What do you wish you had known before you started your first business?
Dakota L.
9 replies
Was there more legal or mechanical knowledge you wish you had? Did something catch you off guard? I'd love to hear what helped you get through the growing pains of starting your first business.
Replies
Valerie Fenske@valeryfenskaya
Dashly
well...
forget about perfectionism, adopt agile :)
Share
Pricing, volume, and cash flow.
Unicorn Platform
1. I should have made a business out of what I love to do. I can't continue to operate if I'am not interested in it.
2. The ideas I come up with, other people will come up with them too, so I'd better act fast.
3. That it's very important to find users who will use it and talk to them rather than think about it yourself.
Baserow
Don't be a perfectionist, roll out MVP and ask for feedbacks - if you see a good reaction, start gathering early adopters in 1 place, show them your appreciation and keep them posted with your plans, they are your best advisors.
Not to jump straight into marketing and not to spend forever in development before rolling out our first version of our product.
When I started my first business (which) had nothing to do with tech, way back in college, the biggest mistake I made was not fully understand the importance of cash flow and how complicated it was to manage cash keeping in mind seasonal ups and downs to the business.
Feedo.xyz
The only thing I need to know before is how to start my own product community. I guess this is one of the most crusial things for startups.
1. Know your business
2. Validate your idea
3. Don't spend money till few people buy from you
4. Hire based on referral. Not a totally stranger.
5. Know your finance, cash-flow, monthly income and expense
6. Build a strong culture based on what your values, believes are
Legal knowledge is certainly important for any business owner, as there are a variety of laws and regulations that can impact a company's operations and success. Some areas of law that are particularly relevant for small business owners include intellectual property law, employment law, contract law, and tax law. It's important to consult with a legal professional to ensure that your business complies with all applicable laws and regulations.
Mechanical knowledge can also be useful, depending on the nature of your business. For example, if you are starting a manufacturing or construction business, having a good understanding of the mechanical processes involved can be very helpful.
One of the most important skills for starting a business is the ability to adapt and learn quickly. As a business owner, you will inevitably encounter unexpected challenges and obstacles, and being able to respond to these challenges with flexibility and creativity is key. Additionally, having a strong work ethic, good communication skills, and the ability to collaborate to make partnerships can also be helpful in getting through the growing pains of starting a business. At this point, you have to check the businesses you are about to work with thoroughly on sources like https://www.globaldatabase.com/w....
Another important aspect of starting a business is having a solid plan and a clear vision for what you want to achieve. This includes setting realistic goals, identifying your target market and competition, and developing a detailed business plan that outlines your strategies for success. You may also want to seek out mentors or advisors who can offer guidance and support as you navigate the challenges of starting a new business.
Ultimately, starting a business requires a combination of knowledge, skills, and a willingness to take risks and learn from mistakes. With hard work, dedication, and a passion for your idea, you can overcome the growing pains and build a successful and sustainable business.