Home
>
Small Business
>
Five Tips for First Time Entrepreneurs

Five Tips for First Time Entrepreneurs

It seems so long ago that I started my first business. Since that time, I've created several successful businesses and learned a lot of lessons along the way. There are several things I wish I would have known in the early days of my entrepreneurial efforts that I hope will help some other first time entrepreneurs on their path to success.

You'll Work Harder for Yourself than You Ever Have for a Boss

If you think owning your own business is simple or means you get to lounge around all day long, think again. While this may be an end result after a lot of hard work, it will certainly not be the beginning of your business. You will work long hours, long nights and at times you'll feel overwhelmed at the amount of effort owning your own business can take. But, also know that owning your own business and working hard for yourself can be one of the most satisfying feelings of your life.

Don't Confuse Setbacks with Failures

They say there is no successful business owner who hasn't failed with at least one business before they started the one that "struck gold". It is important that you take each failure you encounter on your path to success as an opportunity to learn something. This helps you to not repeat your mistakes and makes you more prepared for your next business venture. In addition, things that seem like failures can turn out to only be minor or temporary roadblocks that can be overcome with time and hard work. Entrepreneurs learn from everything they do, though they may not always "succeed".

You Still Need a Life

Many new business owners work all hours of the day and night. While hard work and a lot of hours are certainly required for an entrepreneurial lifestyle, you also need to make time for your personal life ? whether it be for family, friends or personal hobbies. You need to take time for your own personal well being. In addition, if you sit behind your computer, in your office or on a "jobsite" all day, every day, you will miss great networking opportunities out in the "social great beyond" of your world. All work and no play makes Jim, or Jane, a very dull person.

Good Bookkeeping is Essential

This isn't an understatement. My first time in business, I paid for something here, something there and never kept receipts or records of any expenses. I told myself I would "one day when the business got off the ground". Eight months later, my business was booming and it was tax time. Not only did I lose out on a lot of business expenses I couldn't claim due to no proof, I ended up paying an accountant triple what I would have had I not been a nightmare client with no records or receipts. Don't wait for your business to "take off" ? keep records from the very beginning ? it will make it a habit, make your taxes owed less painful should the business start booming and will make your accountant more pleasant than mine was.

The Internet Isn't The Magic Pill

If you are a new business owner starting your own business based on the Internet, then this part is for you. The Internet is not a "magical flow of endless customers". The adage "build it and they will come" couldn't be further from the truth online. You need to work an Internet business as hard as you would a "brick and mortar" establishment. While starting a business online requires less start up and overhead in many cases, it is NOT free. You will need to put out money, or spend a lot of time learning new skills (sometimes both), to make a successful site on the net. It takes marketing, hard work and a willingness to learn. If you think you can slap up a website and people will pile into your shopping cart, then you may want to take some time to actually plan your business model.

Good luck with your business. Being an entrepreneur has ups and downs, but it can be the most satisfying and rewarding (both personally, professionally and financially) of your life if you put your heart and soul into doing what it takes to succeed.

Audrey Hoffman is a successful entrepreneur who owns several businesses ? including http://www.speedy-incorporation.com ? a site that offers http://www.speedy-incorporation.com as well as information about http://www.speedy-incorporation.com or corporation across the United States.

In The News:

Fitness centers and workout studios are starting to establish policies that prohibit shooting phone videos to protect people's privacy.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents

Apple recently notified a small number of iPhone customers in 92 countries that their phones may be under attack by mercenary spyware.

An artificial intelligence-powered home security system can fire paintballs and tear gas at trespassers. The camera identifies human faces and animals.

Technology expert Kim Komando gives her tips and tricks on enhancing your user experience a smartphone and other devices you use everyday.

A new camera called NUCA uses artificial intelligence to create deepfake photos of subjects by stripping away clothing in close to real time.

The Kimberley Kube trail-ready camper has a compact but spacious design and combines luxury, functionality and ruggedness for a weekend getaway.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Emails instructing you to reset your password for an account may be legitimate, or they may be scams. Kurt "CyberGuy" Knutsson explains.

Northrop Grumman's Manta Ray uncrewed underwater vehicle aims to revolutionize undersea missions — it glides through the ocean without human assistance.

Learn how to work Google's calendar application to streamline and organize your daily tasks from technology expert Kim Komando.

If you do not want Facebook to have automatic access to your private photos, follow our tips to protect yourself. Kurt “CyberGuy" Knutsson shows you how.

Kurt “CyberGuy" Knutsson goes into detail about Apple’s recent iOS update that allows iPhone users to instantly translate spoken language simply by using the Action Button.

Safeguarding your digital life with a reliable physical backup isn't just a precaution, it's a necessity. Kurt “CyberGuy" Knutsson provides the essential backup checklist.

Kurt “CyberGuy" Knutsson reveals how a Redditor exposed false recycling claims at their apartment, highlighting a report that only 21% of U.S. recyclables are processed.

Kurt "CyberGuy" Knutsson offers a travel toolkit featuring five technology tools to help you with booking flights and hotels for your summer vacation.

The bubble behind the clock on your iPhone can appear in different colors. Kurt "CyberGuy" Knutsson explains what each of those colors mean.

Scammers are using the power of artificial intelligence to mimic voices of people and are using the fake voices to commit crimes, like kidnappings.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Tech guru Kurt "CyberGuy" Knutsson explains the science behind the Invisibility Shield, a 6-foot shield that makes people become invisible.

The International Olympic Committee on Friday announced plans to use AI in various Olympic aspects, including athlete identification, training and judging.

Tech guru Kurt "CyberGuy" Knutsson explains an easy trick to avoid squinting while working or surfing the web by zooming in on your personal computer.

Streaming giant Roku has recently been targeted by a pair of cyberattacks, and the company confirmed over a half million Roku accounts were compromised.

The Land Aircraft Carrier combines an all-terrain, six-wheeled vehicle with a two-seat aircraft, which features electric vertical takeoff and landing.

The European Union has sent TikTok a "request for information" on the video sharing platform's newest app, TikTok Lite, under the Digital Services Act, with the aim to clean up social media.

Five Tips for First Time Entrepreneurs

Small Business