Tips For First Time Business Owner

Hello Friends....

I like to share some more tips

1.Focus. Focus. Focus

2.Know what you do. Do what you know.

3.Know what you know, what you don’t know and who knows what you don’t

Thanks

Hello Friends.....

Tips for First Time Business Owner are

1. Know what you know, what you don’t know and who knows what you don’t.
   No one knows everything, so don’t come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.
2. Act like a startup.
   Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.

Thanks

Hello friends

10 Tips for first time business owner

1. Focus. Focus. Focus.
2. Know what you do. Do what you know.
3. Say it in 30 seconds or don’t say it at all.
4. Know what you know, what you don’t know and who knows what you don’t.
5. Act like a startup.
6. Learn under fire.
7. No one will give you money.
8. Be healthy.
9. Don’t fall victim to your own B.S.
10. Know when to call it quits.

Thanks to all friends

Hello Friends....

1. Don’t take a personal loan to fund the business

2. Estimate upfront the cash needed up to raising angel or venture funding

Thanks

Hello

Thanks for sharing this nice information...

Thanks
have a nice time ahead

How to Market Your Product:

1)Word-of-mouth: This type of promotion is particularly valuable for a home-based business because it's free. Be sure the word passed is favorable.

2)Business cards:A professionally printed card is an asset to almost any business. Include your name, address, phone number and products or services you provide. An attractive logo can also enhance the professional image you want to project.

3)Letterhead and envelopes:Printed letterheads show your customers that you are a professional business person. Use the same logo and design as is on your business card.

4)Brochures:A brochure can be well done and still relatively inexpensive, depending on the size, number of colors used and whether or not there are photographs.

5)Direct mail:This technique can be valuable if you have the right mailing list. You have to know your market. At the start of a business, you may have to purchase mailing lists.

6)Newspapers:Contact your local editors about the possibility of doing a news story and feature story on your new business. Pay attention to the types of stories carried in the newspaper. A news story would be pegged on the fact that it's a new business.

7)Radio and television news:Your local radio and television stations may also be interested in a news or feature angle. Also try to get yourself on any talk shows.

8)Newspaper ads:There are two types — display and classified. Display ads involve some design and artwork. Your newspaper advertising representative can help you with this.

Thanks

1. Focus. Focus. Focus.
   Many first-time entrepreneurs feel the need to jump at every “opportunity” they come across. Opportunities are often wolves in sheep’s clothing. Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.
2. Know what you do. Do what you know.
   Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful.
3. Say it in 30 seconds or don’t say it at all.
   From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.
4. Know what you know, what you don’t know and who knows what you don’t.
   No one knows everything, so don’t come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.
5. Act like a startup.
   Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.
6. Learn under fire.
   No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less traveled. Never jump right into a new business without any thought or planning, but don’t spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes--and never make the same mistake twice.
7. No one will give you money.
   There, I said it. No one will invest in you. If you need large sums of capital to launch your venture, go back to the drawing board. Find a starting point instead of an end point. Scale down pricey plans and grandiose expenditures. Simplify the idea until it's manageable as an early stage venture. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.
8. Be healthy.
   No, I'm not your mother. However, I promise that you will be much more productive when you take better care of yourself. Entrepreneurship is a lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don't make excuses. Eat right, exercise and find time for yourself.
9. Don’t fall victim to your own B.S.
   Don’t talk the talk unless you can walk the walk. Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. In short, put up or shut up.
10. Know when to call it quits.
    Contrary to popular belief, a smart captain does not go down with the ship. Don’t go on a fool’s errand for the sake of ego. Know when it’s time to walk away. If your idea doesn’t pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur will prevail over adversity.

Hello,

1. Identify the appropriate market and target the appropriate segments within the market -- Deep pockets; ability to leverage core product from one segment to another without major design/development changes.

2. Make sure there exists a market problem/pain that currently demands a solution. Is the problem large enough to justify the price of your solution? Is someone with P/L responsibility willing to pay for the solution? Test: Are you able to clearly delineate a value proposition that gets a customer’s attention?

3. Solve the customers problem, don’t just build cool technology. Value is always in the application of the technology, not technology per se

4. Have a clear understanding of your value chain. Know who are your partners, competitors, and customers – it isn't always obvious

5. Understand where you are in the market cycle, from a timing perspective: new technology, competitors entering, segmentation, consolidation, solutions offering, commoditized, etc.

6. Don’t fight the market and where it is in its life cycle – you will lose

7. Price based on value of solution, not to undercut competitors. Compete first on functionality, not price. If you truly are the only one solving the customer’s problem, you should be able to price your offering based on value of your product/solution to the customer You compete on price only after the product/solution has become a commodity – end of the life cycle

Thank you for sharing.
keep sharing

Hello to all,

Here are some useful tips==>

1. Don't let others decide "your" attitude.

2. Always be early to work and always be willing to stay late. Moving up is often measured in sweat equity.

3. The best ethics are those that can stand being illuminated in the morning newspaper.

4. A positive attitude will take you further than your technical knowledge.

5. Decision making should always involve identifying the risks and assigning probabilities to possible outcomes.

6. Make an effort to improve your written and oral communication skills. Whatever the sacrifice - make it! -- Very few professionals move up without being good communicators.

7. If you are in a college major and you do not like the topics, homework, tests, teachers, etc., you should change majors. If you do not like this material in college, why do you think you will suddenly fall in love with the subject when you are working? (Note about accounting: The purpose of doing business is to make a profit, and accounting measures profits. All career paths need to understand accounting, and those who don't will remain at the bottom of the corporate ladder.)

8. College is the real world. There are obligations, responsibilities, and consequences.

9. Your college grades are a measure of your willingness to sacrifice. Employers want employees willing to sacrifice to improve the company.

10. If you don't like group and team work in class, forget the business world--change majors! You must be able to work as part of a team to survive in the business world.

11. Learn everything you can about the computer and the internet. The 21st century will be defined by "technocrats." Join them or fall behind.

Regards
Chris