Business tips for the day
Self Awarenes
Know who you are, what you are good at and what you like to do. Start a business that is based on your expertise in a specific field or an area that you thoroughly enjoy.
Know the level of stress you can handle and start your business at a speed and scope that is right for you. Many successful entrepreneurs started their business part-time to “test the waters” while maintaining a traditional 9 to 5 job. Others started with a few loyal clients before expanding to a regional, state or national level. Knowing (and operating within) your risk tolerance can eliminate unnecessary stress down the road.
Failure.
It’s okay to experiment. 9 out of 10 businesses fail. So if you start 10 businesses the odds are that at least one will be successful.
Successful venture capitalists use the adage “fail fast.” That means that it’s cheaper to fail quickly than to have a long drawn out failure. Venture capitalists realize that 9 out of 10 of their businesses (the one’s they invest in) will result in a loss, but that ONE business that makes it will yield a generous return, and make the other losses worth it.
So, find out as quickly as you can if your business idea will work. If not, don’t sweat it. Just move on. You’ll have plenty of other business ideas. When one venture fails, just pick yourself up and try another. It took Thomas Edison over 6,000 attempts to invent the light bulb. You’re likely to succeed with one of your businesses within 10 tries.
Patents
Obtain a patent to protect your invention. A patent will enable you to own the idea and earn from it. Without a patent, anyone can legally make, sell, or use the invention without rewarding you. Patent rights will allow you to profit from your invention. A patent search is your first step.
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I always tell myself when I fail at something that I have just learned another way NOT to do it. The experience acquired from failure are the manure that nurtures progress and produce SUCCESS that makes people WONDER! Nice thought provoking tips. Keep it up.