Getting Started – Tips for New Entrepreneurs from Billionaire Spanx Founder

When you’re getting started on a new business, there are so many things to keep in mind — budget, marketing, conquering a new market, getting funding, and countless other big (and little) picture items to think about. Chances are you’ve read some books written by amazing entrepreneurs, and heard many stories of failure and success. It’s from these stories that new entrepreneurs can see what worked (and what didn’t) for other entrepreneurs, who eventually became successful – sometimes not always on the first try.Image

In an article on Forbes.com, writer Clare O’Connor interviewed the youngest female billionaire, Sara Blakely, founder of Spanx, who shared her five key tips for new startup entrepreneurs.

1.       Don’t let ‘no’ stop you

You’ve heard this tip before — don’t let the word ‘no’ stop you from pursuing your dream. Not everyone will love your business idea, or will find a way to say no. But some of the best business men and women out there have had to endure hours of cold calling, networking and ‘door-to-door’ sales with their service or product. Many will tell you that although it may not have been fun, it did teach them persistence and the rewards of not giving up when someone says ‘no’.

2.       Don’t quit your day job

This one seems like a no-brainer. Unless you have some savings stored up, you should consider keeping your day job and trying your entrepreneurial hand on non-work hours. Research your business idea (and the competition) and test out the waters to determine if it’s something you really want to pursue. See how you like it and get your business up and running before you dive in full-time.

3.       Don’t seek validation

Many entrepreneurs want to tell friends and family about their idea – but Blakely cautions against it, noting that sometimes those closest to you can stop a great idea from becoming a reality. Those closest to us can sometimes deter us from taking that leap of faith and pursuing a dream (whether it’s due to time, money, family obligations or any number of reasons). Blakley suggests telling people who can help you about your idea, such as a business counselor, mentor, or industry leader who may be able to offer helpful advice to advance your venture.

4.       Hire your weaknesses

If you have some weaknesses as a business person (perhaps you’re not the best in sales, marketing or day-to-day management) you should seek out hires who excel in the places you may not. That way, you’ll strengthen your business by building a powerhouse team who can really do it all.

5.       Never stop evolving

You may have a hit product or service out in the market, but that shouldn’t stop you from striving to do more! Find things that you can improve upon and make them better. Seek out new markets or new products — to do this successfully, be sure that it fulfills customer need and makes sense for your business.

To read more in full story, please visit: http://www.forbes.com/sites/clareoconnor/2012/04/02/top-five-startup-tips-from-spanx-billionaire-sara-blakely/.

If you’re a longtime entrepreneur, what start-up tips would you offer to new entrepreneurs? Do you agree with all of Sara’s suggestions for new ventures?

Until next time… stay WISE!

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This entry was posted in bootstrapping, business, entrepreneurship, opportunities, skills, start-up ventures, Uncategorized, women in business and tagged , , , , , , , , , . Bookmark the permalink.

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