When starting your personal business, its never easy as you would be met with certain difficulties and probably setbacks. What advice would you give to young entrepreneurs, an advice you never got when you started yours but you have been able to learn that either though experience or thorough another way. For me it would be for them to be patient.
one advice you never got that you would give to small business owners
- Thread starter eldavis
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Even though I have not yet started a proper kind of business but the advice I can say has been coming to me is to be patient with my investment on the business which I have started in a not so proper full business kind of way.
A very necessary and important advice that each and every business owner who is just starting up to learn is to understand the ins and out of a business before the jump on it.
Well, the only advice I would give to people is that they must never give up and they must work hard. This life is all about working hard and making money at the right time.
I was never told that in business, you should not overstock products you are selling. Take time to study the size of the market and only stock the quantity that is in sync with market realities. That's the advice I would give them.
Nobody told me that as an entrepreneur, I would have to work long hours in order for my business to work. No one told me that you have to take all the initiatives by your self only for your business to work. And no one told me that there is no love lost in the business world.
Yes you are right I agree with you. The process of starting a business is not easy, it often encounters several obstacles, so every young businessman must be patient and not give up easily. I also had ups and downs at the beginning of starting a business, but over time I learned the best key to running a business easily.
Another advice that I was not given is not to keep a product for any customer with a part payment. When people come and price the products even more than the customer agreed, you still can't sell because of the commitment with the customer.
I have worked for two startups. One has been very successful. The other one failed. I noted that one of the main reasons the startup failed was because they overspent. They rent nice office, take customers to 5-star hotel restaurants. After a while, the business has cash flow problem and had to sell the business.
The advice that I'm going to give to anyone who wants to start a new business is not to be greedy when it comes to profit-making because that is going to affect the survival of the business.
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- #19
That's true, a lot of young entrepreneurs today are simply after making profit, hence they want to go into a business they feel it is profitable, even when they do not have any passion for the business.
