Category: Entrepreneurship

Article Contributed by Daniel S. Williams and Evan Ehrenberg

The following lessons are co-authored by Daniel Williams and Evan Ehrenberg as part of a series of publications. Lessons 1-3 are contained in the article “Debunking the Myths, Seeking the Unknown in Entrepreneurship” by Daniel.

Lesson IV: Carpe Diem.

I concede this may sound a tad dramatic at first glance. But I assure you, there is immense value derived from these two words. I am not advocating launching an all-out affront of heroic proportions. That can be left to the imagination. Rather, I suggest that the “seize the day” principle has its roots linkable to a much less grandiose theme: Deliver tangible progress for your pursuit every day. This means taking actions to actualize your company.

It is all-too-easy (especially in today’s tech savvy world) to spend a great deal of time in the formulation phase—the thinking of ideas and process of assessing their validity. To be fair, entrepreneurial endeavors often come about when least expected, or through the contemplative iterations of taking “broken concepts” in society and making them better. However, idea formulation does not make companies, it merely makes ideas for companies. Where the true “value” enters is from the concrete materialization of the ideas into actions that build your company and provide tangible results. Do this every single day — don’t let a day go by where you didn’t make a result happen.

By results, I do not mean to say that you must produce earth-changing monumental steps every day. Results can be as simple as having sent an e-mail to a contact, worked on drafts of documents, or picked up the phone to assess interest by cold-calling potential customers. The value is derived from being able to say “I accomplished something” today, that (while no extreme benefit may have been brought about) is contributing to the progression of your idea into a finalized venture.

It is easy to get caught up in the myriad life often throws our way. The best route to grow your idea is to not allow a day to pass by where some level of progress has not been made. Not necessarily milestones daily, but just something “tangible”, and part of the path to move forward. You’ll find that you won’t stop with the little things and your momentum will simply continue to build, and as long as you get something, even something small, done every single day, that momentum will never stop. Go ahead, carpe diem.

Lesson V: It’s not a titular thing.

In a society ravaged by what we shall call the epidemic of titles, we often rely much too heavily on the verbiage placed before our names–the demarcations commonly associated with ranking of employees under an imposed structure. This neglects the need to look beyond the “paper roles” one assumes; instead, one’s idea can only grow if those working to make it a reality are able to adapt and assume the “hats” of different functions needing to be performed. While some sort of title may be assigned for general assignment, the role (especially in early-stage startups) of individuals is simply much broader. Indeed, when we narrow our scope into an individual role, employees may find themselves trying too hard to improve the work falling under their title, and miss the forest for the trees by not focusing on improving the company as a whole.

Do what needs to be done. Cross-functional teams are productive–venturing beyond narrowly-attributed roles to make progress. The concept of a jack-of-all-trades role is not too far off. If rigid assignment of tasks is upheld, this stifles interest among those you are working closely with to transform your idea into the big-picture reality envisioned. At early points in the growth of your idea, the need for rigidity is low. Be open to assuming another “hat” from time-to-time; titles don’t mean everything, and in startups they may mean little more than nothing.

Lesson VI: Failure is step #2. Check.

Setting out to develop an idea into a pivotal product is not a path free of detours. Along the way are countless moments of self-questioning, fear of failing, and second-guessing your initiatives. This will happen quite often during the course of cultivating your idea, and is to be expected. What commonly may be viewed as a hindrance to progress is actually a quintessential step in the process. As the second step, failure is bound to happen more often than not. It may be a disastrous product launch, or something more trivial like a design not living up to your expectations after repeated modifications are made. In either case the expectation of perfection is inherently flawed. The goal is not to exude perfection at the first go. Modifications may need to be made, tweaks here and there; the lessons learned in these “failures” go a long way in building a mentality no longer averse to failure, but open to it in the sense of being able to make your idea better than it was before. One can occupy his or her time with the fear of failing. Or one can opt to embrace instances of having made a mistake, and work to fail rapidly, so that they can improve rapidly.

The mistakes made, or tasks done less ideally than desired are part of the entrepreneurial process. Trying to entirely avoid making them is nice in theory–not feasible in practice. Sure, failing is an aversion many of us have; one usually does not like to experience the feeling of dread or disappointment usually accompanying it. Viewed that way, failure can compound quite easily, and can even slow or stop the momentum you built in lesson IV. The better way to approach it, though, is with open arms. Failure can be your friend, not always your foe. Take that first step today, because step #2 is going to happen whether you like it or not, and the sooner you embrace that, the sooner you can get to step #3.

