Quick tips for aspiring entrepreneurs

Today’s world is constantly changing. If you want to be a successful entrepreneur, you will need to be creative, innovative and adaptive in order to navigate your business through today’s fast-changing environment.  Here are some quick tips and questions to address before embarking on your business journey.

Before you start the business

• First ask yourself why you want to do business?
• Do a SWOT analysis of the business
• Do you have the knowledge of the business or product?
• Do you have the passion and drive to build this business?
• Conduct online research or buy reference books to improve your knowledge of your chosen industry
• Do you have a mentor or figure you look up to that can give you advice?
  

Starting up the business

• Develop a clear vision and mission for your business 
• Have a strategy – identify your short and long term goals, and how you intend to achieve them
• Plan your financial targets – how much do you want to make per day, per month, per year?
• Develop a good brand for your business or product
  

Running the business

• Once you are in the business, be present and involved in understanding all aspects of the business
• Dedicate time to planning out how you can grow the business
• Have knowledge and a solid understanding of check and balance of the cash flow 
• Cash flow is the most important thing – pay close attention to it to avoid turbulence in the business
• Always have extra capital to be able to get into another industry, if you fail.