Tips for New Entrepreneurs

Even during this pandemic, starting our own business remains a dream for many of us. Introducing an innovation to the marketplace. Running our own enterprise. Taking control of our work lives. Nice dreams, huh? With this in mind, we look at tips for new entrepreneurs,

For starters, read these two prior posts:

• Lessons from Self-Made Billionaires
• Characteristics of Unicorns

Understanding What It Means to Be an Entrepreneur

Do YOU know what in means to be an Entrepreneur? Consider the insights by two different sources.

According to Shobit Seth, writing for Investopia:

An entrepreneur represents an individual who starts and runs a business with limited resources and planning. And with responsibility for all the risks and rewards. The business idea usually encompasses a new product or service rather than an existing business model. Such ventures target high returns. And have an equally high level of uncertainty. The entrepreneur will risk financial security and career. Spend time, as well as capital, on an uncertain venture. Arrange for the necessary capital, raw materials, manufacturing locations, and skilled employees. Marketing, sales, and distribution include other important tasks.

In addition, the Northeastern University blog identifies these types of entrepreneurs:

Small Business — The overwhelming majority of U.S. entrepreneurial ventures. Could be any company that’s launched by a founder. Without any intention of growing the business into a chain, franchise, or conglomerate. 

Scalable Startup — Less common. Though they tend to attract a lot of media attention. Typically, begin on a very small scale. Often as just the seeds of an idea.

Social Entrepreneurship — Seek innovative solutions to community-based problems. In other words, a new organization that’s fundamentally about enacting positive social change. Not merely generating profits. 

An Infographic with Many Tips for New Entrepreneurs

Suppose you want to embark on a new business venture. As an entrepreneur. Thus, what are some rules of thumb to follow?

The tips in the infographic from Zolo target the real-estate industry. Nonetheless, they apply more broadly. As well as offer lots of food for thought.