepreneur to test the idea and to change it if needed, being able to adapt it to a constant changing market.
3. Networking: surround yourself with the right people, nowadays networking is part of our everyday life inside the business world, you have to contribute to it with emotional intelligence to turn these relationships into something fruitful.
4. You have to be able to sell your idea: you must be very clear about what your product or service is. The clearer you are with your clients about your product, the easier it will be for your potential clients to understand your product.
5. Financial basis: you must have a financial cushion. If you have a normal daily job, we recommend you not to resign until your business is self-sustainable and working well. To do so, it is necessary to put in extra effort, it is not easy to work the whole day and later to work extra on another project, which is the one that really excites you and the one in which you want to succeed in.
6. Choose an idea that excites you: Building a new business is hard work, in which you will have a lot of difficulties along the way; therefore it is necessary to love your project, of course, being realistic and open for changes along the way.
7. Be cautious: Plan and manage well your budget and spending, it is important to spend the least possible amount of money until the business begins to bear its fruits.
8. Your image is important: worry about designing a coherent identity that lasts with time. Your clients must perceive quality and professionalism from your brand.
9. Delegate: when setting off a new business you have to be careful of not letting all the minor administrative tasks to take up all your time, if you can and have the resources, delegate to specialized third parties, this is called outsourcing.
10. Many-sided and flexible team: as the business grows you will need a good team, but be cautious, this team has to have very clear the vision and mission of your business.
11. Be open to the possibility of readjusting your initial idea: it is possible that your initial business plan does not work and you have to do some changes. You need to be aware, that when you engage in a new business probably you will have to change your first idea at any moment along this way.