How to's, Startups

5 Things Beginner Entrepreneurs Should Keep in Mind

Written by Fariha Muazzam ·  2 min read >

Money, success and fame are addictive; we all want them badly. It is just the way we humans thrive, we dream big and we struggle to achieve those dreams. However, there are times in life when the turnouts of our struggles do not match our expectations because it is a competitive world out there. With the immense exposure people of all ages are having through internet, even a 15 year old is your competitor. A 15 year old could come up with an idea/product that is way better than yours and could be more successful than you, in matter of days. This could happen to anybody related to business world and affects mostly those who are new to business.

As a starting entrepreneur, there are some things you should keep in mind so as to stay in the race that you become a part of, because it is easier to enter the race and be kicked out of the race than to stay in the race.

1. Money Should Not Be Your Only Goal
It would be a lie to say that nobody works for money; because everyone does. Money is to your life what food is to your body. However, when you are a newbie your main focus should be building a high quality and sustainable product, not cashing millions with it. At the initial stages, you want investment to execute your ideas or market your product, and for investors to be interested in your product/idea, you need to have a great one. You need to work on your idea/product and business plan the most, because you will earn enough once you establish a firm base in the market.

2. Do Not Fear Failures-Be A Survivor
In order to learn, one needs to make mistakes. Inexperienced people are bound to make blunders; a single misstep can turn the whole startup upside down, but it only ends up teaching the biggest lessons of life. You can sit and think about what you did wrong and rise again to attack the market. It is for sure that the second time you will do a bit better, if you have not taken your failure to your heart but to your mind.

3. Be Creative
The biggest mistake a new business person can make is bringing in the market what is already there. You should try to come up with unique ideas even if they seem idealistic; at least they would be original. For example, no one would want to create a social networking engine like Facebook unless they have something new to offer in it. Twitter and Facebook are both social networking sites but they are poles apart in what they offer.

4. Build An Outward Appearance
It would be hard to believe that in entrepreneurship, superficial things matter. From choosing a name for your startup to choosing a name for your product, everything is significant. Customer base is built by providing good quality products, but customers or even investors are attracted by the appearance you choose to maintain in the market.

5. Keep Yourself Motivated
You are only human if you are put down by failures or by, just not getting what you want from your project. Also, sometimes you just start to lose interest and the reason could be anything from boring employees to low profit rate. At these times you need to remind yourself, why you decided to be an entrepreneur in first place; go back to that. Read books and articles that give an insight on entrepreneurship or self-motivation, and remember it always; it will keep you on your toes.

There are many things that are important to be a successful entrepreneur, however focusing on these basic things matters the most in the beginning. Other lessons you learn with time and experience.

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Written by Fariha Muazzam
She likes to explore new areas of study whether technology, psychology or anything thing else; nothing more and nothing less. Profile