Michael hi. There is not a perfect way to approach challenges. It will depend on your personality, experience, education, talents, ambitions, passion, business type, market environment, and so on. However, these are examples of some general aspects you may want to consider: 1) learn from successful businesspeople, 2) be realistic in your potential and objectives, 3) get fundamental business education, 4) find mentoring, 5) learn by doing, 6) accept risk as part of the game, 7) avoid "analysis-paralysis", 8) research the market in advance, 9) convert your business idea into a business plan, 10) start small, 11) hire skilled, like-minded professionals, 12) use technology to manage resources, 13) work on a crisis management plan, 14) keep security protocols to stay safe on key fronts, 15) hire insurance, 16) etc, etc. Remember, this is not an exhaustive list. Wishing you the best.
Report Miguel 's answer
Here are "10 Golden Rules for Small Business " I have seen being observed among successful small business startups over the last decade on MicroMentor:
Do not promise what you cannot deliver
Do not overextend your resources and get a reputation for poor performance.
Do not tell the customer what he or she wants to hear. Tell them what they need to know. They will respect you for it.
Network constantly on professional sites such as Linked In, Quora, Alignable and others. Use Groups and Q&A features to accumulate an "Expert" rating from peers in your field.
Blog like there is no tomorrow. A blog is quite different than a web site. Provide good, solid information free of charge and use blog searches for synergistic businesses to team with. Teaming is an absolute necessity these days.
Be prepared to provide information, samples and valuable service gratis as a marketing tool. Introduce yourself and then immediately engage the client with your presentation tools available to bring your expertise to whatever topic they are interested in. Let them take you where they want to go with their concerns and their needs. Apply your presentation tools and expertise dynamically on the fly in a sincere manner to those concerns and needs and you will be in demand for follow up business.
Quote and bill what the client can afford and grow with them (in content and resources).
Be dedicated to working yourself out of a job with a specific customer and having your client take over by training. They will remember you and recommend you to 10 others.
Remember growth is a function of persistence and foresight. Know where your market is headed and get their first - then write and speak about your success indirectly by helping others. Demonstrate humility and a satisfaction in helping others succeed. They will find ways to give you credit. There are ways of tooting your horn without making peoples' lights go out.
Word of mouth advertising from pleased clients is a sure ticket to success.
Report Kenneth's answer
Sorry for jump into conversation.
Can you please help to explain what does point number 2 mean? Do not overextend your resources and get a reputation for poor performance.
I don't quite understand this point.
Thank you in advance
Report Cindy's answer
Start up has been there and will always be for those wanting to go into businesses The solution to it is not far fetch, firstly being yourself is one of the solution Know who you are and know what you really want in your field of business As a starter, look for someone that can lead you through the way, in a straight word look for a mentor, learn whatever you need to know in the business before going deep in it. Your Startup capital is also very important, you don't have the money? That shouldn't be your problem, you can get a loan from the bank to Start, move closer to a friend to lend you some money. And pay him or her installmentally. Most importantly have your business plan ready to show to the bank you are getting a loan from, this shows the seriousness in you.
Report Adam's answer
Point 2 of my response to this question refers to accepting orders for supplies and services from customers that are beyond what a company is capable of performing or supplying.
Overextending resources can involve labor (too few employees or management capacity) and promising delivery of products in a time frame or at a volume that cannot be achieved from production or supplier capabilities.
What usually follows overextending resources is disappointing customer service and declining sales, commonly know a "poor performance".
Report Kenneth's answer
Let integrity be the bedrock of your business and do a thorough research on your strengths and weaknesses first before researching the market for your business. Finally, be open to learning and unlearning.
It's that simple.
Report Emmanuel's answer
@Kenneth, Thank you for the explanation. I learned a new thing today
Report Cindy's answer
Thank you for all the great ideas..
Report Mona's answer
Wow, thank you very much everyone for the answers to my question.
Very elaborate and easy to understand.
I am helped.
[Mine is a Pharmaceutical business; Community Pharmacy.]
Thanks; Miguel, Kenneth, Adam, Emmanuel, Cindy, Mona.
Report MICHAEL's answer
You just need to be consistent for startup and try your best to keep people engaged with what you do and what you stand for.