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Starting a Business? 8 Tips for New Entrepreneurs

Starting a Business? 8 Tips for New Entrepreneurs
If you're a new entrepreneur, here are 8 thinkgs you can do to improve your odds of success. / Credit: Man running image via Shutterstock

2014 will be the year many aspiring entrepreneurs finally take the leap and open their own business. And, while the thought of quitting a full-time job with a steady paycheck to finally launch a business can be terrifying, Justin Beegel, an entrepreneur who founded Infographic World in 2009, said there are steps new business owners can take to help ensure the venture is a success.

Beegel offered eight tips for those who are ready to launch their own company:

  • Make sure you have a support system in place. If you don't, go find one. Make sure you have a few people in your life you can go to, who know what you're going through, whom you can bounce ideas off of, have them point out things you're doing wrong, and just talk to in general. [10 Sanity-Saving Tips for Entrepreneurs]
  • Expect the worst. Forget any glamour you see in movies about entrepreneurial success. Taking the leap to start a company sets you up for the most indescribable roller coaster you can possibly imagine. When it's your company, you live it and breathe it — every day, all day. When things go wrong, you will feel like you are a failure and that the world is crashing down. While nothing can prepare you for this journey, just expect a rocky ride, and you'll be ahead of the game.
  • Have passion and perseverance. Chinese philosopher Confucius famously said, "Choose a job you love, and you will never have to work a day of your life." This has tremendous significance in the startup world. In order to succeed, entrepreneurs must find a business they are passionate about because it will consume their entire life. Nothing in the work environment is more fulfilling than owning a company.
  • Recruit the best people. This may be the most important part of growing a business. Bring in the most talented and hard-working people possible, and keep them happy. At some point, you will not be able to do everything yourself (nor should you), and your business will be only as good as its people. 
  • Take advantage of the unprecedented digital reach in 2014. The digital and social media landscape in 2014 offers businesses the ability to reach millions of customers at no cost, and on a global scale. Major social media sites — such as Twitter, Facebook and Instagram — as well as digital marketing can make a tiny business global. This unprecedented digital reach, as well as the cloud revolution and the ability to work remotely, has drastically reduced the amount of startup capital needed to launch a business.
  • Set realistic goals and timelines. Most New Year's resolutions are forgotten by March or sooner. Typically, they were great ideas at conception, so it is critical to regroup quarterly and make sure your business goals are on track. Set goals that are realistic and measureable. This may be the difference between success and failure.
  • Make time to read a little each day. Grab a copy of your favorite newspaper or magazine, or log on to your favorite online publication, and read occasionally throughout the day. Reading helps spark ideas that you can apply to your business, and reminds you of things that caused other businesses to fail.
  • Just jump. The time will never feel quite right. There will always be reasons — real or imagined — to wait. If you have a good idea, believe in yourself and are prepared, take the leap.

Originally published on BusinessNewsDaily.

Chad Brooks

Chad Brooks is a Chicago-based writer who has nearly 15 years' experience in the media business. A graduate of Indiana University, he spent nearly a decade as a staff reporter for the Daily Herald in suburban Chicago, covering a wide array of topics including, local and state government, crime, the legal system and education. Following his years at the newspaper Chad worked in public relations, helping promote small businesses throughout the U.S. Follow him on Twitter.