These 5 Startup tips for starting a business can be used as a guide for new entrepreneurs who are starting a business. Of course, these tips can be used based on the situation and type of business being run. However, in general the principle is the same. In general, running a business is not easy. Reporting from entrepreneur.com, as many as 30% of businesses fail in the first and second years. By the end of the fifth year, about half will have failed.
This failure rate shows that many things influence the success of a business. Of course, one of the most important factors is determination. With strong determination, all the efforts that need to be made to run a business to success can definitely be done. However, it is not just determination that can guarantee that a business can run and develop well, there are many other factors that need to be considered when starting a business.
Therefore, pay attention to the following points.
5 Startup Tips:
1. Proper Business Planning
Before capital is poured in and business operations run, the most important thing is planning. Entrepreneurs must be able to know the goals, vision, mission and how the business works. Goals, Vision and Mission will be useful for entrepreneurs to prepare development plans. There are several terms that need to be understood in order to streamline company operations.
An investor is required to deposit initial funds and is responsible for the need for subsequent loan funds. Investors do not intervene directly in operations and only provide advice. A Director is obliged to carry out operations but does not need to deposit money unless he is also an Investor. A Manager’s role is to manage the running of business operations under the direction of the Director.
Employers must be sure not to mix up the terminology. This mistake often occurs for inexperienced entrepreneurs and ultimately the business collaboration disbands.
2. Neat and Clear Financial Planning
The second thing that needs to be prepared is financial planning. Before starting a business, entrepreneurs need to first calculate the estimated costs that will be needed to start the business. Entrepreneurs also need to have a development plan for the next 5 years. So, the financial and cash position of the business can be anticipated.
It is also important to remember that any loan capital that will be deposited must be returned at a later date. Therefore, it is important for entrepreneurs to choose economical yet suitable options. Things that can be modernized and save money in the future are worth considering.
Also read: MESO Virtual Office Jakarta for Startup
3. Smooth Communication
The next tip is the communication system. Communicating involves direct speaking, writing and body language. When communicating, entrepreneurs must be able to ensure that the information conveyed is short, concise and clear. Make sure that the way you present the information is not long-winded and easy to understand.
Entrepreneurs must also be able to act friendly and professional. This positive attitude will also provide a good image for the business. For example, would you choose Store A with slightly cheaper prices but the employees are rude and impolite? Or Store B with slightly more expensive prices but the employees are friendly and polite? It is important to remember that the level of comfort is one of the determining factors for customers.
4. Honesty and Responsibility
The next thing that is important to emphasize is honesty. Many businesses ultimately fail because of a culture of dishonesty within the company. Honesty in carrying out duties is very important for company morale. If there is no sense of trust between fellow business partners or entrepreneurs and customers, then sooner or later the business will fail.
With a sense of honesty followed by responsibility, every company function can run well. Every member in the business will know what needs to be done so that it will increase the company’s efficiency. This sense of responsibility must also be directed towards customers. Responsible entrepreneurs will not offer products or services that could harm buyers.
5. Read 5 Startup Tips for Starting a Business
Sometimes when a business is running, entrepreneurs can become complacent and forget the basic principles of business. To avoid their business gradually declining, entrepreneurs must not stop continuing to improve and innovate. Like the Kaizen method, entrepreneurs must continue to improve and increase business efficiency. So, the easiest way is to go back to basics to observe potential development.
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