Tips for Starting a Business: Learning From The Most Successful Men in the Business

3100The thought of losing money is a part of the business. However, as any person would tell you, you can never learn unless you take the risk of trying something that could earn your success and financial security.

It takes the perfect time, strategy, and motivation to start a successful business. Being scared and daunted as you begin your own business is normal. Even successful entrepreneurs and CEO’s have experienced the same feeling—doubt, fear, and discouragement.

Many successful business people have never gone to college. This means that education is not the only key to your success. Rather, it takes different elements to make things happen for a business to succeed.

To give you an insight about success in starting a business, here are some tips learned and compiled from the most successful entrepreneurs of today’s age.

#1 Know and Learn From Your Customers

“Your most unhappy customers are your greatest source of learning,” says Bill Gates, who became billionaire by the age of 31. Gates, a college dropout, is the founder the world’s biggest software company—Microsoft.

Bill Gates, who has never missed being the list of the wealthiest businessperson, notes that start up entrepreneurs should learn from unhappy customers.

Starting your own business entails long-term a commitment to know and learn from your customers. Microsoft has never been an exemption to this rule and so does your business. The goal of every type of business, whether it is a multimillion or just worth a thousand bucks, is to learn your market, and a part of it is your customers.

Hence, as you begin to build your business, one of the biggest concerns—other than your product or service—is your customers. Know what they want and make sure to deliver.

A part of the learning process is to research on what they want and what they prefer to have in return of their money. A good tip before you start a business is to interview people asking about their preferences about your particular product or service even before you decide selling them to the public.

If it does not work the first time, learn from Bill Gates, which is to learn from your most unhappy customers.

Top 2 Tips for Success in Business

#1 Create a Vision and Take the Risk to Make It Happen

“Make Your Vision Larger Than Yourself,” says Christopher Paul Gardner, a Wall Street multi-millionaire who became even more famous for his book “The Pursuit of Happyness.” The motivational book inspired many as the author chronicles his hardship into getting a job as salesperson. To get his job, he invested his whole savings in portable scanners, which he demonstrated and sold to doctors, pitching different ideas while selling his products.

Gardner was once homeless but was never hopeless to makes his dreams come true. All of his successes as an entrepreneur, investor, and stockbroker started with a vision, which has at most times discouraged him to pursue what he wanted to do with his life.

122tiThe same story should reflect back to you as you start your own business. Create your own vision and take the risk that comes with that vision as you start building your own business.

Losing in a business is a reality. It is stated fact. Nevertheless, people like Garner never gave up even during times when he was losing more than what he should be earning. The same thing goes with any type of business–just ask the guy who invented these business names!

However, the thought of having a sure win is still possible with strategic planning. You can allow yourself to lose at the beginning as long as it assures you returns in the future.

Your strategic planning includes your vision and everything else that accompanies it—timeframe, budget, advertising, and consumers.

A good way to make an effective business plan is to make it simple. Avoid elaborating every detail. Take it systematically. Plan before you act but never over plan things. The business market is unpredictable and some of your plans may not work in accord to what is happening to your market.

#2 Start Your Business With Passion

“I have been thinking how this applies not only to fitness but also to education, habits, routines, and our daily life,” says Billy Blanks, the creator of the famous “Tae Bo” exercise program.

In today’s health and fitness society, it is impossible to miss out the term “Tae Bo.” Studying the craft at of martial arts at the age eleven, Blanks continued his passion constructing his own art of exercise, which is now multi-million empire.

Billy Blanks, although not a full-blooded entrepreneur, banked his way to success through his own passion.

Passion is important because it increases the chances for you succeed in business. Passion fuels your drive to do best at what you are selling and offering to people.

Many start-up business people today are only driven by money. Although money makes your business run, make sure that you still have the passion to fuel your business. From fancy cars to nice apartments, people are making a living selling what other people need. It’s the way of advanced society.

What if your passion is not profitable?

Say you found your passion (lets say it’s selling, I don’t know, compendiums online) but you are scared it will not sell to people. This is impossible.

The truth is that everything your mind can imagine can sell. It is just about finding the right people to whom you want to sell your product. Business is all about creating the perspective and pitches to people. It is a manipulative game.

For example, if you are passionate about old music, there are ways to which can translate this passion into a profitable business. The only key is to know what and how to sell them to people and to find the market to which you can sell old music.

In the example stated below, you can translate your passion by perhaps selling old vinyl disks to avid collectors. You may also opt to buy and sell vintage music products online through your own website or perhaps through your own vintage music shop.

