Learn by Doing
Updated: Apr 30
The best way to learn about starting your own business is to just go ahead and do it. There is no substitute for first-hand experience. Of course, you can (and should) learn as much as you can from other people’s experiences, either through books, articles, or mentorship. But at the end of the day, you won’t really know what it’s like until you’re in the thick of it yourself. So if you’re serious about becoming an entrepreneur, the best thing you can do is just take the plunge and get started.
Getting your hands dirty
This is especially true when it comes to starting your first business. There are a million things you need to learn, from the basics of running a company to the intricacies of your chosen industry. And the only way to really learn them is by getting your hands dirty and doing it yourself. Of course, this doesn’t mean you should just jump into starting a business without any preparation. Learning about entrepreneurship and studying successful businesses can give you a huge leg up when it comes time to start your own company. But at the end of the day, there’s no substitute for real-world experience.
There’s a saying in the venture business: “You’re only as good as your last deal.” If you look at it that way, you realize that every time you do a deal, it’s an experiment. The first time you do a deal, the experiment is: Can I actually get this done? The second time, it’s: Can I get it done again? By the third or fourth time, you start to develop a feel for what works and what doesn’t. The best way to learn about starting a business is to just start one. It doesn’t have to be perfect, and it doesn’t have to be big. Just get started, and the rest will follow.
There are a few key things that you need to know in order to start your first business. First, you need to have a clear idea of what your business will be. What are you selling? Who is your target market? What is your unique selling proposition? Once you have a clear understanding of your product or service, you need to create a business plan. This document will outline your business goals, strategies, and how you plan on achieving them. Next, you need to raise capital. This can be done through investment from friends and family, loans, or by selling equity in your company. Once you have the necessary funds, you can start to build your team. Hire people who share your vision and who complement your skillset.
Finally, you need to launch your business. Get your marketing and sales efforts underway, and start delivering your product or service to customers. Remember, the first time you do a deal, it’s an experiment. The second time, it’s a test. Get feedback from your customers, and use it to improve your product or service. Be flexible, and be prepared to pivot if necessary. And most importantly, don’t give up! Launching a successful business is hard work, but it’s also incredibly rewarding. If you’re passionate about what you’re doing, and you’re willing to put in the effort, you can make it happen.
Visit me on my Medium page
Co-founder at Novus
More to come stay tuned!