Starting a business can be a daunting task. There are a lot of issues that a new entrepreneur will face: legal issues, marketing, financing, development of the product, intellectual property, human resources, and the list never end. Entrepreneurs feel excited and overwhelmed by all the things they are going to learn. In this article, 9 of the most important lessons to help the entrepreneurs are discussed in detail.
1. Come up with a great name for Starting a Business
Finding the right name for your business has a significant impact on your success. The wrong name could result in insurmountable legal and business hurdles. The following are some quick tips to get a good name for starting a business:
- You should avoid the names that are hard to spell or pronounce
- You should never use the name that seems to limit the growth of your business
- You should conduct a thorough trademark search
- Keep it in mind that the name you come up with should be accepted by both you and your employees
- You should choose the top five names you like and then decide the right name with the help of employees, partners, and investors.
2. Understand that Raising Financing is difficult
It is more difficult and more time consuming to raise financing for a startup than you imagine. It takes a great deal of effort to convince investors or venture capitalists to invest in your company. So you should be prepared for the time delays. You should not waste your time in trying to sign the Non-Disclosure Agreement (NDA) from the investors or venture capitalists. It is not productive at all plus it will slow down the process of fundraising. It is very hard to get an appointment with an investor, so do not put another hurdle in your way.
3. Focus on Building a Great Product
You should focus on building a great product service. If not great, it should be at least good. It should be different from your competitors’ products in different ways. Moreover, you should not take forever to launch your product in the market because the feedback of early customers is the best possible thing to improve your product. Also, you should not start your marketing with a minimally viable product. In short, all things should be balanced.
4. Become a Strong Salesperson
You should become a great salesperson if your business is about to succeed. You must have to become a strong salesperson because you have to sell your business or brand not only to your customers but also to the investors and employees. You should need a lot of practice. You have to polish your skills and pitch. You should look at the feedback. You must be extroverted. You should have to show yourself as a confident person. You should be positive. You should ask for the sale. You have to be trustworthy. You must listen. You have to do all these things to become a strong salesperson plus it will help you in the long run.
5. Build a Great Website for Your Company
You are living in a digital world where everything is available at the touch of your fingertip. To cope up with this global world, you have to devote some time and effort to building a great company website. Your investors, customers, and partners will look at your website and you want to impress them with a professional product.
Some of the tips that you should follow for building a great website are the following:
- You should check the sites of your competitors
- You should start by sketching out a template for your sites
- You should have to put high-quality content on your site
- You should have to make sure that your site is mobile optimized
- You have to keep your site clean and simple
- You must have to make the navigation bars prominent on your website
6. Perfect your Elevator Pitch
An elevator pitch is intended to be a concise and compelling introduction to starting a business. You can modify the elevator pitch depending upon the fact whether you are pitching to your business partners, employees, customers, or investors. You have to pitch the problems that you are solving. Following are the tips that you should follow to perfect your elevator pitch:
- You should start strong
- You should stay positive and enthusiastic about your deliveries
- You should keep its length up to 60 seconds
- You should have to convince others why your business is different
- You should try to avoid using industry jargon
7. Nail Your Executive Summary and Pitch Deck
An executive summary is a summary of your company that consists of 3-4 pages that should be presented to potential investors. While a pitch deck is a 15-20 page PowerPoint presentation that lays out more visually the business for prospective investors. You must have to nail both of these documents.
You should have to articulate:
- Your mission
- The problems you have been trying to solve
- The opportunity you see in the big market
- Differentiating features of the product
- Your technology
- The experience of your management team
You should have to review the other executive summaries and pitch decks to improve your own. You have to ask your other entrepreneur friends to see theirs. You have to check the pitch decks used by Facebook, LinkedIn, and Youtube.
8. Keep your investors informed with both good and bad news
It gives a good impression to keep your investors updated on a weekly or monthly basis. It is not necessary to give a detailed update but here are a few things that you should include in your update:
- Summary of the company’s progress
- Summary of product development
- Recent press
- Strategic issues that you are facing
- Team and recruiting update
You should have to maintain good relations with your investors and partners. Plus you should never want your investors to be surprised when you go to them for additional financing.
9. Expect Big Challenges and be prepared for them
The biggest and most complicated things in starting a business and then growing it are:
- Coming up with a great product
- Having a strong plan and vision for the business
- Use your time efficiently
- Finding the best employees
- Having the stamina to keep going when it is tough
All in all, you have to follow these lessons to become a great entrepreneur and to make your new business a successful one. These quick tips will help you to improve your efficiency. Now, you have learned most of those skills. So, follow your dreams and become a successful entrepreneur!