Knowing everything is not possible. Making every day a part of your learning is.

About the Authors:

Daniel S. Williams is a graduating Advanced-Standing Senior at Boston College in the Carroll School of Management majoring in Management, with a concentration in Finance. Daniel has previously worked at several firms and startups fostering client-interactions, handling taxes, banking and filing systems, as well as marketing initiatives. He has been a part of Xperii Corp. since inception and has served advisory roles with other ventures.

Evan C. Ehrenberg is a prodigy and MIT’s youngest ever Ph.D. candidate in the brain and cognitive sciences department, he began the Ph.D. program at the age of 16 and is now defending his thesis at the age of 22. Evan is an expert in the domain of cognitive and computational neuroscience, and is an avid entrepreneur, previously working at Palantir Technologies and launching several startups.

Visit Xperii’s website: www.xperii.com

Article contributed by Daniel S. Williams

Lesson One: It’s not about you—go ‘big’ for everyone.

When one contemplates entrepreneurship, it is usually a vision of Mark Zuckerberg in a college dormitory, Dell computers being crafted in a residential garage, or another myriad of grandiose creations—made possible by the innovative genius of some of the brightest individuals of our times.

While most start-up ideas are just that—“ideas”—that never rise to quite the same caliber as the most renowned inventions of the time like Facebook, or a Microsoft Windows, there is one overarching theme: A bigger picture. My point here is not simply that one must be cognizant and acknowledge others’ efforts, but rather that there is a much larger purpose, a vision, existing behind these “ideas” turned marvels. It is one thing to note the actual creation of the concept and another thing entirely to note the end result in mind. One could view a Dell computer as having been a product with little significance beyond the construct of a physical item made of components. But, the entrepreneurial view moves beyond glaringly obvious; through this, the vision is such of what the creation, product or service represents. In Dell’s case, this was the vision of revolutionizing the personal computing standard, setting a global benchmark unparalleled at inception.

As a whole, the lesson is simple. One is only but a part of the grander vision. If one succumbs to the force of missing out on the “bigger” picture, the end result is stunted, narrowed to a scope with far less potential to make the most of an impact. As an individual it is paramount to see your place in this ultimate mission—realizing that social impacts have an audience much broader, the world-over.

It is not that you are making a cool product. You are making the product that will change the world. That is what “going big” is about.

Lesson Two: For the right reasons.

This concept is not simply a listing of why one wishes to develop an idea into a far-reaching product or service on a sheet of paper (though, that is not necessarily a bad thing to do). Rather, it is a point that one must wish to be an entrepreneur for a reason greater than personal gain.

In essence, this boils down to believing in the cause. Anyone may opt to venture down the entrepreneurial path; those who truly understand the significance of what they are proposing for society are better able to remain dedicated. It becomes more than running through the motions—it is living by and for them. Without passion, there can be little devotion to following through.

Though society often equates entrepreneurial gurus like Mark Zuckerberg and Bill Gates, albeit Steve Jobs, with remarkable wealth, this is not the primary reason one should engage in cultivating an idea. The “get rich quick” mentality is prevalent in our society today; wealth may often be enabled through successful entrepreneurship, but ultimately that is a by-product of having believed in, and devoted endless effort towards making the “dream” a bona fide reality.

It boils down simply: You never want to stop working. Money is enticing; it often pales in comparison to the motivation gained from thinking about the massive improvement inevitable. Humanity is waiting for you. Do not delay—doing so delays a great gift to humanity (your company).

Lesson Three: Doubters will doubt.

And of course—the doubters. I am not suggesting an all-out affront against entrepreneurs. What I am suggesting is simply that (although maybe somewhat obvious) not everyone will be on board. Some will simply not “get” it. Some will question the validity of the idea along the way, and some will only desire to point out and enumerate flaws.

Despite the influx of “doubt” that can be cast upon your vision, the main theme is to not let it overshadow your commitment to being an entrepreneur. Sure, not every idea or invention will pan out and be the next “big” thing. But, the commonality faced by all inventions today is that at some point they were ideas—potentially doubted by some along the journey, but benefited from the continued devotion and passion by the entrepreneurs who refused to let the opinions of some quell the desire to do something meaningful and impactful.

Doubt will persist—but so can the vision, the belief in why one wishes to be an entrepreneur. If you are fortunate enough to surround yourself with a team of those who support you and are willing to work endlessly together to make a vision into reality, that goes a long way, too. Go ahead, follow your vision. Trek the path not yet known; the journey often reveals as much as the final result.

