Five pieces of advice for the Beginner Entrepreneur

“As long as you’re going to be thinking anyway, think big.”  - Donald Trump

Ask yourself that what you can do today that will benefit the business in the long term. There are lots of mistakes that a first-time entrepreneur makes while commencing their startups. Here are some tips for those millennials.

1. Ideas are worthless without execution

Nobody cares if you have a million dollars ideas because everyone has ideas. You can walk down the street, ask any person for some ideas and you will get to listen to a couple of options. For example, Google as a search engine, Facebook as a social network. Mark Zuckerberg or Steve Jobs didn’t just make their ideas. They established organizations and executed to make their inventions necessary for the people.

2. Give value before you take money

The internet has brought a lot of information symmetry. With the click of a mouse, people can find out if you are fake. Be real and provide value to the people. Internet marketing and customer feedback from your consumers can make or break your game. The Internet is pious. Use it wisely.

This idea has become a fundamental pillar for any business to stand in the market. When you provide the value first, people feel the need to return the favor.

3. New one 5x expensive to existing one

This is what the smartest MBA students are learning. Increasing customer attention rates by 5% can boost profits by 25%. Keeping the right customer is super valuable. This is why the biggest brands are creating an ecosystem around their products which makes it harder and harder to leave. If you already have a business, make sure you make a good relationship with existing customers and make sure they’re loving it.

4. A business that’s not growing is dying

There are two states where your business should find itself at some point in time

• Expanding into a new market
• Forfeiting shares (already gone)

If your business is outside of the above two, then you are in trouble.

For most people, it is a sign of maturity but it isn’t because when you are busy doing business your competitors are pushing themselves hard to take all from you. It all requires attention, management and a strong ability to add value to existing things in the market.

5. Do one thing every day that moves the needle

As an entrepreneur, the business is in your hands. Ask yourself what can I do today that will benefit the business in the long term

And then do it, do it again tomorrow and the day after that this is a different way of thinking than most people do while the average person is thinking how do I solve this problem for now but as an entrepreneur you should thing how do I solve this problem for forever. Your ability to make the strategic decision will benefit your business.