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Important Advice For First-Time Startups
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Important Advice For First-Time Startups

Starting a company of your own can deliver the ultimate blend of fear and excitement. Watching a business endeavour...

Important Advice For First-Time Startups

Starting a company of your own can deliver the ultimate blend of fear and excitement. Watching a business endeavour of your own start to bear fruit is truly rewarding, and something that those who spend their lives “working for the man” will never get to experience.

 

In this article, we present five really important pieces of advice for people starting a business for the first time.

 

Get started

You will never get a business off the ground if you don’t, at some point, jump in with both feet. Just like having a baby, there will never be a truly perfect time, so you have to just do it.

 

As Reid Hoffman, the co-founder of LinkedIn, said, “You jump off a cliff and you assemble an airplane on the way down.”

 

Do your research

You need to know your business idea is a good one, so ask your closest friends what they truly think. It is possible to become attached to an idea that doesn’t truly “have legs.”

 

 

Embrace “the fear”

The early days of starting a business will inevitably be fraught with anxiety, and unless your company becomes an immediate success this won’t change for a while.

 

You will still worry about overdue invoices and losing precious clients two years down the line, so get used to embracing fear and not fighting it.

 

Limit financial risk

Don’t “bet the farm” on a business idea. Set up your company with a limited liability structure, and try to seek funding and investment. If your business fails, don’t let it take you down with it.

 

Listen to feedback

Just because you’re in charge now doesn’t mean you are always right. Listen to feedback, from staff as well as customers.

 

A very rich man once said that “your most unhappy customers are your greatest source of learning.” That man was Bill Gates.

 

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