Be on the look-out for doubters. Seek them. They are the best people to glean ideas from, finding the holes in your ideas. It is the process of charging forward with a fuller gait, a quicker stride, that doubters allow. Having your roadmap that takes you to something vast and far-reaching is a part of this process. Always be on the look-out for how to improve.

About the Author:

Daniel S. Williams is currently an Advanced-Standing senior at Boston College, majoring in Management with a concentration in Finance in the Carroll School of Management. He also is actively involved in serial entrepreneurial pursuits, including Sandbox SEF and Xperii.

Article Contributed by Jonathan Ensey

Believe it or not, a small business owner’s worst enemy can be them. Even if they’re totally motivated, driven and have a clear-cut vision, entrepreneurs often get it all wrong.

Below you’ll find 12 things entrepreneurs almost always get wrong and how to avoid them. We’ll uncover mindsets, facts and tactics that will help to ensure that your business is successful:

1. No Foundation

Many entrepreneurs don’t put the time in for much-needed foundational work. Spending thousands on a website that isn’t optimized or user-friendly is where many start-ups get it wrong. Why does it happen? No foundation. The website can be eye-catching, but if your users can’t navigate through it, you’ll need to take quick action.

2. Never Rolling-up Their Sleeves

Many start-ups think they can have the idea, build a site, and wait on the big bucks to start rolling in. Unfortunately, this isn’t how it works. Entrepreneurs have to roll-up their sleeves and get dirty. Get to work, and don’t stop working, because there is no quick fix for success.

3. They Put Long-term Goals on the Back Burner

Entrepreneurs have to keep a close eye on the long-term goals in order to ensure they’re heading in the planned direction. It’s important to stay on course and don’t allow yourself to become distracted on the sidelines. If you’re doing something for your business that doesn’t apply to your long-term objective, you’ve made a wrong turn.

4. No Mobile Website

Recent studies show that more people are using their mobile devices over desktop computers to browse the Internet. Whether they’re shopping, reading, researching or chatting with friends, your customers are on coming to your site while they’re on the go, from different locations throughout day. They want to find what they’re looking for quickly and easily, and if your website is not mobile-friendly and responsive, you’re not only facing a potential penalty from Google, but you’re also missing out on a lot of traffic and converting customers.

5. No Idea Who Audience Is

When an entrepreneur starts up a business, they have a plan. However, many never take the time to target their audience. Who is your product for? Is your services gender-specific? Are your products intended for millennials or seniors? It’s important that you know exactly who your audience is in order to provide them with relevant content that they can relate with.

6. No Support System

Whether you’re support system be a mentor or a spouse, it’s important that you have someone to bounce off ideas and to seek advice. Even if you have a well-laid plan, you’ll need someone to vent to, someone who understands your business and can offer some direction from time to time.

7. No Traffic-Driving Plan

Many think that once they build their website, the traffic will start pouring in. Not true. You’ll need to ensure that your content is targeted, that you have keywords in place for search engines, and that you have an advertising plan set up. Without the proper optimization and marketing, you’ll be lucky to get 10 views a month.

8. Wasting Time on Wrong Tools

Whether it’s Facebook fans or Twitter followers you’re after, when you focus on these social media tools too much, you’re wasting precious time. Although it is important for your business to have a strong social media presence, don’t spend your entire day focusing primarily on growing your Facebook fan-base or getting more followers on Twitter, when you really should be focusing on growing your company. There should be a specific amount of time set aside each day for your social networking efforts.

9. Unresponsiveness to Criticism

No person wants to hear about what they are doing wrong, but when it comes to starting a business; you need to be open to receiving expert advice. Constructive criticism can help you improve the way you run your business, and ultimately become more successful. Don’t let yourself wallow in self-pity, roll up your sleeves and apply the wisdom offered to you by knowledgeable and experience professionals to help you find solutions to problems.

10. Expecting Too Much

Let’s face it, when you have an idea, you expect everyone around you to be as exciting and interested. Sadly, this is not always the case. You’ll have to not only be patient, but you also want to sell yourself. Sell your service, your product, or whatever it may be. Make sure that you create fresh, descriptive content that readers will find enticing and engaging.

11. Customer Service

Surprisingly, the number one thing that many entrepreneurs are missing is customer service. Good customer relations will make your successful. Bad customer service will kill your business, whether it’s slow response times, strict appointment schedule, etc.

