Resist the temptation of instant gratification and remain focused on creating something valuable and wait for that long-lasting reward.
At Immigrantlife.ca, we are passionate about helping you thrive in Canada in business or in career. If you are an aspiring entrepreneur and are unsure of the steps you should take before you embark on this journey, we bring you top ten tips to consider when choosing this as your path.
- Have clarity of mind and purpose
Most intending entrepreneurs have millions of business ideas. While they are contemplating about one, they quickly move on to another which could be the rave of the moment or something that catches their fancy. While it may sound reasonable to have a pool of ideas from which to pick one viable and doable one, it often times can be distracting and time-draining. What will help you when you are starting out is clarity on what you want to achieve.
Be clear in your intentions. Why do you want to go into the business? What do you hope to achieve? If you know your why, you are pretty set on the path to making it in the venture.
- Write down your “Why” and “What”
Your “what” is the business idea that has refused to let you be. It is that problem you hope to solve. And your why is the intent behind your business. Is profit the sole motivation or service or a balance of both? Make your vision board with written down plan of what you want to offer to address the why. This vision board will make it comprehensible for you and for others.
If it is clearly stated, you will be dogged about seeing it achieve a life of its own.
- Study your competitors.
Look around and find out who is already in the business. Do a close observation of their business. What are their offerings? What are their shortcomings? What do they need to improve on? Can you do it better? Determine what you can do to make the offering better? How can you reach the demographics that your competitor is targeting? Or if there is a demographic that they are not reaching, you have a place to start with.
- Just start!
When is it a better time to start than now? There is no better way to see the future of the business until you start. No matter how unnerving it is, start and test it out.
- Be committed to the cause.
Things may not work out well at the initial stage or for some time. Commitment will keep you on course and it will blossom.
- Be disciplined.
This is a follow up on commitment. Employ what is called ‘delayed gratification’ or ‘deferred gratification.’ Resist the temptation of immediate pleasure and focus more on having a valuable and long-lasting reward in the long-term by refinancing your business. Discipline also has to do with what you need to cut off. What habits are draining your time and your purse? What associations? What notions? Don’t delay. Take active steps to cut them all off and be determined.
- Prepare for financial challenges.
Cash flow will always be a major challenge for every start-up. Deal with this challenge by saving. The initial profit that comes from a venture is not to be treated as harvest but a seed.
- Ask for help when you need it.
Help is always around you, if only you care to ask or seek it. Tons of resources are available online to provide resources for start-ups. Your immediate and extended family, bank manager, landlord, business associate or neighboring businesses can be a great support when you reach out. You can also attend events such as seminars and trainings.
- Don’t go it alone. Build a formidable team.
This isn’t such a tall order. “Great people make great company.”
As your business grows, the need to employ people will arise. Seek the best.
During the hiring process, make sure you are thorough to ensure that you pick only those that share similar values with you and can complement you and be good team players.
- Never stop dreaming.
Entrepreneurship, fundamentally, is a mindset. Never lose sight of the big picture. Every big organization started small and remained small until they turned big. If you can ‘see’ it, you can achieve it. Even if you don’t see it, if you are focused and work hard you will reach great heights.
It’s never too late to begin again. Start with the right perspective. Start small but think big. See you at the top!
This article was carefully developed from Episode 53 of the Immigrant Life podcast. You can listen to the full episode here.