4 Rules for New Entrepreneurs – Practice tips for starting right

What Is an Entrepreneur?

An entrepreneur is an individual who creates a new business, bears most of the risks and enjoys most of the rewards. The entrepreneur is widely viewed as an innovator, a source of new ideas, goods, services and business/procedures.

Entrepreneurs play a key role in any economy, using the skills and initiative needed to anticipate needs and bring new ideas to the market. Entrepreneurs who prove to be successful in taking risks from start-ups are rewarded with profits, fame and continued growth opportunities. Those who fail, suffer losses and become less prevalent on the markets.

But being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end.

4 Rules for New Entrepreneurs – Practice tips for starting right

1)Dont Quit Your Day Job.

Consider starting your business part-time, especially if it's online, while you work and have a steady income. It usually takes six months to a year to get a business going, and you want your ability to make your home payment to depend on your company being a success overnight. Start with what you can manage, both financially and time-wise, and scale up as your business grows.

2)Find the niche.

The days of general shops are over. Consumers are looking for specialty stores, especially online. You've got to find something a specific group of people want, but they can't get in the big chain stores and fill it. 

3) Have an online presence here.

Even if you don't plan to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates physical location limitations and increases your customer base by literally millions. It's also a great tool to promote yourself and let people, even in your own area, know that you're there, and what you're doing.

4)Refuse to quit.

Successful entrepreneurship requires creativity, energy, and a drive to keep you going when you fail. Few people realize that before Bill Gates created the highly successful Microsoft 3.0, he created Microsoft 1.0 and 2.0, both of which flopped, but kept up with it. And that determination and refusal to give up is what separates successful entrepreneurs from unsuccessful ones.   There's nothing wrong with failure just repeating the same mistake!