4 Business Goals for First-Time Entrepreneurs
5 Ways to Minimize Early-Stage Business Risk
As a first-time entrepreneur, your journey will be filled with opportunities for evolution, personal growth and the first taste of what it means to be your own boss. In order to achieve all of the big moments and milestones that come along with that title, you need to be strategic and intentional about your goals.
Without precise, measurable objectives, you lack purpose and structure. Thus, you may struggle to make progress because you don’t know exactly what you want to achieve. Yes, you know you want to be successful, but what does that actually mean? Goals provide clarity about what you’re moving toward, and with that clarity comes a guidebook: “If I want to achieve x, I have to do y.”
Can Co-Working Spaces Help Your Business Become More Productive?
Entrepreneurship and risk go hand in hand. After all, entrepreneurship is about creating solutions that fill a need -- and no human ever has created something without testing, trial and error. The very act of starting a business demands you assume the risk of failure in various forms: insufficient cash, lower-than-anticipated market need, fierce competition and challenges that threaten to shift your focus.
Most entrepreneurs believe the gamble is worth the compromise, if it means controlling their own destinies, setting their own schedules and changing people's lives. Fortunately, business owners can mitigate risk by taking smart, carefully calculated steps. Here are five simple, proven ways to minimize exposure during your startup's early stages.
Startups and Self-Reliance: The Benefits of Bootstrapping
Major companies such as HSBC embrace the concept. Both Instagram and Uber started life using the concept. So what could co-working spaces do for your company?
Co-working is increasingly becoming the new normal– something fuelled by the fact that for many businesses, it makes economic sense. It is no surprise that the Global Co-working Unconference Conference predicts that the current 14,411 co-working spaces across the globe will increase to over 30,000 in 2022.
A prospective small business owner may get lost in the array of possible funding options: grants, bank loans, microloans, angel investors, venture capital, and crowdfunding.
And then there’s bootstrapping, in which entrepreneurs use their own funds to start a business. Whether it starts as a small side project or as a full-on endeavor, bootstrapping is the ultimate do-it-yourself approach. The entrepreneur takes on the full financial burden, and often puts early profits right back into the business.