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Top 20 tips to give to future entrepreneurs

You have a project and the time is coming to make it a reality. Only 1 in 2 companies passes the 5 years of activity milestone, which means the importance of a successful launch! Here are 20 tips to succeed in laying a solid foundation on your business.

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Chris TDL Council | Entrepreneur
Chris TDL Council | Entrepreneur

The entrepreneur often focuses on one or two points and devotes all his energy to them. However, being an entrepreneur to succeed must have a global vision and therefore focus on leaving no grey area. It is therefore essential through the advice given below to draw up a list of actions to be taken that will allow you with a timetable to become efficient in all areas.

Forge your motivation

Business creation can be similar to an obstacle course. Strong motivation and self-confidence and your concept will give you the necessary springs to overcome all the harassment that will inevitably arise, often where you do not expect it. Unfasing motivation is necessary!

Clearly define the added value of your project

Whatever your project, if you do not offer a radically new concept, it must bring a plus that stands out from the existing offer. Clearly identify this added value and highlight it. It is the keystone of your entrepreneurial building.

Perform a real market research

The best creator is only worth by what he offers! Assess the relevance of the latter and its adaptation to the local market. Evaluate the competition.

Protect your wealth

Opt for a legal status that limits your liability in case of difficulty (SARL/EURL, SAS, SA in particular).

Assess your financing need

Know how to evaluate predictable start-up expenses. Don’t plan to make a living from your business for a while. Excluding micro-enterprises, 35% of creators start with more than €16,000, 20% with less than €2,000. Think about it!

Find financing

Know how to seduce a banker and maintain a real partnership with him. Also aim for Business Angels who can understand your field of activity.

Search for existing aids

The entrepreneur can benefit from aid to start his business and reductions in social contributions. Ask!

Be methodical

Step by step to grow your business in the most pragmatic way possible. Make a development plan!

Surround yourself!

Don’t go this route alone. Chambers of Commerce and Industry (CCI), Chambers of Crafts, Management Shops and Incubators provide you with follow-up and sometimes decisive tutoring. Partnering can also be a good idea!

Make yourself known

Find partners, financing and drawing attention to your concept means being known. Use all available springs. Social networks, competitions for young creators, press… Everything is good to make your brand known!

Skillfully combine technical, commercial and marketing

Refine your product or concept technically without ever losing sight of its marketing and the marketing component.

Identify the right collaborators

Choose employees with varied skills and complementary to yours.

Know how to delegate and trust

As an entrepreneur, you need time. Know how to delegate to focus on the essentials!

Take risks

Entrepreneurship is never a long quiet river. Be prepared to make risky but potentially winning choices.

Keep your commitments

Be professional. Never fail your partners, customers or employees.

Take care of your accounting

You don’t run a business blindly. Your accounting must be accurate and provide you with reliable navigation indicators.

Listen to

You have talent but you will never be omniscient. Listen to your customers, partners and employees. They can enlighten you on how to develop.

Dose your expenses

Find the right balance between development, equipment and marketing expenses.

Hire only at the right time

Hiring must bring value! Recruit well and at the right time.

Don’t be discouraged

Certainly, if the adventure does not take off, you sometimes have to know how to give up. But as long as the situation is not desperate, hang on and give yourself time to convince and grow your turnover!

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