You’re pretty sure you’re ready for the challenge of creating a startup and becoming an entrepreneur. You’ve learned enough during your time as a worker, and now you’re prepared to strike out on your own and make a mark in the world. That’s all good and well, but settle down buster, because it’s not for nothing that somewhere in the region of 70% startups fail.
Below, we take a look at five essential rules you’ll need to follow if you want to make sure you’re in the top 30% of startups.
Love What You Do
We hope this isn’t news to you, but startup life is hard. It’s hard, and you’re going to spend many nights just trying to get ahead. Now, before you commit to any ideas, think of all the things you’d be willing to do late at night if you weren’t getting paid. Once you’ve narrowed it down to just one thing, you’ve found it. That’s it. The thing that you should be doing with your career. It’s imperative that you love what you do; it’ll be the thing that keeps you going when the going gets tough.
Ideas are not thin on the ground in the world of startups. Ideas are flying about everything; it’s the nuts and bolts of the organisation that most entrepreneurs struggle with. Your mind might be racing ahead with grand thoughts, but don’t forget that you can only achieve big things once the little details have been taken care of. Get a website, pick a name, get your contact information all sorted out. It’s much easier to launch onto bigger things once you have a solid platform.
There’s one thing that you don’t want to learn the hard way: that things can quickly go catastrophically wrong in business. When you’re an entrepreneur, you’re only ever one misstep away from putting your company in danger, so it’s crucial that you protect yourself by having the right insurance. Take a look at the general liability insurance business cost, and you’ll see that it would easily repay itself if the worst should occur. Threats can spring from anywhere and everywhere; on site, from clients, from the environment. Protect yourself and make sure it’s not one of those things that derails your success.
Connect With Others
You’re not alone in the startup world. While you could view everybody as a competitor, to do so will do more harm to your business than it will to theirs. You need to connect with other people; it’s the most important part of becoming a success. Your fellow business men and women will have a lot of wise business words to share if you open yourself up to them!
Get in the Mix
To be a successful entrepreneur, you need to be “in the mix”. Write blogs, give talks, share what you know with other people. In the process, you’ll be boosting your profile and credibility among the people. It’s not just about your company; it’s about you!