How do I start a new business with no experience?

1) Don't take it so serious: Most people keep on overthinking that either things won't work or they won't be able to start the business. And that is the reason why most of the people are not able to start their own business. Believe me it is not that tough. If you have been working for an employer in the past then you can definitely provide service to your customer. The only key to success is to get started. Don't worry about lack of experience or funding.

2) Take the risk:  The risk- reward equation is completely in favour of the entrepreneur. There is no way that you will be economically rewarded less for being an entrepreneur than by taking up the job.


The risk- reward equation is completely in favour of the entrepreneur.



3) Don't chase money: If you start chasing money in the starting phase then you won't be able to sustain for a long time. Your main focus will be money not your service. In order to earn more money you would start compromising with the service which will ultimately bring a down fall in your business. Focus on providing a better service and money will chase you.


If you start chasing money in the starting phase then you won't be able to sustain for a long time.


4) Start small: Launch your service in a small area. Maybe a town or even a small area in your town. Try experimenting with your model at this stage. Ask for reviews from people and upgrade according to it. Only when you are confident about your service then only move to a larger area. Starting small would help you fight the competition in the particular area and it would help you grow without a large capital.

5) Focus on your niche: Always start small and focus on your niche. Try providing a service in which you have expertise. Maybe if you are starting an e-commerce business then focus on your niche. Suppose say your niche can be men cloths. Then focus on it. Once you are able to sustain with it, then focus on scalability. Do not exaggerate in your business plan. Undercommit and overdeliver.

6) Try building a team: Team is the most essential part of business. If you got the correct people then you become unstoppable. If your team has vision as big as yours then you can achieve anything. Even things will be easy at that time. Try building a team where you can bootstrap the skills.

                                 If you got the correct people then you become unstoppable.

7) Forget the world: Do not try to start with some massive business. Find your potential customers. Provide them quality service. Take your learning and upgrade yourself.


Also read: How do i fund my Startup.
How do I start a new business with no experience? How do I start a new business with no experience? Reviewed by Businesspedia on January 28, 2019 Rating: 5

No comments:

Powered by Blogger.