There is some degree of pride in saying that we are entrepreneurs, and this is because anyone who has tried it before is aware of the challenges and effort that this entails. In fact, the word entrepreneur by definition refers to 1. “Someone who has decisiveness and initiative to purse actions that are challenging or that involve a certain risk”. 2. [person] that establishes and develops a firm or business.”
Having said that, we should firstly be aware that not everybody who is trying to undertake a new business manages to live out of his first start-up. In our experience, however, it is always worth the try as all that is learned along the way is priceless and, once you manage to found a successful business, the satisfaction is huge.
Today, we would like to share with you our most valuable secrets that have allowed us to spend a decade working in something we feel passionate about as founders of Tecnitranslations.
Research and counseling: As soon as you have an idea of the kind of business you want to undertake, it is important to immerse oneself in the topic, create a network of helpful connections, understand the industry and learn all you need to know about this business. For instance, if you are going to sell t-shirts, you will have to get familiar with the process and learn about fabrics, cuts, confection, screen printing or sublimation, etc., just to name a few. Even though it is likely that you end up outsourcing these services, it is very important to learn about their processes to be able to have an informed talk with your vendors about their business and learn if they are charging fair rates, if there is a more efficient way to do things, and if the finished product may be improved.
Having good accountants and lawyers from the very start: Most vendors may be replaced if they do not meet your expectations, but your lawyer and your accountant are key to advise you on how to lay the groundwork of your company. For example, the type of company and regime that are most convenient to use will have a paramount role when it comes to paying taxes, as well as to register your business as a PYME and procuring proactive counseling to leverage on your expenses and deduct them from your taxes, among other things. So it would be best to ask your friends with successful businesses to refer you to their lawyers and accountants, so that you may choose a trusted team, which leads us to our next tip.
A network of helpful connections: It might be a good idea to start attending free workshops, fairs, and seminars in connection with your business. There you will get to meet key people that eventually might help you along the way. This would allow you to know who to turn to about possible solutions to any challenges you may be facing; find new vendors; learn about your competitors, point of sales owners; and a whole range of opportunities will be open when you build a good relationship with people from your industry. Multimillionaire businessman Richard Branson (widely known for his Virgin brand) recommends in his book that a way to obtain valuable counseling without spending much might be inviting key and trusted persons to have lunch and bring a list of questions with you to discuss and get them to help you.
Learning about basic finances: Eventually, you will have your own financial advisor. However, it is essential to understand a few core financial concepts, such as assets vs. liabilities, interest rates, capital gains, etc. This will allow you to make key decisions in the future to make investments, purchase or sell stock, found new companies, etc. Reading the famous book “Rich dad, Poor dad”, which explains all this very well with a basic approach, might be a good way to start.
A well-organized recordkeeping: Being well-organized is very important from the beginning. Keeping all your important documents, for example: tax returns, payroll forms, social security contribution records and procedures from day one. Having cloud storage available for all your documents; keeping records on your income and expenses to be able to eventually produce financial statements. Knowing the exact location of everything will save you some stress and headaches when it comes to carry out any procedures, especially when your company starts to grow.
These are some of our best tips on entrepreneurship we wanted to share with you. We hope you find these helpful throughout your entrepreneurial journey. If you are not sure yet about starting your own business, go for it! But if you already have one, you can always make some adjustments along the way and streamline your processes to achieve the success you are looking for.
5 Entrepreneurship Tips to Start or Grow Your Business
There is some degree of pride in saying that we are entrepreneurs, and this is because anyone who has tried it before is aware of the challenges and effort that this entails. In fact, the word entrepreneur by definition refers to 1. “Someone who has decisiveness and initiative to purse actions that are challenging or that involve a certain risk”. 2. [person] that establishes and develops a firm or business.”
Having said that, we should firstly be aware that not everybody who is trying to undertake a new business manages to live out of his first start-up. In our experience, however, it is always worth the try as all that is learned along the way is priceless and, once you manage to found a successful business, the satisfaction is huge.
Today, we would like to share with you our most valuable secrets that have allowed us to spend a decade working in something we feel passionate about as founders of Tecnitranslations.
These are some of our best tips on entrepreneurship we wanted to share with you. We hope you find these helpful throughout your entrepreneurial journey. If you are not sure yet about starting your own business, go for it! But if you already have one, you can always make some adjustments along the way and streamline your processes to achieve the success you are looking for.
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