11 Success Tips for New Entrepreneurs

Being a successful entrepreneur means learning and observing those who have already achieved their goals. Only a few have a mentor which is a blessing but everyone does not have one.  So do not feel sad if you do not have a guru, do not worry. Here are few success tips that will go a long way to make you a successful one.

Success Tips

  1. Keep on learning something new every day

One should challenge oneself. Life is like a long college or university education where one learns something new every day throughout the life.

  1. Do what you are familiar with

Running a business smoothly takes a lot of time and energy. One can only be satisfied if he/she works in the field of choice one truly believes and has knowledge in.

  1. Give your business a try

We only come to know of our efforts once we actually do it practically. One of the ways to be satisfied is to give it a try. Whatever may be the outcome, even if you fail you will have no regrets at least you have tried it out and if successful nothing like it.

  1. Have an aim and vision

An entrepreneur or the leader is the one whose vision is always in front of him before he sets to achieve it.  He knows what his aim is and a clear vision will help find the path through different obstacles that one may face on the way.

  1. Have a good team of people around you

It matters, who are associates with your company. The best and the fastest way to change yourself is to interrelate, interact and mingle with those like-minded people whom you idolize and want to become one like them.

  1. Overcome your fear

“Easy said than done” overcoming fear is not easy as it has been developing from your childhood, but it has to be done. Fearlessness is like muscle that is more you work on it stronger they become.

  1. Without action things are worthless

You have an idea, a plan, an aim, a vision but it should be implemented through actions.  Because without actions all these things are worthless and are only on paper nothing practical.

  1. The successful journey began with a first step

One who has achieved the pinnacle also was a beginner. No one succeeds immediately. In other words, a strong and solid groundwork has to be prepared which takes quite long time. One has to invest time and energy in the enterprises as it grows.

  1. Build a team brick by brick

Business cannot be driven alone, it is a team work and every member should strive for the best successes. The contribution of each member counts. So build your team carefully with a lot of consideration. Build your own team which reinforces and strengthen your successes.

10 Raising capital

It is one of the most important and difficult components in your successful journey than you might have ever thought of. Hence it should be planned in a proper way. It takes longer time than one expects, hence it should be planned first. And then one should also keep expenses under control, avoiding unnecessary expenditure, especially during the early stages. Money saved is money earned which can help you during bad days.

  1. Gain knowledge from mistakes

Failures are the stepping stones to success so the saying goes learn from your mistakes as it is the best teacher and better if you learn from someone’s mistake and avoid those pitfalls. Analyze, observe, and find a way out.

Common start-up mistakes – You should avoid

Though starting your own business can be interesting but the field in itself is daunting. The journey of beginning business has its share of ups and downs and the whole accountability is yours. Each decision you make and the outcome you get is all yours.

startup mistakes

Many people when they start their own business do a lot of mistakes. One should learn from these mistakes, correct it and move forward. It will be still better if one learns from the mistakes from peers and avoid making the same one.

Toolsvilla is one of the largest portals that deals in machine tools and equipment which covers the big procurement gap. It covers both aspects of trade that is product availability and economical pricing.

There are more than 5000 registered customers within two years of starting the portal. Co-founders shares their experience and offered few suggestions for the upcoming entrepreneurs as described below.

When a company is launched the most important aspect the entrepreneurs should give is the highest priority to customer’s interest. Each and every step that is taken from designing the product to selling it, customers needs and difficulty should be considered. More often it is seen that the entrepreneur stresses more on what he is offering then listening to the customer’s need and problems. The customer should be the focus of attention and everything should revolve around it.

When Toolsvilla started it was just like another e-commerce website. On studying customer’s behavior and pattern through the feedback the co-founders simplified the user interface of the website. The customers were not too tech savvy. This led Toolsvilla to make the buying process more easy and comfortable.

Responding to customer’s demands and needs is indeed crucial and essential which drives the venture towards success. One has to go as per market situation and circumstances, depending upon demand and supply dynamics. If one is unable to keep up he may have to face problems. The strategy to take the company forward should be adjusted according to the need of the hour.

Many young entrepreneurs over indulge initially with the funds and have a tendency to spend recklessly. Maybe presently they may afford it but if possible they should avoid unnecessary expenses in the early stage. Operating on necessarily sufficient funds help companies take quicker decisions in case something is going wrong or in an unplanned manner.

Many new entrepreneurs are unable to ascertain beforehand the number of resources needed to meet their objective. One must set goals along with the time period in which it should be achieved. By doing little maths (calculations) along with accounts (income and expenses), will help them not to compromise on their targets under any situation.

All the co-founders should have a common goal and aim to achieve their targets. In other words, they all should work with same seriousness, commitment, and participation. Sometimes it so happens that one or two co-founding members back out. This will waste a lot of time and energy one has put in the project. Hence co-founder should be chosen with great care.

When starting a new venture most of the entrepreneurs do not pay careful attention to all the legal requirements needed, like PAN, GST, TAN, taxes, duties, PF, ESI registrations etc. Once the enterprise grows government officials from different departments start visiting your premises and point out to the compliance you have not complied with.

It is better to higher services of the legal practitioner at the onset of your venture who will guide you. If caught off-guard you will have to pay the sum plus interest plus penalty plus consultancy fee. All this will be taken into consideration right from the date when the enterprise began functioning. Same applies to the closure of the enterprises.