Updated: Jun 13
1. Give yourself permission to fail
None of us want to fail in any business or in anything in life for that matter. That makes us so attach to the outcome of everything we do. You won't do it unless you know for sure or pretty sure that it will work because you don't want to lose money and waste your time. Studying hundreds of ultra-successful entrepreneurs I realised one thing in common is that they fail way more many times than averaged small business owners over a life time. That is why small business owner stays a small business owner and those who fail quickly and learn the lessons achieve phenomenal success.
2. Do Research
Having said that you need to allow yourself to fail, it does not mean that you should jump into anything that you 'think' sounding good or passionate about, folk out your entire life saving and sitting their strongly believe that once you've burned your boat and cannot turn back, your business will take off like a sail catching the wind. The internet and especially Google have made it so much easier to access data to research about the market that you're about to entering into. You can find out who are your potential competitors, customers, suppliers and whether you can compete, dominate, work with them or provide values that they are willing to pay for. It sounds simple but too many people don't do this and just run with one product that they are passionate about... Unfortunate most of the time that is not enough to get you to the pinnacle of success.
3. Know what you sign
Having a brilliant product with a heart full of love and will to help people are the essence of a fantastic business we definitely need to have in the economy. However at some point in your business journey you will need to get into some serious legal binding contracts and agreements that can make or break the future of your business if you don't fully understand the implication of what you are signing. Legal dispute might not be your cup of tea but it might be for the other party that you are signing the contract with. No one can predict the future and especially human behaviour; so do yourself a favour by asking yourself honestly "what don't I know? Who can I get advice from?" before you pull out a pen and sign your name on the line.