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Top Tips for Starting a New Business in 2016

January 13, 2016

With entrepreneurship currently taking the world by storm, here are some insider secrets for achieving business success in 2016 and beyond. An increasing percentage of people are becoming enamoured with the idea of becoming their own boss and with the changing market trends, you can easily see why.

The majority of today’s budding entrepreneurs grew up watching their parents drag themselves through the daily grind of the 9 to 5 often with very little reward, or if their hard work did pay off it was often at the expense of their home lives.

With an economy in a state of recovery and a renewed optimism among small business owners, entrepreneurship today is considered far more obtainable and can offer budding business minds the opportunity to escape the corporate 9 to 5 in favour of something far more creative and engaging.

However, whilst the economic climate may be on side and more people are finding the confidence to turn their dreams into reality, entrepreneurship is still an immense challenge. It’s estimated that at least half of new businesses won’t make it past the five year mark, whilst 3 quarters fail to raise enough to return their venture capital.

One of the main reasons behind these failings is that many new entrepreneurs are so caught up in the romanticism of being their own boss and following their passions that they fail to fully prepare for the journey ahead and often lack the forethought, skills and knowledge to succeed.

See: 8 Business Ideas and Tips to Make 2016 Your Best Year Ever

To support the continued increase in the emerging start-up culture, here are some insider secrets for businesses to sustain the growth momentum in 2016 and in future:

  • Start Early

One of the biggest mistakes entrepreneurs can make is to wait too long before taking positive action. Waiting for the market to improve or for every part of a business plan to be perfect only leads to missed opportunities or worse, never actually starting. Entrepreneurs should take action as soon as an idea hits them to gain momentum and experience.

  • Find the Right People

Build a strong team. These people will not only shape the future of the business and add diversity to the company mission; they will also represent an entrepreneur’s brand which in the early days of business when trying to create a positive impact is crucial. For start-ups with limited resources chances are these people will also perform tasks outside of their defined role, so it’s important to seek highly motivated self-starters who have the ability to adapt.

  • Take Your Holidays

When a business is still in its infancy it’s not uncommon for entrepreneurs to work seven days a week to keep everything running smoothly and to schedule. However whilst this may be the norm, it doesn’t mean it is right and entrepreneurs need to address the very real risks of burning out if they fail to take a break once in a while.

Also read: How to Ensure Better Financial Worth in 2016?

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