1. Do not invest your own money
Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
1. Not necessarily. Greater risk, greater reward.
2. Obviously. This is the number one factor to success in any business.
3. No-brainer. Look at what happened to Blockbuster. In 1 decade they lost everything to Netflix.
4. Time is of the essence. It is the most important thing we have. If you do not respect your time, and think about starting a business, you better think twice.
5. Nothing hurts a business more than overestimating goals. It is better to slightly underestimate and over-achieve than always overestimate what can be done and constantly under-achieve.
6. I was thinking of this the other day. I always used to compete on price, and wonder why my competition could sell at higher prices... usually WAY higher. And the other day I was in a supermarket that sold the same thing as Walmart but 10% more expensive and wondered why do people shop here? But there I was...