7 things that all startup entrepreneurs must know when they want to open a business

Success stories of famous entrepreneurs inspire. Their success is the result of numerous mistakes and right conclusions. Of course, it’s impossible to avoid all the mistakes related to business, but you can always be prepared for the most of them. There are things that are learned through experience, and these are exactly the things all successful startup entrepreneurs would like to know beforehand.

First of all, we are talking about accounting, taxation and laws relating to the scope of activity of the enterprise. Knowledge of marketing and management are also required for the entrepreneur. This does not mean that it is necessary to do everything yourself. However, it is important to understand company’s situation in all these areas. Only then you can make correct and timely decisions.

In the beginning of their business career, entrepreneurs are prone to risky decisions in matters of recruitment. It often seems that it’s easy enough to retrain or "grow" the employee for the position. That’s fair enough when we are talking about the established business. But the specifics of a startup are that during the early stages all the attention is absorbed by the company's development and the search for clients. You simply will not have time to be engaged in employees’ training. Therefore, the basis of your team should be made of professionals, who are interested in the ultimate success just like you.

While choosing a life partner, we are looking for someone with similar life goals and principles. We are trying to find a person who will never betray and who is always ready to defend the interests of the family in any situation. It would be great if the decision about the business partner is made based on the same criteria. In business, just as in a family, quarrels and disagreements occur. But you must be sure that the common interests are more important for your companion than his personal ones.

This is extremely hard for the head of a startup. The first six months he is involved in all the processes: tax payments, licenses, permits, advertising, recruitment, and so on and so forth. When the algorithm of the work is defined, the entrepreneur must delegate most of his routine daily work to his subordinates. He needs to spare the time to deal with the company's development and growth.

Ambitions are great. But when they do not meet the real possibilities, you risk to get a bad reputation. It affects many aspiring entrepreneurs. All are chasing customers, trying to take as many orders as possible, and as a result they do not meet the deadlines. At first, do less but qualitatively. This way you get loyal customers, and they, in turn, will get you good publicity. 

Successful businessmen are always good marketing specialists. You can gather a great team, produce unique and useful product, but will never achieve the result unless people buy your product. Therefore, you should find your customers before you run a business.

When an entrepreneur is motivated only by a desire to earn money, he is looking for the most profitable activity. But when the goal is to create a lasting business that later will be given to the children, you need to find something that will inspire you during the entire life. Only a genuine interest in the work gives strength and energy to develop the company and to seek right solutions.  It’s impossible to guarantee in advance that you will not make mistakes and that your startup will be a profitable venture. However, if you show persistence, analyze your mistakes and after each failure move on, then you will surely achieve success you dreamt about.