Things You Need To Know When Starting A Business

Starting a Business 101: 11 Unspoken Crucial Things You Must Know

Starting a business can be exciting and challenging, and starting a business is not for everyone. Some people are better off working for others. Whether you are a seasoned entrepreneur or venturing into the business world for the first time, there are some crucial things you must know to increase your chances of success.

In this article, we discuss some of the unspoken crucial things that are often overlooked by new entrepreneurs. By gaining a comprehensive understanding of these foundational aspects, you can set yourself up for a strong start and lay the groundwork for long-term growth and prosperity.

Starting a Business 101: Here are 11 Unspoken Crucial Things You Must Know

Below we are going to uncover some untold crucial things you must know when starting a business. Let’s explore.

1) The True Currency of Starting a Business Lies Within you, Not in Monetary Resources 

      Building a successful business doesn’t mean you need to build a global empire. When you decide to start a business, it’s natural to think that you need a significant amount of money to get things going. 

While financial resources are undoubtedly important, they are not the sole determinant of success. In reality, your personal qualities and abilities play a vital role in the journey of entrepreneurship. The internet has made it possible to start online businesses for almost free and depending on where you find yourself in the world there are many small business ideas you can get started with for less than $100. 

   So what are the true currencies you should have in starting a business? We call these true currencies your internal currencies because they are those entrepreneurial qualities in you that money can’t replace. These are your

• Knowledge and Expertise
• Creativity and Innovation
• Passion and Determination
• Passion and Determination
• Networking and collaboration

Of course, money is important for any business, but it’s not the only thing that matters. When you are just starting with most businesses the thought of having lots of capital to build a successful business should not hold you back. Most large businesses you see today started with very little capital, what you are seeing today is the product of years of hard work and resilience.

By leveraging your entrepreneurial currencies you do not need a lot of capital to build a successful business. So your greatest resource when starting out is your time. You can exchange your time for money by adding value to people and businesses. This can give you a little capital to get more resources to start and grow your business. 

2) Stop Talking and start getting things done

         Okay, you’ve got that great idea, right? Well, most people have great ideas too. It’s not enough to think about starting a business. You should know words come easy, speech is inexpensive, and ideas are shit without execution. So what are your plans to take your ideas to the next level? Talk is cheap, if you must start and grow a successful business, it all begins with you taking action.

No one is going to do this for you. When you’re just getting started, you are the business. This means the yam and the knife are in your hands so you have the power to start taking baby steps to lay the foundation for your business. Only then will the world pay attention to what you have to say or offer.

Stop telling people about that great idea you have that is going to make you rich. You should know an idea is worth a thousand dollars, only when it has made a thousand dollars. So stop talking and get to work.

3) The Value of Your Idea Lies in its Results

      If being too protective of your idea is what is holding you back from getting started, then let it go. Truly it may be a great idea but it is not that special yet. Ideas are just thoughts, execution is what matters. It is through execution that ideas can be transformed into something meaningful and impactful. 

Stop being too protective of your idea, ideas are abundant and almost anybody can tell you about an idea or two but the problem now lies in its execution. Also, results validate ideas, the worth of an idea can only be measured when it can solve a problem, meet a need, or generate a positive outcome.

And all this is impossible without effectively executing your idea. So, while ideas may inspire and spark innovation, their true value lies in the execution and realization of their potential through practical implementation and tangible results.

  I’m not saying you should not protect your idea to an extent, this point is focused on the importance of executing your idea. However, we all know there’s always that secret thing behind an idea which lies in its execution and you should know when and when not to let it out.

You may not understand this now but no rightful business mind will share with you their ideas and a complete execution strategy, non. They still need to watch out for competitors as a leakage in your strategic execution strategy will alter the results you could achieve in the marketplace during the execution of your idea.

Aristotle Onassis summarizes this in one sentence “ The secret of business is to know something that nobody else knows.”

 But your idea needs to be out there because you need to test if it can be successful or not before launching officially. We love asking our fellow entrepreneurs if they have a magic wand. Do you have a magic wand? That’s the only part of your execution strategy you should be protective of else you risk losing to your competitors before you even get started. 

4)  Seek capital from investors only when you lack the means to do it yourself

  This has to do with funding your business, you should be strategic when choosing the funding sources for your business. Don’t be desperate for quick cash from external sources, especially when you are just starting your business.

When your business is still in its early days, the price of your shares will be low. Giving up a part of it to investors will only bring in little cash which you will spend in just a few months. 

On the other hand, these investors will benefit from owning a large part of your business. This also means they will go home with a large portion of the profits generated from the business.

Don’t sell your company for cheap, while you may think you are trying to spread risk, you and your partners need to try to raise capital from personal sources to grow your business to a certain point where share prices will be high and you won’t have to give up a large portion of your business to investors for just a little cash.

In the growth cycle of a business, there may come a time when growth is impossible without bringing investors on board. That should be the only time you seek funding from investors to grow your business. 

In the early days of your business, you can raise funds from personal savings, loans from friends and family, crowdfunding, and grants. 

 Many government and private organizations give grants to entrepreneurs to either start or scale their businesses. Grants differ from other sources of finance in that you do not need to pay back, in other words, it is free money given to you to start or grow your business. When starting out, you should tap into as many of these networks as possible, you never know if your business idea is the next on the line to get funded. 

5) You are the driving force behind your business, no one can match your determination

     B.C. Forbes once said, “ If you do not drive your business, you will be driven out of business”.

Your workers may work for 8 hours a day but don’t be surprised you will need to put in beyond the standard 9-to-5 schedule, and also be prepared to make personal sacrifices.

