Every new beginning is difficult for entrepreneurs unless you have the necessary tips and knowledge next to you! (Read: The Hard Truth of Entrepreneurship: You Will Suffer). The 2 most important topics for discussion when you are about to start your own company are money and customers. That’s why we provide you with 3 must know tips which every new entrepreneur should follow.
Must Know Tip #1. Make valid forecasting assumptions for your business market value
Do not try to impress customers by promising them a huge amount of dollar market value because if in the end your business is not able to achieve such a big amount, you will lose your investors and you will receive zero amount of money. Hire people that have knowledge on business forecasting so as to help you predict a market value that is based on your business’ true cost, price, market, competitors, product. You must know, by doing this, your investors will understand that this market value is an honest value without exaggerating.
Must Know Tip #2. Provide paychecks that grow as your business grows
Like entrepreneurs, you are faced with two options. One option is to pay your employees a market salary with the hope that in the near future the company will grow so as to justify this high salary. The other option is to pay well below the market salary since it is a startup company. In this way the risk is shared between the employees and employers. One way to share the risk with your employees is to pay them a salary that is increasing as your company is growing. The decision is up to you! However, do not forget that risk is not something we should play with!
Must Know Tip #3. Dear Entrepreneurs! Make your customers be the first!
If you can make your customers feel that if they are your first customers, they will be given the feeling of exclusivity then this will attract a lot of people. If they are the first customers then this means they will help you launch the business too. Not only this, your first customers can take beta tests of your products and talk with them about your future plans. If you can test your product first, then there is no need to exaggerate the perfection of your product with the aim to attract more customers. This is it for the entrepreneurs must know tip #3!