Tips for New Entrepreneurs


19th October 2021
2020 was a disaster considering the impact the unfortunate circumstances have had on people’s health and wellbeing. However, for those with an entrepreneurial streak, it was a unique opportunity for new ideas to develop in response to the situation and certain businesses bloomed in the process. In spite of the global chaos and the uncertainty, fear, tension and misery that came with it, there were businesses that flourished as new necessities cropped up. The trend of new business launches has continued throughout 2021 and as we reach the tail end of the year, we believe it will continue into next year as well.

Even now, as economies around the world are finding their footing and bouncing back, there is still scope for new ideas to materialise into successful businesses. If there is an idea looming in your mind, you must set it in action and try to make it work. If you are a new entrepreneur, we have some things that we would love to share with you to help you in your journey:

Do your research very well. People are often driven by unrealistic positivity. Just because a certain business idea clicked for someone else does not mean that if you are venturing into something similar it will necessarily succeed. Weighing the pros and cons of every possibility is of utmost importance.

You can always start by searching for ideas in your own community. Look into issues concerning your community and you might find something worthwhile in the process.

Your skills are your strong point. It is not only about finding what is trending and jumping headlong into it. If you have skills in specific areas, try first to use them to your advantage by finding ways to use your experience, skills and connections.

Set clear and practical goals. Plan one day at a time. Yes, long term goals are important. But when in the early stages of your business, effective planning of the short term will help you achieve your long term goals. Successful business people are always organised and goal-oriented. Their targets span from daily, weekly, monthly to even over the course of many years.

Building a reliable team is important, as is delegation of authority. As an entrepreneur, you need to have a team that you can trust. Teamwork is the foundation of a successful company.

Certain calculated risks are always welcome. Playing safe will never take you ahead. Take risks, but not the kinds that are reckless or stupid.

If your plans are in motion already, there could be a point where you might require financial support. At times it is not just the finance that is valuable, but also the superior level of expertise that comes through special consultants and experts.

If you have an idea or a potential option in which to grow your business, do not shy away from opportunities. Find the resources that will help you grow. If you are a small to medium-sized business in Portsmouth or the surrounding area, get in touch with us for specialist business support.