12 Under-investing

You get what you pay for, and many times that’s just not enough. When you pay $5.00 for an ad space, you can expect about the same amount back in return. No, you don’t have to invest thousands of dollars for advertising, but you’ll want to consider set up a competitive campaign and prepare to invest a decent amount of time and money.

About the Author

Jonathan Ensey is the Managing Director of ARedStore.com, a website dedicated to providing real estate marketing collateral and services to Keller Williams real estate agents a Senior Partner at GoThink!, a retail marketing and business consulting company. I’ve been fortunate to work in several industries, diverse in their environments, which have given me a specific skill set. The culmination of these experiences has equipped me to manage and operate every aspect of a small business, with specialties in business development and sales, team management, product and service deployment, and marketing campaigns. My goal is simply to provide value to everyone I meet.

Image courtesy: https://stocksnap.io/photo/1ZSNQTSXVM

Article Contributed by Rose Martin

You stand out. You are fearless. You dream big. You know the power of your mind and words. You are hailed as the next big thing. You are told you are finished. You create, you destroy, you climb, you fall. But you are never afraid to try. If that’s just you I have described, you are an entrepreneur. We have seen an avalanche of entrepreneurs in the last five years. Zuckerberg has stunned us, Hoffman of Linkedin has us all employed, (all pun intended) and, Evan Spiegel of Snapchat emerged as the world’s youngest billionaire at 25.

With stats like that, who wouldn’t want to ride the entrepreneurship tide? Yet, few ace the game, while others are left bleeding money and resources and, with a perennial struggle. After intensive studying of  business leaders, books, young entrepreneurs, and almost- successes, I have realized that, this one thing can make or break an entrepreneur. This is indeed the most important ingredient in the recipe of entrepreneurial success- leadership or a strong ability to lead.

Leadership as we Understood v/s Leadership Today 

A leader is someone at the top, he controls and takes decisions, he is a symbol of authority and his word is our action. This authority figure also motivates his subordinates and they execute satisfactorily what is asked of them.

Right?

Wrong! Leadership has moved beyond the tenets of ‘yes sir’ and silent compliance. Today’s leaders have broken the rules and concentrate on 360 degree functioning of the company. It’s such leaders who come up with ground -breaking insights and become successful entrepreneurs and businessmen.

To be an entrepreneur, you will have to be a leader, and a good one. Some of us believe that we just don’t have the ability to lead. Wrong again! Each one of us has the ability to be a fantastic leader.  Read on and you will believe this.You absolutely have it in you to be a good leader, you just need to master a few things and tap the tsunami of potential you possess. Find out how the changing landscape of leadership and entrepreneurship are directly proportional to one another.

Master the Art of Storytelling 

To be a successful entrepreneur, you need to know the pulse of your target audience and your employees. As the bestselling author, Dave Weber would tell you, leadership has been redefined. Leaders who eventually become the most successful entrepreneurs stand out, from the beginning.

They are unassuming, they can make their clients and employees laugh, and they are great storytellers.

The best sellers are the greatest storytellers. That’s what these leaders do, they weave a story around each of their business, a story that is so compelling, that people want to be a part of that story, that story strikes up board-room and dinner-table conversations, a story that potential clients simply cannot ignore.

They take the lead in thinking, dreaming and creating a story, a brand. That’s the first step of being an entrepreneur. The journey only begins from here.

Learn to be Seen

One of the key points of entrepreneurial success is visibility. Being present at the right place at the right time, can give huge impetus to your start-up. But that presence, that visibility is not just a ploy of luck or chance.

It involves study and detailed understanding of social and economic dynamics. A successful entrepreneur is observant, he reads a situation before reacting. He then takes the lead in communicating his message. No one is a born leader or born communicator.

In fact, all of us become introverts suddenly, when we have to speak to a room full of stalwarts.

• ‘How should I talk about myself?’

• ‘Am I selling too hard?’

• ‘Is it the right time or occasion to discuss such things?’

These questions will always plague you, but taking that call to action is what leadership is all about. To be a successful entrepreneur, you need to develop that courage, communication skills and confidence to strike up a conversation, to make smooth small talk , and make your presence felt without being too pushy or cocky.

Take Tough Decisions

Today’s leaders are not in the game to please everybody. They realize that tough calls will need to be taken. Anybody can start and run a business. Only a fearless leader can take it to the next level. Tough decisions will need to be taken. In 2013, 23 -year-old co-founder of Snapchat turned down a $3 billion purchase by Facebook.

