posted Mon, 04/08/2013 - 07:23
762
What's your advice for a newbie in business area ?
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A good friend of mine decidedsome time ago to leave his job and start his own business. So he did so. Now he encountered some problems, I am sure he will solve the issues, but please help me with some good advice to help him keep his motivation at high levels.
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don't spend a dime on yourself for the first 5 years
So is his business a sole proprietorship, a partnership or corporation? I suggest he get a degree in business.
Anonone of the biggest keys is a sound business plan with set goals on a time frame. Without that it's very easy to slip and be less motivated and just sit around.
It also helps to have a mentor or sounding board from a successful business owner to bounce ideas, issues off. That goes a long way to keep you motivated and on the right path.
So what type of business? Retail wholesale,service???? And length of time owned? Lots of employes?No employes need some more info?
I will tell you from years of experience that self motivation is one of the biggest factors in running your own business. Having a vision of what you expect your end result to be and keeping that vision in your head and always moving toward it is key. There has to be constant motion. Far too many people sit and think instead of doing. If your friend is passionate about what he is doing there should be no need for help in the motivation area. If he is not passionate and is just looking for a way to make money I suggest he rethink what he is doing. Just my two cents.
X2! Undertaker just gave you the best advice. You must be driven and then once you have reached all of your goals you must already be working just has hard if not harder to maintain and grow. Many people think having a dream or a passion is and should be enough, well it isn't.
It all depends on the kind of business and type of product/service he is involved in.
In this ecomomy? Good luck.