5 steps to starting a business

Below is a step-by-step guide to starting your own business. If you take into account all the advice here then it will make the process of creating your own company much easier.

1: Be Creative, Original & Above All Perceptive

The first thing that you need to start a business is a really good idea. A lot of people choose to sit in a dark room with a pen & paper, hoping an idea will jump into their head. However, this is NOT how to do it. The vast majority of successful companies are started because people notice a problem that needs fixing in day-to-day life. Khan Academy, for example, was born when the company’s founder, Salman Khan, created a tutorial video so his nephew could pass a maths exam. Salman realised that this free and simple learning method had real potential. Today, Khan Academy has delivered over 260 million online classes.

So, just carry on your normal routine but try to take a little more notice of any issues that could be fixed through an innovative business idea – if you’re on the ball then more often than not a perfect business opportunity will fall into your lap!

2: Be Prepared to Disrupt the Status Quo

Do not be afraid to challenge an established business model. In this case, there’s a fine line that you must straddle. On the one hand, you MUST NOT come up with a business idea that is identical to another successful organisation or product on the market. But you SHOULD find a way to penetrate a long-established market.

Twitter founder Jack Dorsey is doing this with his new company Square. Dorsey, clearly not content with creating a social media platform that has over 500 million users, is ‘disrupting the entire payments industry‘. Square has created a product that allows Apple devices to accept credit card payments. Whilst you may not have the financial capabilities that Jack Dorsey has, the same principal applies.

You do not necessarily have to think up the craziest, strangest idea just to create something original – you can and should consider improving upon what is already on your doorstep!

3: Defeat Competition Through Effort

In a world where every day several new Startups are established,  it is crucial to get the edge on your competition; according to StartUp Britain, as many as 500,000 new businesses will be born in the UK by the end of 2013. The key to this is Effort. This breaks down into three essential components: work rate, networking, and enjoyment. The first one is simple – the harder you work, the more you get done. Keep focused and set yourself daily goals to ensure this.

The other two components are often overlooked but are just as important as the work rate. Networking, whether it be via email, social networking sites (LinkedIn, Yammer etc.), or in person, is crucial in making influential business contacts and presenting your business in a personal way. Lastly, you must enjoy building your business. Enjoyment makes for a better working environment, happier workers, and ultimately a more successful company. Through these tips, you can rise above the opposition.

4: Take the Rough with the Smooth

Starting your own business can be tough. You’re bound to hit rock bottom several times on your way up. Some of the most successful innovators of all time went through severe hardships. Steve Jobs, for example, was fired from Apple, his own company, before returning to be the CEO and the greatest pioneer for the digital age. Just remember to persevere and keep going in spite of inevitable hiccups that you will encounter along the way.

5: Do Not Hesitate!

Not acting on a business idea when you really believe in it is an entrepreneurial sacrilege. Not only will you be depriving yourself of a potentially successful business, but the rest of the world too. So, when should you start acting on your idea? The answer is definitively NOW. Do not postpone till tomorrow what you can be doing today!

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