Today, in 2015 Snapchat is said to be valued at $16 billion. At a time when high valued acquisitions were functioning as game changers, this young leader and visionary dared to take a risk. The results are for the world to see.

Ruffle a Few Feathers

Leadership requires courage. You will not be able to please everybody. If you are doing that, you are doing something wrong. Stop, think and speak up. Don’t try to keep all your clients happy. Don’t try to be loved by all your employees. Have the courage to be different, to go against the tide, to be unpopular, to have faith in yourself even when the world is against you.

A leader is not selfish, but he is not selfless either. Learn that attribute. Place your business and its interests first. Being agreeable can wait. Keep your communication absolutely clear. If that requires displeasing some people on the way, it’s fine. Let courage be your voice. Voice your courage. A great leader fearlessly does that. A successful entrepreneur needs to do that.

• Raise difficult issues

• Provide tough feedback

• Share unpopular opinions. 

Look the Part

Like it or not, to be a successful entrepreneur, you need to look your best at all times. Besides, nothing spells action and seriousness, quite like a crisp bespoke suit, tailored jackets, well-groomed hair and the like. It shows you care. You set an example. There is ample research to prove ,that the way you are dressed affects your productivity and thought processes. Formal business attire automatically makes you more focused, authoritative and competent.

Northwestern University researchers, Hajo Adam and Adam Galinsky have researched and found out that clothing can systematically influence the wearer’s attitude and psychological processes.

So, suit up fellas. Not all of us can pull off a Mark Zuckerberg- wear your jumper and trainers and, continue minting billions. Be ready for any opportunity knocking at your door and look the part of a successful and focused leader and entrepreneur.

Trust Your Instincts and Intuition 

You know what really successful entrepreneurs do? They don’t over-analyze, they don’t complicate, they don’t procrastinate. They just trust their instincts and execute. In our age of information-assault, it is very difficult to trust our instincts. We feel safer and more secure, when we can see reason and logic somewhere around. But sometimes, you just have to let go and trust your instincts. Good leaders are born out of logic and reasoning, great leaders out of spontaneity, impulse, spur-of-the-moment ideas and instincts.

By no way am I telling you to forget all arguments and reason and rely only on your intuition. What I am telling you, and most successful entrepreneurs will tell you is, to have faith on your intuition and instincts. They can take you to places reason never can. National bestsellers’ author Malcolm Gladwell states in his book Blink, how accurate our first impressions and instincts can be. He cites many studies and real-life situations to explain a theory called thin-slicing. The takeaways of this theory you need to remember to be a successful entrepreneur are:

• We are blessed with the ability to make accurate assessments of a person by just knowing them for a few seconds.

• Great generals can comprehend a battlefield in just a glance

• Students can predict who will be a good teacher by spending mere seconds in their company

• Businessmen can make the best choices instinctively

• Entrepreneurs intuitively know who will be an asset for them in the first few minutes of a meeting.

• The best decisions are often ones that are impossible to explain to others.

Finally, Know That You Are Your Best Investment 

You and your idea are worth every penny. Never doubt yourself. Never stop. Never think of going back, no matter how hard the situation.

You have to keep learning, you have to evolve, but you will have to lead from the front. Surrender to your abilities and hard work. Be brave, don’t fear to take the first step, don’t wait for guidance, don’t wait for compliments, accept criticism., be unpopular. Aim high, prepare to fail, prepare to never give up. Sometimes you may have to be all alone, but continue to lead, your conviction will inspire,  and,your actions will motivate. Have faith ,and, lead your dreams and your company to dizzying heights of success, recognition and fame. Be a leader worth emulating.

About the Author: 

Rose Martin is a blogger and her main interest in blogging is for finance, investment, frugal living, family and beauty. When she’s not working, she enjoys cooking, sipping a cold beer and spending time with family.

Article Contributed by Chris

There are (of course) about a million things that make being a student one of the absolute best times of your life. Among them:

• Meeting new friends
• Living away from home for the first time
• Expanding your mind with knowledge
• Gaining new independence and experience

Being a student is also a really good time for trying things out. New hairstyles, new cuisines, maybe even using your extended summer holiday to go and have an adventure in a new country – or even a new continent!

One thing that more and more people these days are doing is going into business. People from all walks of life, too – from young mothers to the mature and sage self-employed folks.

And it really makes sense for many to start up a business – and if you’re a student, it’s good to have interests outside of the curriculum. Plus, it also means (hopefully!) having a little bit of hard earned cash to save or spend.

