Many people wish to start a successful business, but it is always necessary to follow the right path, and know certain things that make sure of it. That’s why we like to share eight tips from Neha Jain, co-founder and director of Z Nation Lab, a platform which empowers tech entrepreneurs and startups with capital, technical advice, and network. She is an experienced entrepreneur and board member who knows how to start a business from scratch.
So here are 8 tips to start a successful business:
1. Don’t run behind money
You don’t want to be rich—you want to be happy. Although the mass media has convinced many Americans that wealth leads to happiness, that’s not always the case. Money can certainly help you achieve your goals, provide for your future, and make life more enjoyable, but merely having the stuff doesn’t guarantee fulfilment.
2. Seek guidance and accelerate your progress
Starting Z Nation Lab was the best thing that I ever did in my life. But before I opened my business; I spent countless hours speaking to lawyers, accountants, and other entrepreneurs to figure out next steps. It saves countless hours and the possible headache of making a huge foundational mistake.
3. Improve your FQ (Financial Quotient)?
Entrepreneurs don’t usually like finance, and to some degree, it’s understandable. Many of them are so busy in running their company that they never really try to understand the financial aspects of their business. However, this lack of understanding can lead to massive mistakes. Even if you have a CFO (which you may not, depending on the size of your business), a successful business owner needs to have a basic understanding of certain financial and accounting principles.
4. Work on your habits
The world’s most successful businesses are run by entrepreneurs who harbour the right habits to ensure their longevity and staying power in the marketplace. The truth is that so much of our behaviour comes from the habits that we employ on a daily basis, effectively determining our potential to excel in any line of work.
5. Challenges will always be there for you
Entrepreneurship comes with a host of challenges. Rewarding challenges, but harsh challenges nonetheless. Experienced entrepreneurs have to deal with this, no matter how long they’ve been running a successful business — trying to establish a brand, adjust to match or exceed the competition and keep your business profitable is a challenge no matter how many years you’ve been in business.
6. Harness the available resources
I have learned that entrepreneurs face many challenges in today’s ultra-competitive business world; fortunately, contemporary times have also blessed entrepreneurs with more resources for tackling those problems than ever before. Try to utilize today’s technology in solving problems, building connection, and growing your business.
7. You can’t avoid failures
It seems that failure tends to be more public than success or at least that’s what we perceive it to be. We fret it, we try to avoid it, and we question ourselves every time we have unconventional ideas. But the simple truth is – you can’t achieve great success without failure. It may be one epic failure or a series of failures – such as Edison’s 10,000 attempts to create the light bulb or Dyson’s 5,126 attempts to invent a bagless vacuum cleaner. But, whether we like it or not, failure is a necessary stepping stone to achieving our dreams.
8. Turn your passion into a successful business
Running a successful business is not about getting over customers, working on your own, looking out for number one, and making a lot of money. On the contrary, it’s about turning what excites you in life into capital, so that you can do more of it and move forward.
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