You have been with your business for a few years and you have realized that there are things you have learned by trial and error, by getting up and falling and that it would have helped you a lot to know before starting to start. 7 things that you would have liked to know before undertaking
Nowadays, in addition, there is a great confusion with what is meant by entrepreneurship and some people call themselves entrepreneurs when they are not. We are going to talk about 7 things that every entrepreneur should know before embarking on your project because it will save you time and money.
Success does not come from one day to the next
It is common to see that an entrepreneurial project has won several million in a round of financing or that a startup has been sold for a rather high number. The reality is that many entrepreneurs give up their projects within a few years of starting , since success takes time or sometimes just does not come, it is about learning along the way.
Plan the income that you will need
When you start to undertake it is quite common for you to be late in being able to invoice, for that reason it is important that you plan what income you will need, what expenses you will have and with what savings you have.
Prepare for failure and success
There are entrepreneurial projects that die because they fail and others that die of success , although it seems incredible. The lack of preparation for possible success can mean the end of a company , so you have to be prepared for all eventualities.
If you have to fire someone, do it as soon as possible
It is quite usual to create a company with relatives, acquaintances or friends so if a person does not fit in with the company you can feel remorse for dismissing it, but do not forget that it is better to act as soon as possible to avoid damaging your own company and at the same time employee.
Sign a partnership agreement
That your partners in the entrepreneurial project are family and friends is not an obstacle for things to be clear from the beginning and one of the ways to make everything clear is to sign a pact of partners where the responsibilities of each partner are regulated. no competition, regime of sale of shares and participations, remuneration of each partner , etc.
Test your business before launching it
Do not invest too much time in developing your product or your service, create a model that is minimally viable and that can be tested and verified acceptance by your target audience. There are startups that invest years in the development of a product and when it reaches the market it has no acceptance because they have not tried it with their potential clients.
If you are looking for investment, know the business thoroughly
Has it ever happened to you that a person explains to you what your company is doing and you do not understand it? That cannot happen to you if you are an entrepreneur and you are looking for investors for your business. It is essential that you are very clear about your business, the figures of the sector and the future prospects that exist.