Breaking Into Business (While Also Studying for a Degree)

There’s an idea that entrepreneurs are people who have this lightning flash of inspiration and suddenly introduce the world to a whole new set of things. But not all entrepreneurs are Elon Musk, Steve Jobs or Richard Branson. In fact one guy I was at college with started a cleaning business while doing his degree. And after finishing his degree? You guessed it – he pursued his business dream, grew the business – and now does pretty well.

What my fellow student did not do was to sit there dreaming, or overthinking what the world needed. He just saw a service that is massively important, got going with the business nuts and bolts – and made a good living. What he didn’t do was in fact probably the two of the most important things that we all need to avoid in business:

• He didn’t needlessly spend time reinventing the wheel
• He didn’t get put off by the understandable challenges of starting out

What Business Ideas Could Students Consider?

Obviously there are lots of ideas out there, but today I just want to concentrate on a few – just to illustrate the kinds of ways that people can – and do – start up in business.

Retail. Of course if you’re studying, then a bricks and mortar store might not be practical. This of course is where the internet comes in handy. However, a lot of markets are crowded and it may take a little time, thought and inspiration to find your selling niche.

One good example of a student business selling something that others may not have thought of is Sakura Health UK – which specialises in Japanese influenced therapy products. Read the fascinating story of this business here.

Services. If you’re studying abroad, people may want to learn your language – and to pay for the privilege. Or you may be a brilliant guitar player and also have a facility for sharing your knowledge and enthusiasm. If you have a set of sellable skills, think of ways that you could use them to make a profit – and also about how you could grow your business once it’s off the ground.

Making things. Okay, so this one is a bit of a toughie, unless you have the wherewithal and the skills to build stuff. But let’s not forget that Apple was started in a garage, while a lot of people who make furniture and so on also work out of garage-sized proportions. There are actually quite a lot of products that make it onto the mass marketplace that started life as someone’s home project.

Being a lucky outlier. Okay so this one’s not quite so easy – but for a small (and growing) number of people, using platforms such as YouTube can mean making a fortune. And you don’t even need to be a performer: among the rising stars on YouTube (and with literally millions of subscribers) are people presenting things as varied as make-up tutorials and wacky short comedy sketches. Unfortunately, there’s no business roadmap for this one – what goes viral, goes viral. And what doesn’t, uh, doesn’t. Could be worth a try though: with no hard and fast formula, nobody knows what the next big thing will be.

Getting Tooled Up For Business

Professionalism isn’t all about your product, service or grand idea, though. A lot of it is grounded in practicality and the boring backroom stuff: the profit margins, the projections, the revenue stream, and so on. But if you know how to build the foundations of a business, you will far better placed to look at your achievements (and, yes, failures) in perspective.

There’s a whole world out there offering support and advice for people starting out in the world of business. So make full use of it. Here are some useful jump-off points to explore this world of commercial advice and support in more detail

Startup incubators – never has there been a better time for seeking help with your early-stage company. Incubators exist for a simple reason – even the biggest and the best (like Apple and Google) start off small.

Indemnity and liability cover – depending on your type and size of business, these and other insurances are likely to be a statutory requirement. This US Government guide covers the basics.  If you’re in the UK, the Association of British Insurers trade body has a helpful guide here.

Business toolkits – these cover a wide range of topics that you’ll probably want to think about, including writing your business plan, growing your business plan, becoming an employer and so on. This guide has a lot of these covered – and if you want to find out about government support and grants, this UK Government toolkit is very useful.

Networking – this can take many forms, and lead you to new ways of thinking – as well as making vital connections with suppliers, customers, and also help you see what the competition is up to. This article by Smarta goes over the main points.

Putting it all together

If there’s a universal golden rule in business, it’s this: perseverance. Of all the self made multimillionaires out there (and there are loads of them, a full 100% of them started out with little more than hope and an idea. Plenty met failure along the way – and a good proportion of them have stated that they value the mis-steps and the off-targets. Why? Because these were valuable lessons they put to use when they stepped back on the road to success.

Being on your own in business can be very hard work, and it can be lonely sometimes. So make sure you step back now and then and realise you’re not really alone at all. Get some books by business and entrepreneur gurus and read what they have to say – even giants like Richard Branson started right at the very beginning. Reading the stories of the biggest and best in business is often an inspiration in itself.

 

About the Author

My name is Chris and I manage the Spend It Like Beckham blog where you’ll find all things sports and finance. When I’m not writing there, I’m spreading the good word wherever I can, covering areas such as business, student life and technology. You can also find me on Facebook and Twitter