Business Basics: Top 3 tips for new business owners


One of my first jobs was in high school at a Builders Emporium in 1978 (a precursor for today’s home depot).  Before the interview I read up on various building trades, and then repeated a bunch of jargon back in answer to interview questions.  The manager seemed impressed with my knowledge of various fields and told me they needed a “floater” to work every department.

Of course I had no experience in plumbing, electrical, home repair, garden  et al. and was initially terrified stationed at each of these areas. When I found out they had no training program to help new employees, I almost quit before I started. However I needed the money. So I basically had to learn quickly since helping customers, while having no idea what you’re doing, is frustrating for both parties.  This company went bankrupt soon after I left, but today many companies stand in its place. Today I realize that it was this job that propelled me into a life as an entrepreneur. Here is what I learned.

Top 3 tips for new business owners

1.  As a new business owner you have to wear many hats, so if you do not know how… find out now!

When asked for advice or information, you have three responses – I don’t know, let me find the answer, or I’m not sure, what do you think?  The only viable responses are the last two, and it’s important to jump on things right away while it’s fresh in your mind.  After some time it is possible to hire more capable people, but ultimately the response falls on you, if you want your endeavor to be successful.

2.  You must be totally committed to your ideas and your employees.

Once you agree to something you must follow through or your customers will become disillusioned and go somewhere else.  The same goes with employees. If you’re not committed to proper training, monetary incentive and a great work environment, they just might work for, or become, your competitor.

3.  Competition is fierce but not a four letter word.

As entrepreneurs you often have a short window on good ideas. In today’s interconnected world people will steal ideas, copy your patents, pillage employees, undercut prices and wage smear campaigns.  However your competition can be a good thing if you realize that people copy success not failure.  This is one way to prove the viability of your ideas.  In the end competition will force you to stay on top of your game and give you the push you need to stay on top…. Don’t Complain, Conquer!
Top 3 tips for new business owners is just one of our many great business articles, so read on and never give up.