Did you know that more than half a million new businesses are opened in the world every month? But only 7 out of 10 survive the first two years.
Check out the 9 tips from an expert to avoid it.
What is the main advice for someone thinking of starting their own business?
Based on the facts, do research to ensure that the business will be sustainable and that you will have customers.
A good idea is the starting point, but it must be based on reality so as not to go bankrupt.
Consider partnering with someone who has strengths other than yours, so that they are a complement and grow faster.
How much money should you save before starting?
Enough, as indicated by the initial investigation. You should save for the start of the business and your personal expenses for a time, until you have a stable income.
Is it a good idea to quit your job to start a business?
Before leaving your job, you should prepare a solid business plan and put together a team. Maybe you can keep working while your business kicks off. When you feel that you cannot do both well, it will be time to make a decision.
What misperception do you have about entrepreneurship?
That you will be your own boss. Having your own business gives flexibility and time available, but on the way to achieving it you will have many bosses: clients, suppliers, the bank, etc.
What skill is crucial for an entrepreneur?
There are several: resistance, imagination, integrity, relationship, commitment, knowing how to sell, etc. You can develop them over time. The important thing is that your learning makes the company perform.
Can a hobby become a business?
A hobby is an interest or a passion. A business is the basis for your life and that of your family. A hobby is not always going to support your family and there is a tendency to work for free, since you love what you do.
If you haven’t managed people before, how do you manage your own business team?
Having your own business transforms you. You learn as you go and by making a few mistakes. When interviewing people, an entrepreneur tends to talk more about his plans with the company than to ask candidates important questions. Also, it tends to employ family or friends in need rather than looking for qualified personnel.
What is a hook to attract customers?
Give something different than the rest. Give the product or service free the first time; Give a sample or coupon with a good discount. This will get people to know you and talk about your product. In the beginning, that is more important than having high prices.
What is the key to having happy customers?
Integrity:
keep your word, deliver what you promise and on time, take on the mistake of a member of your team. You are 100% responsible for your entire customer experience.
