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  1. 10. Just do it (even if it isn’t perfect) The last business tip for new entrepreneurs comes from Nike, just do it. And I don’t just mean starting it. I mean get out of your head, stop overthinking, stop questioning whether you’re making the right call, and just do it. New entrepreneurs can sometimes be well on their way with their business only to have their thoughts cloud their mind. But that only delays your success. Will you make mistakes? You bet. Will there be challenges? Yup, and you’ll need to jump high to get over them. But isn’t this what you signed up for? Entrepreneurship is abo
  2. 9. Always be aware of your competitors’ moves Business can be cut-throat. Your competitors will always try to knock you down so that they can remain at the top. While you don’t want to obsess over your competitors you do always want to be aware of what they’re doing so you can stay ahead of the game. Which products and services do they offer? How do they market their brand? How do they price their products and services? How do they treat their customers? You need to find out every little detail in the early stages so that you know how to compete. If you find they offer a great product but
  3. 8. Start a business that matches your personality According to serial entrepreneur Naval Ravikant, he believes that product/market fit should actually be founder/product/market fit. Essentially, what that means is no one else could run that business better than you. Ideally, you should start a business that matches your exact skills, experiences, and personality. This goes beyond doing your passion and actually doing what you’re destined to do. How can you contribute meaningfully to the world through your business? By doing something that only you can do, you can create a legacy that lasts
  4. 7. Focus on employee morale The best boss I’ve ever had once told me that her secret to building a productive team centered around making her employees happy. And it was true. We celebrated something all the time. On my last day, I literally cried because I didn’t want to leave. I only left because I knew I had to step out of my part-time university job and gain more impactful marketing experience. I worked in that role eight years ago and still stay in touch with all my coworkers to this day. That’s how long-lasting the impact of employee morale is. Unfortunately, it’s often the one thing
  5. 6. Start with a narrow focus first and expand Amazon didn’t start as the everything store. It started as a simple bookstore. And they slowly expanded into toys and other products as time went on to expand their business. That’s how you build a general business. One of the most important business tips is to always start with a narrow focus and expand into relevant verticals as you scale. By having a narrow focus, you can build a loyal audience who knows what to expect from you. It also gives you a well-defined audience to make your marketing easier. For example, you can start a women’s fash
  6. 5. Focus on profit instead of revenue Most entrepreneurs are obsessed with revenue. “I made $900,000 in eight months,” they claim. And you can’t help but ask, “Did you really though?” Because digging deeper, you’ll often find that profit is much more important than revenue. Sure you made $900,000 in revenue but if your profit after eight months is only $10,000 was it really worth the work? And is that even sustainable? Probably not. Make the switch to transition from thinking about revenue to thinking about profit. The more profit you have, the more money you have to reinvest in your busin
  7. 4.Obsess over customer needs One of the biggest sources of conflict in business comes from unmet needs. If a customer doesn’t get the service or product they were expecting, their needs won’t be met, and they’ll feel frustrated. The most important business tip when it comes to managing customer relations is to always empathize with the customer. When you recognize their frustration as pain from not having their needs met, it’s easier not to take the insults they hurl at you, personally. Instead, you can focus on trying to listen to what they say by mirroring the intent behind their words.
  8. 3. Solve a burning problem An important business tip for new entrepreneurs is to create a business that solves a problem. If you asked most failed business owners what problem they solved, they either can’t answer or the problem they solved wasn’t urgent enough. The problem you solve doesn’t need to be complicated like curing a disease. It can be simple, such as we help people overcome boredom by providing an entertaining experience. But ultimately, you need to know what you’re trying to accomplish with your business. By knowing what burning problem you’re solving, you can use that in you
  9. 2. Choose the right niche The selection of the niche is where people often realize they’ve made a mistake. If you go too broad with a general business, you might struggle to know who your audience is. If you’re too specific with a barre class socks store, you might find your niche is too narrow. Not only that but there’s also a seasonality aspect. For example, if you’re obsessed with Christmas, you could build a Christmas business but you might struggle to find customers for your products in February. Another business tip to consider is whether you’ll be able to remarket to customers for y
  10. 1. Build like the Romans The Colosseum is 1949 years old. And for the most part it’s still fairly intact. The material it was built with was stronger than any concrete we use today. It’s beauty is so captivating that millions have flocked to Italy just to look at it in all its glory. The Romans used the best materials, purchased rare marble from other countries, and designed things that were built to last. But when it comes to building a business, there are many entrepreneurs who build for the short-term. They look at a business as a way to make an extra couple thousand bucks. Instead, th
  11. 23. Diversify Investments by Location Sanchez Wealth Management recommends diversifying your investments by geographical region. Investing most of your assets in local businesses can increase your risk because if the market were to shift out of favor with your particular location, it could be a disaster to your portfolio. By investing in securities outside of your region or country, you avoid letting the economic troubles of one location ruin your entire investment portfolio. 24. Educate Yourself About the Financial Markets To be successful in your stock investments, it’s
  12. 20. Invest in a SEP-IRA Jeff Neal, Operations Manager, The Critter Depot Invest in a self-employed pension (SEP) IRA. SEP IRA allows you to take company earnings and deposit up to $55,000 into this IRA. From there, you can invest it into mutual funds or ETFs. Using a SEP-IRA is proven to be a very effective, tax-free way to control a company’s earnings without getting hit with taxes. 21. Hire an Accountant Amy Corbett, Wealth Management Advisor, Northwestern Mutual Don’t do your own accounting. As your business grows, finances become increasingly more complex, which increa
  13. 17. Invest in Online Marketing Kosei Okubo, CEO, Founder’s Guide Online marketing is growing by leaps as the number of people using the internet has grown substantially. More than 90 percent of the United States population uses the internet, and it’s believed these users have made a purchase online at least once. To help your business grow, it’s important to set aside a portion of your capital for online marketing. This investment will go a long way as it allows you a wider reach and most of your target audience is on the internet. 18. Invest in a Certificate of Deposit for Lower
  14. 14. Invest in Your Own Business Colin B. Exelby, President, Celestial Wealth Management One of the most important investments for a small business owner is to invest your time, effort, and money into your own business. If run profitably, rarely are investments available that can compete with the IRR [internal rate of return] of investing in yourself and your company. The problem becomes an overwhelming reliance on the health of the business for future prosperity. 15. Consider Investing in Cryptocurrencies Anant Handa, Co-founder & CSO, Mandala Although still not fully
  15. 11. Invest in Your People John Evarts, CFO & COO, Mediafly As a small business owner, each hiring decision is a step change in the trajectory of your business, for better or worse. The best investments we can make are those that ensure we are able to both attract and retain the best person for every position. Whether that means investing precious time to interview enough people to hire the best-fit candidate, investing your energy to provide guidance and support or investing limited financial resources to craft the perfect compensation and benefits package or optimal workspac
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