The possibility of making a business grow is limitless. All you need to have is simple vision, the courage to learn, and the passion to drive your business. All these three elements are the key to successes of Bill Gates, Christopher Paul Gardner, and Billy Blanks.

The Entrepreneur’s Spirit

Money is a cycle. It comes and goes depending on how you manage it. Many people have their own ways of growing their money. Some put it on stocks, while some invest on business.

Business, as many consider, is a gamble. The odds of succeeding are both a yes and a no or sometimes it is just enough to get you into another cycle. However, in contrast to gambling, owning your own business is more of a strategic game. It is a battle that allows you strategically plan your army and troops.

Business is manipulative and the chances of succeeding are big depending on how you play your “business.”

Every year, it is estimated that over 500,000 businesses are created in the United States alone. That is a 33 percent increase from the data collected throughout 2011 and 2012, which implicates that more people today are bold enough to take the risk of having their own businesses.

In business, there is no question of succeeding. The bigger question is HOW TO SUCCEED?

#1 Save Money and Know Why You Are Starting A Business

Knowing what you want equates to being clear as to why you want to start your own business. The initial phase can be daunting. However, the fatigue knowing that you always be an employee can cause you greater stress and fear in the future.

Having a business gives you the freedom and control not only of your vision, but also of your money. This being said, motivate yourself  as to why you want to start your own business. Do not treat business as your last resort just because you have nothing else to with your life and money. Rather, treat it as a motivation to get yourself interested in the craft of business, which most successful people refer to as “Money Making.”

The bottom line is that you are doing business with the great possibility of financial security and being able to pay off outstanding loans. To make this happen, make sure to save at least 10-20 percent of your monthly income for your initial capital.

#2 Determine Your Type of Business

Once you are driven to make money while saving, create a vision. Everything starts with a vision. A part of this vision is your type of business. You do not have to invent or reinvent something to make yourself rich. You can start drawing out ideas from your own passion or perhaps you can start by educating yourself with the current trends in the world of entrepreneurship.

Motivation, passion, and vision work together to drive success into your door. Also, trust your gut. Creating a vision is creating a possible success. Create a journal and write your ideas, so by the time you are ready, you can look back at your vision, which can turn into reality.

#3 Plan Simple

A vision cannot work without planning. If you were to ask successful people on how they have achieved successful business, they would all answer you with the same denominative –proper planning.

Creating a business plan does have to be long. This is something that most people perceive when creating a business plan. They assume that it has to be very detailed and specific in all terms and conditions.

Although being detailed is crucial, being over-detailed can cause you so much distress. A long detailed business plan can cause you to make too many assumptions, which is the instant prediction that your business will be a huge success—not always the case.

Being optimistic is good. However, do not over plan. In the world of business, anything can happen. The true battle begins once you start setting out your sword and armor in the battlefield. Successful business people know to analyze while running their businesses because the market is very unpredictable.

Hence, instead of elaborating every detail, wait until things happen. Once it begins to happen, create another plan to step up your game in the business.

So, when creating business plan, plan it simple. Do your planning in annual basis specifically targeted towards your vision. After doing so, create another business plan that will run either bi-monthly or quarterly depending on the nature of your company.

#4 Know Who To Target

In a business, your customers are your gems. Hence, you have to nail each of them into your business. Be very specific with your target, from age to gender to their social status and preference. Every aspect about your customers and prospects has to be planned accordingly and systematically.

So, if you plan to build your own bar, which among these many people are your specific target to buy the boozes and food in your bar. What is the theme of your bar? Is it for college students who have tight budgets or is it for working class people who want to unwind after a whole day of work?

Being specific with your customers means imagining them while planning the concept of your business. Try to think about your friends, colleagues, and family—what would they think about your business. Think of them as your customers. What would they say and prefer with regard your product?

Also, never fail to research. If you are not good at researching, you may want to consider hiring a research firm to do the job for you. Knowing whom to target is crucial. Moreover, knowing what they want is more important.

#5 Give the Perfect Price

Pricing refers to your overall cost and of how you can gain from it. This refers on how you can generate profit from your investment. The numbers you generate equate to your success—every penny equates to it.

One of the reasons as to why you should give the perfect price is for you to gain loyalty from your prospects. Almost all types of businesses (including the Carousel) started giving reasonable price until they have reached their peak as established brand.

As you enter the game, price small and do not hesitate to offer promos. Also, be realistic with your expectations. It is a common principle that in the first two or three years of business, the chances of you losing are higher. Your profitability begins as the public realize the value of your goods or services. Once you have gained this power, than it is the time for you start pricing up.