Before venturing out into something new, it’s always advisable to have a strong foundational knowledge of the concerned field. Similar is the case for a startup. Although failures and mistakes are inevitable, having a solid understanding of the basics will help reduce the chances of failure. The following five basics must be kept in mind by every entrepreneur planning for a start-up:
1.Have a clear business goal and plan
A well-defined goal for your business helps you to focus clearly on what you want to accomplish. It supports you in staying on track and reduces the wastage of resources. It provides proper guidance and sets your priorities straight thus removing any chances of ambiguity. Having set your goals, you must decide as to how are you going to achieve it along with mid-course introspection of your business model which may require you to change/alter or modify your course.
2.Know your ‘why’
Having goals set for your business is always a plus. However, why you want to achieve those set goals must be decided early on. You are bound to lose some motivation as the business will progress. A lucid comprehension of the reasons as to why you want to achieve the set goals would act as a constant source of motivation for you to carry on your business.
3.Focus on revenues and not profits
Generation of a steady source of revenue is a must for any business. All business activity hinges on its revenues. It’s widely known that profits are central to the success of every business. However, when your business is in its nascent stage, it’s important to focus on increasing revenues turnover rather than profits.
4.Know what people want
Proper research is elemental in order to determine the tastes and preferences of people. This allows an individual to make informed judgments regarding the product or service he/she wants to sell or provide to the public. Additionally, research gives an edge to a business over other businesses since it’s able to target those customers that it wants to reach.
5.Never stop learning
Kenneth H. Blanchard, a notable author, and a leadership expert once said: “When you stop learning you stop growing.”. The same aspect is relevant for business. It’ll stop growing too. Therefore, always try to learn from your failures. But don’t keep it confined to just your failures. You can learn colossally from the mistakes and failures of others. Make the necessary changes in your business as you learn. Connect with peers and experts, seek guidance and keep on learning with unwavering resolve.