4 Rules For New Entrepreneurs

This article contains valuable information on how to get
started on the right foot with your new business...

4 Rules For New Entrepreneurs - Practical Tips
For Starting Right

It's a great time to be an entrepreneur — in the last decade,
technology has leveled the playing field and propelled an
entrepreneurial revolution. As an entrepreneur, you now have
more access to information that enables you to make more
intelligent choices more quickly. You have an advantage over big
businesses in that you're lighter, more flexible, and faster on
your feet. You can target new markets more quickly, and you can
turn on a dime.

But being a successful entrepreneur requires that you look at
the big picture and follow a plan through from beginning to end.
Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine gives
some practical guidelines that can help you when beginning your
own enterprise:

1. Don't Quit Your Day Job.
Consider starting your business part-time, especially if it's
online, while you're working and have a steady income. It
usually takes six months to a year to get a business going, and
you don't want your ability to make your house payment to hinge
upon your company being an overnight success. Start with what
you can manage, financially and time-wise, and scale up as your
business grows.

2. Find Your Niche.
The days of general stores are over. Particularly online,
consumers are looking for stores that specialize. You have to
find a need — something a specific group of people want, but
can't get at the big chain stores — and fill it. Advises
Lesonsky, "You can't compete with the big guys, so you have to
find where the big guys aren't, and go into your niches."

3. Have an Online Presence.
Even if you're not planning to start an online retail business,
consider that the Internet can still play a valuable role in
your company. Having an online presence eliminates the
limitations of physical location and broadens your customer base
by, literally, millions. It's also a great tool for promoting
yourself and letting people, even in your own area, know that
you're there, and what you're doing.

4. Refuse to Quit.
Successful entrepreneurship requires creativity, energy, and a
drive to keep going when you fail. Few people realize that
before Bill Gates created the extremely successful Microsoft
3.0, he created a Microsoft 1.0 and 2.0, both of which flopped —
but he kept at it. And that determination and refusal to give up
is what will separate successful entrepreneurs from unsuccessful
ones. Says Lesonsky, "Arm yourself with optimism to get beyond
the `No' or the trouble. There's nothing wrong in failure — just
don't repeat the same mistake."

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