Tips On How To Start A Business: Advice From Mark Cuban & Other Successful Entrepreneurs

Starting your own business is no easy venture, as I’m sure any entrepreneur will tell you. No one becomes a Mark Cuban or Zuckerberg overnight. However, everyone has to start somewhere and building your foundation is half the fun. Here are just a few tips and tricks that will help you succeed in owning your own business and before you know it, you’ll be paying yourself like a shark.

Start Early:
The sooner you start following your passion and becoming your own boss, the better. Think about it, Bill Gates created Microsoft before he was even 30! Of course, we can’t all be Bill Gates, but we can take his valuable advice. Anytime you feel yourself questioning if the timing is right to start your own venture, remember this:
“If you don’t build your dream, someone else will hire you to build theirs.” – Bill Gates

Create a concept:
Though it might seem like the easiest step on the journey to starting your own business, choosing the concept upon which to build your brand is quite possibly the toughest decision you’ll make, according to Investopedia. Take time to think about what you can develop with your specific knowledge, experience, and expertise. And make sure you’re truly passionate about your idea.

Do your research:
If you’re going to start your own business, you’ll need to know your market backward and forward. Billionaire entrepreneur and Shark Tank investor Mark Cuban stresses the significance of becoming thoroughly versed in your field.
“You need to turn over every rock and open every door to learn your industry. This process never ends.” – Mark Cuban

Develop a workspace:
One of the best ways you can set yourself up for success in your new entrepreneurial role is by developing a comfortable and constructive workplace. Make sure that whatever space you choose affords you plenty of privacy (especially if you do not live alone) and has proximity to electrical outlets. You’ll also want to be sure that you find a comfortable chair as well as a desk organizer to keep all of your tools in designated areas.

Know your goals:
Ryan Allis, co-founder of iContact emphasizes the importance of having your end goal in mind every day in order to keep yourself working toward it. Aim to be your most productive self every single day and keep track of your progress. One great way to do this is with a multi-tiered journal that will keep your long and short-term goals organized. A true entrepreneur’s ideas are invaluable, so it’s important to keep track of them.

Never stop educating yourself:
Founder of the Virgin Group Richard Branson says his biggest motivation is to keep challenging himself. He treats life like a university education that you can learn from every day. There are many ways to go about building your knowledge base, but one manageable avenue is to sign up for online skill-building courses in disciplines like coding or Excel. The ability to code your own website is an invaluable tool that will give you a huge leg-up when starting your business. And even the most basic understanding of Excel can make you a more efficient worker.

Embrace failure:
Even the most successful entrepreneurs have experienced failure because, without it, there would be no problem to create solutions for. As Forbes notes, “Mistakes are the classroom of entrepreneurs.” Innovators who are willing to make mistakes, learn from them, and adapt are most likely to succeed.
When asked what sort of experience a true entrepreneur should have, Mark Cuban responded, “Coming home and having the lights turned off because you couldn’t afford to pay the bills. It’s incredibly motivating and humbling.”

Believe in yourself:
As Henry Ford once said, “Whether you think you can, or think you can’t, you’re right.” Believing that you can succeed is what will make you able to succeed. It might sound cliché, but having faith in yourself is one of the most important parts of starting your own business. That core determination and perseverance is what will carry you through all the ups and downs.

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