4 Steps

Four Things You Should Know When Starting Your Own Business

 

Considering starting your own business?  Well here are four things that you should consider prior to getting started.

  1. Some entrepreneurs are born, others are made: It is true that some of us have a natural inclination towards entrepreneurship. A lemonade stand at ten years old, a babysitting club at fifteen, a cosmetics business to carry you through college…. Sound like you? It may, which means that you’re naturally a risk-taker and a maker of your own financial destiny. Or you may not be. Regardless of which category you fall in, do something right now: let go of all preconceived ideas about the typical traits of a successful entrepreneur. No theory can tell you that you don’t have what it takes to build a successful business. If you want to, you can.
  2. Start With What You Love: Remember that we are usually good at things that we enjoy the most. Building a business around what you are passionate about ensures that when the going gets tough, when the administrative side of business management gets boring, and when your own fears, limitations, and cynicism try to get the best of your enthusiasm, your passion carries you through. At the very least, that means that every day, you will wake up going to a job you like. A successful business is often a hobby with a sound business model. So if you are starting a business, make sure it’s something you enjoy, something that you love: something you’re passionate about.
  3. Know what you’re good at: A common pitfall for entrepreneurs is thinking they have to be good at everything. It is true that when you choose to be a one-person operation, you often find yourself having to do everyone’s job. That doesn’t mean you have to know everything. If you think that, you may spread yourself too thin trying to be the proverbial jack-of-all-trades. It is very important to know what you’re good at and focus on it: make it your core business. Then seek out the expertise you don’t have: mentors, advisors, online publications, training courses… etc. Knowledgeable help is out there: use it.
  4. Surround yourself with positive people: Building a business is a lot of work. You will have questions and encounter obstacles. It is never too early to find trustworthy and knowledgeable advisors and mentors who will nurture your efforts to bring your business idea to fruition. Make sure they have your best interest at heart. Successful in their own right, they will guide you, encourage you, give you advice, and provide you with a sounding board. Make sure they have a positive outlook on life: that will ensure that not only you will benefit from their know-how: they will also keep your inspiration and enthusiasm going when challenges arise.

If you have questions about starting a business in Bermuda, just ask BSBDC: Email us at info@bsbdc.bm or call 292-5570.

 

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