What would be the best Business Advice you could give to someone who is thinking on starting up a new business of their own?
Stick at it and don't be surprised to see a loss for a long time before you see a return. Additionally watch the apprentice gives you loads of ideas and shows just how easy it can be to make money if you put the time and effort into it.
“Man cannot discover new oceans unless he has the courage to lose sight of the shore.” ~ Andre Gide People are usually afraid to take a risk in business, but that's the only way to be succesful. If you don't take a risk, you won't have a profit. Even our everyday life is full of taking risks (when crosssing a street or even driving a car), so we shouldn't be afraid to risk in business too!
Go with things or fields that you have an innate interest of or a consummating passion because if you have it inside of you it would not be easy to just give up.
Some of my tips would be that you should never give up half way if you have already spent a lot of time and you know that you will be making bank in the long run. Money is never easy to achieve and it takes hard work to get every dollar. Listen to what AmazingP wrote "Go with things or fields that you have an innate interest". He is right and I suggest that you do things that you like or things that you know about.
Don't rush into things just because you know you can sell them. Do some research on the product, find a reliable supplier and work out what you are going to need and how much profit you can make off of each item.
It might be hard at the very beginning but never give up no matter how difficult it is. It is also applicable to me.
You have to have a business plan before you start. Then you have to be flexible as things change. You also should be willing to listen to others, and respond to the needs of your customers.
I completely agree. If the business is fun for you then you won't mind not making money or even losing money for awhile, and will be motivated to put lots of time into it. I started first website just for fun and on a topic I was really interested in, it was like a hobby and figured "maybe I'll make money someday". I see too many want to take shortcuts and look for the tricks and easy money. Those are usually doomed to failure. I also recommend lots of planning, have idea, strategies, and be willing to put the time and money into it as necessary. Doing things halfway doesn't always work. Also be willing to give up if something isn't working, failure is not a negative thing, just a means of learning what doesn't work!
