The life of an entrepreneur is not easy, that’s obvious. To carry out your project, you must respect certain rules and apply certain working principles.
Here are our 10 tips for managing your business.
1) Look at the competition
By definition, the idea of the century appears only once per century. So know that if you had an idea, another person has already had it before you and has already implemented it. So it’s up to you to identify it, see its flaws and what elements can be improved to make your concept a real business. So be sure to properly benchmark your market.
2) Make your network work
We will never stop telling you this, but in the life of an entrepreneur, two things are essential: hard work and networking. It is this famous network that will allow you to have opportunities for collaboration, business or simply exchange that will make the difference. In concrete terms, this means staying in touch with your school class, chatting with your friends – because they can be of good advice, going to fairs, parties or other afterwork with friends in the com! In short, bring your project to life!
3) Be pragmatic
If some people think that the entrepreneurial adventure is a long calm river without a fixed schedule, without a boss and in which you are the only master on board, it is not so in practice… Let it be said
, you will surely not be able to pay yourself the first year and will be in deficit the 2nd. And yes, the reality is this. But don’t panic, as we said, if there is work and sacrifice, you will manage to generate profits that should cover the expenses.
4) Establish a business plan for at least 4 years
Stop the propaganda of ” zero diplomas and zero business skills and yolo I’m launching my box!” “. No, keep your feet on the ground and think about the future. The goal is to grow your project over several years. So to do this, you need a well-developed business plan that makes you stand tall about your needs, your objectives, your financial situation and your value proposition. So, you have to be rigorous.
But note all the same that, in the majority of cases, this business plan only serves as a theoretical roadmap and often becomes useless at the end of the first year because opportunities will have presented themselves and life will have thwarted your plans (in good or bad).
5) Believe in your project
The greatest strength of your business is you! Yes you ! No one else is more qualified to carry out your project, if you are really determined. Certainly, many presentiments or fears can arise at the dawn of the launch of your start-up. But you should in no way be destabilized by it. Be careful, this does not mean turning a blind eye to what is wrong and rushing headlong! No, this is about realizing your potential and preparing to fight to win it.
6) Commit 100%
A project cannot develop if there is hesitation. Many students set up their start-up during their studies, it’s a fact. Good or bad thing, we don’t know. Moreover, the fact that we are certain of is that you have to devote yourself 100% to your project. Time is a luxury that entrepreneurs allow themselves too little. So any time spent doing anything other than growing your business is “wasted” time. You will not be able to move forward if you do not realize this: the first year of the project will be hard and you will have to devote all your time to it. But after that, you can be proud of yourself and all the work done.
7) Accept criticism
It is true that we advise you to be sure of yourself and motivated. But you also need to listen to reason by listening to the remarks of those around you. Even if your mother or your girlfriend may not seem like the best people to advise you on ROI, financial management or UX design, their words are likely to be constructive and beneficial to you. Talking with your friends allows you to get your head above water, take a step back and see if you are on the wrong track. Often, the problem is right there, before our eyes… But it’s impossible to identify it because we are too focused… Well, that’s where your loved ones can play a role. So stay confident but make questioning your credo.
8) Your business model must be clear
Having an idea is good, monetizing it is better. Ask yourself the right questions: What is my promise? Why is my concept likely to attract customers? Is my selling price too high? How do I bring in money? When we carry our project head on, we tend to believe that everyone loves our idea and that anyone is ready to spend their money to pay for our product or our service. However, this is false. Keep in mind that you need to analyze behaviors, consumption habits and target an audience based on these different factors.
9) Reduce your costs as much as possible
The first year will be hard, it’s true. But it will be beautiful, formative and full of adventures! For the beginning of your project you must do everything to reduce your expenses in the sense that you are not able to predict future profits. Eat pasta or sell your car, manage as you want but make sure to spend as little as possible during these first months so decisive.
