When you start your business, the first year is crucial as it gives you the kick-start or allows you to gather the stamina for a long run. The decisions that you make in the initial stage of the business may seem small, but they can prove vital in future. So, there is nothing that you should do without proper analysis. Here is the list of few things that you should be careful of:
On the edge of quitting:
The life as an entrepreneur is not that easy and you may not find the thrills and luxury of an entrepreneur right away. So being patient is your only choice. Going through self-doubts in the first year of business is common. Gathering your views on why you started on the first place helps you to keep going when there is less action.
Start acting like a CEO right away doesn’t help:
When you start handling your business, you need to understand that your business requires your salesmanship more than as CEO. So, don’t act like a CEO right away. You need to consider the giants like Steve Jobs, Bill Gates, and many others. They kept their focus on selling their services. The increased revenue affects directly to your business. So be a good salesman who understands the market demand.
Don’t follow everyone’s advice:
When there are too many suggestions, it is easy to get confused. The advices are not always right and they are not always wrong too. The things that worked for others don’t have to be perfect for you and which didn’t work for them may help you to bring better results. You need enjoy the privilege of following your own direction.
Learn how to take advice:
Not from others, but you need to learn how to take advice from your subordinates. Ignoring this can destroy your goals and you have to suffer from waste of time and money. In the initial period, ruining reputation as a good leader can impact your career as an entrepreneur. It is possible that your idea has a drawback and your partners or juniors can detect the fault. Build a relationship with them in a way that they don’t feel fear approaching you with suggestions.
It is easy to get carried away with the success of few projects. You need to understand that down to earth should be your characteristic. The first year is crucial and you have to maintain a steady speed once you start making your name in the market. Taking giant steps offers greater risk of falling and you cannot afford that in the first year. Celebration is necessary, but spending too much time and money in that will take you down. Instead of that you need to make plans for future investments. This is what a leader does. Feeling that everything is under control and nothing can go wrong with you is a sign of downfall.
Avoid selling multiple products at one go:
The profit may not appear promising in the balance sheet in the first year, but it is beneficial that you stick with only one or two products for selling. Selling too many products is not recommended as it is easy to lose the focus and in the end you find yourself going nowhere. Rather than wasting time and energy on too many products, you need should keep your focus on one or two.
Overconfidence is a killer:
Overconfidence is a killer of your dreams and also your business. This is very common in many entrepreneurs. They feel that they have conquered the word, but reality appears sooner or later and when it comes there is nothing left for damage recovery. The line between confidence and overconfidence is very thin and as an entrepreneur, you should be able to understand that difference. Confidence is one of your leadership qualities and that makes the people look upon you when things go wrong, when overconfidence shows your ignorance about the fact and the misconceptions about your surroundings.
Make the first year of your entrepreneurship fruitful and profitable by following this advice. You need to train your brain to keep the focus on the right thing.