  Starting a business is not a shortcut to riches, but the rewards which only come after you’ve put in the work can allow you to live your dream life. You will need to be prepared to give up some of your free time, social life, and even sleep especially during the early days of your business, to get it off the ground. 

while you may be tired of your existing job, starting a business comes with a more bigger responsibility. You have a crucial role to play in your business’s success and being self-disciplined is a must. You need to be able to a good leader with resilience and the ability to inspire others.

Your unwavering determination will serve as a powerful catalyst for growth and it will set you apart from others as you pursue your entrepreneurial dreams. 

 For those with partners, they should ensure their partners share the same vision as them. Their partners should be ready at any moment to put in their best and make the necessary sacrifices for the growth of their business. Having the wrong partners on board can greatly slow the development of your business.

However, it is important to understand that while hard work and sacrifices are often important, they are not the only factors at play. Effective time management, delegation, and maintaining a healthy work-life balance are equally important to ensure sustainable growth and personal well-being. 

6)  Avoid shortcuts when building your business 

 Want to get rich fast? Don’t gamble with your business, the process may take time but it is worth it. Building a successful business requires a strong foundation and sustainable growth strategies.

Taking shortcuts, such as engaging in unethical practices or pursuing quick but unsustainable gains, can often lead to long-term consequences and damage your business’s reputation. Here are a few ways to avoid shortcuts when starting out, and capitalizing on long-term success.

Ways to avoid shortcuts when starting a business

• Do not prioritize speed or quantity over quality. Incorporating quality into your products and services may take time but it is vital in building customer loyalty and this will pay off in the long run.
• Avoid unethical practices as they can harm your business’s reputation and relationship with customers, employees, and other stakeholders. Upholding ethical standards is crucial for long-term success and sustainable business growth.
• Avoid unnecessary risk without thoroughly evaluating the potential consequences. You need to take a calculated risk to ensure your long-term survival.
• Continuously seek ways to improve your business. Jeff Bezos has a business tenet on this. He said, “ In business, what’s dangerous is not to evolve”. If you start feeling like you’ve done enough and don’t need to do anything more, then your business won’t survive in the long term.
• Prioritize building trust and credibility with your customers, investors and other stakeholders as it is a great way to foster long-term relationships and build a positive brand image.

7) Invest in Marketing & Advertisement: A beautiful product without sales is worth nothing

      Henry Ford once said, “ The man who stops advertising to save money is like the man who stops the clock to save time.” When it comes to the sustainability of any business, sales play a crucial part. Sales are essential for the long-term sustainability of a business.

Without generating revenue, it becomes difficult to invest in future development, innovation, marketing, or other activities that drive growth and maintain competitiveness. Sales solve many problems in business, whatever thing you need to acquire in your business, trying to rush to investors to get quick cash should be the last thing on your mind, just try to make more sales.

8) Mentors make your journey easier

 Another crucial aspect to consider when starting a business is finding the right mentor. First, you should know mentors love to work with serious people, they love to know they are empowering the right person with their wealth of knowledge and experience so you need to have something tangible about your business before approaching them. One mentor can save you from years of trial and error.

They help you avoid mistakes as they have likely experienced challenges and made mistakes throughout their journey. Mentors can share their wisdom, network and guidance with you to help you navigate potential pitfalls, and save time, effort, and other resources.

9) Rejection is part of the process  

Whether you are starting a business or you are already in business, you need to adopt a positive and growth-oriented mindset when dealing with rejection. Not everyone is going to like your idea, it’s okay don’t stress over it.

Your typical business journey will involve various interactions, such as sales, networking, pitches, partnerships, funding requests, and marketing campaigns. In these endeavours, it is common to encounter rejection, as not every opportunity or proposal will be met with acceptance. 

Failure and rejection go hand in hand. Along your entrepreneurial journey, you should view rejection as a stepping stone toward success. Analyzing rejections can provide insights that contribute to future success. The ability to persevere despite rejection is what distinguishes between those who succeed and those who give up.

10) Try out your business idea first before going formal

  You need to test and validate your business concept before fully committing to launching a formal business venture. This process will help to ensure your idea is viable and has the potential to succeed in the marketplace. You don’t need to register your business when you are still testing your idea.

This approach helps you minimize risk and make informed decisions before investing significant time, effort, and resources into your business. It allows you to refine your offering, understand your target market better, and build a stronger foundation for your future business venture. 

 11) Incorporate flexibility into your business from day one

 The business world is constantly evolving, so if you are just getting started with a new business, then you have the advantage of incorporating flexibility into your business from day one. Every part of your business should be easy to replace.

It is all about building adaptability and agility into the foundation of a business right from its inception. Incorporating flexibility into your business model helps in creating an environment that is responsive to changes in the market.

This makes it possible to be able to adapt to new trends, customer demands, and emerging opportunities. This way, you can easily refine your strategies to stay ahead of the competition and make timely adjustments to your strategies and operations. 

12) Fail fast and adapt quickly

This is also closely linked to incorporating flexibility into your business. Failing fast helps to save valuable time and resources. Businesses should be able to identify and acknowledge failure early on. This way, they can avoid investing further in ideas that are unlikely to succeed and redirect their resources to other areas.

Failing fast is nowhere related to intentionally seeking failure or being reckless in decision-making. It is about embracing failure as an opportunity for growth, learning, and course correction.

Final Thoughts

   Starting a business requires careful consideration of various factors. While there are numerous aspects to focus on, it is equally crucial to be aware of the unspoken, yet crucial things that can greatly impact your entrepreneurial success. Understanding these underlying principles can help you navigate the entrepreneurial landscape with confidence and make informed decisions.