8 Best Business Practices for Aspiring Entrepreneurs
Becoming a successful entrepreneur isn’t easy, but it’s not impossible either. Despite inflation, 66% of businesses, including new/small businesses, are profitable in 2023. To become a high performance entrepreneur, you’ll need dedication, discipline, and perseverance. You’ll also need an informed and realistic view of entrepreneurship.
8 Best Practices for Successful Entrepreneurs
To sustain a thriving entrepreneurship, startup founders should embrace the best practices of high-powered entrepreneurs, which requires a focus on budgeting, strategic planning, and networking.
Read on to discover the nine best business practices for aspiring entrepreneurs.
1. Spend Money Wisely
Most aspiring entrepreneurs lack substantial business startup funds, making it crucial to spend what money they have wisely. Research has found that 38% of new businesses fail because the entrepreneur exhausts their budget and fails to raise new capital.
Devise a budget before launch and monitor it closely, making adjustments as needed. You’ll want to narrow in on a workable budget as soon as possible to ensure you don’t accidentally spend more than you’re earning.
2. Avoid Investing Too Early in Unnecessary Equipment and Office Spaces
One of the most common mistakes new entrepreneurs make is buying expensive equipment to “prove” legitimacy. A physical office space is often one example of this.
Startups don’t need to rent or own offices in a building to be successful, especially in our post-pandemic modern work world. Investing in a virtual office offers the same legitimacy without the cost of maintaining a physical space.
Virtual office providers like Davinci offer additional benefits, like a lobby directory listing and access to physical meeting spaces, effectively eliminating the need for a permanent physical space.
3. Learn about Your Industry and Customers
A lack of insight into your customers and market can tank your business. 19% of businesses fail because of a flawed business model. Understanding the nuances of your industry and target audience requires considerable research.
Any aspiring entrepreneur must do market research to understand the wants and needs of the customers they’re hoping to attract.
Proper market research includes:
Gaps in the market
Past industry trends
Product successes and failures
Timesaving tools and software
4. Plan Before Taking Action
Every entrepreneur needs to create a business plan before making any significant moves. A business plan ensures an entrepreneur has a clear vision and remains focused and accountable.
A proper business plan should have:
Milestones and when to reach them
Plans on how to scale the business
Potential problems and solutions
Unique selling propositions
5. Prioritize Productivity
As all famous entrepreneurs say, “time is money,” and mastering productivity is an essential best practice for successful entrepreneurs.
Save time by:
Setting a schedule
Figuring out power hours (the hours a person is most productive)
6. Outsource When Possible
When launching a business on a tight budget, you’ll want to handle all the tasks yourself. But in order to scale, you’ll need to delegate some of the time-consuming tasks, such as accounting, IT management, and phone reception, to an outsourced team.
Davinci offers receptionist services in the form of either a live or auto receptionist. A live receptionist will answer calls, schedule appointments, and forward calls. An auto receptionist will offer callers a menu of pre-programmed options and will forward all voicemails.
Outsourcing will free you to focus on the more big-picture items, such as strategy and budgeting.
7. Network with Other Professionals
Networking may not seem like a productive use of time at first, but beginner entrepreneurs can learn a lot from more experienced professionals. When done correctly, networking can give entrepreneurs access to higher-skilled entrepreneurs who can help guide them onto a path to success.
Networking allows you to:
Gain valuable advice from experienced business owners
Gain free resources
Receive leads for new customers or vendors
Forge potential business partnerships
8. Find a Mentor
If you lack experience in business or sales, you’ll want to find an experienced mentor. This is a critical best business practice for aspiring entrepreneurs.
Mentors can not only teach you the basics of business, but they can also guide you through the entire process of getting your business off the ground. A mentor can also provide valuable feedback and serve as a sounding board throughout your career.
Davinci Helps Aspiring Entrepreneurs
Through virtual offices and an array of startup amenities, including live receptionists and live web chat services, Davinci gives new entrepreneurs a leg up in the business launch process.