10 Aspects to take into account when starting a venture or business - Newport Paper House


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10 Aspects to take into account when starting a venture or business

There are many recommendations that you will hear from friends or family, when you tell them that you want to start a venture or business. It is good to put these tips into practice, as long as they come from a source that has experience in the subject and not only speaks to you from love or affection; We know that everyone wants them to succeed, but not everyone knows or knows what those tools will be that will lead you to it.

All entrepreneurship takes dreams, work, perseverance and determination. The same in the case of a business, when we make the decision and finally say “Yes, I will start my business”, there is a high load of responsibilities that comes with it.

But, will a venture be the same as a business? Generally, to have a business, we all start to create projects that we are passionate about and when we realize that they give results, we can formally execute it on a legal level. Therefore, the venture would be a first step and the business would already be its consolidation; but there are certain recommendations that would apply in both cases:

Make sure you offer something different

Don't be one of the crowd, don't settle for knowing that since there is a certain area or product that generates money, you will also work on that.

Execute that madness that you have in mind, that perhaps you will not dare to do yet. Of course, determine how profitable it can be, evaluate all aspects, if possible, carry out a small survey to find out people's opinions.

Study the market

If you still have nothing in mind, but you need to start a business; Study the market, recognize the needs of the sector where you plan to develop your project.

If it is a business, identify if there is an absence of restaurants, bakeries, clothing stores, candy stores or recreation spaces. If you find that any of the above is really needed, put your touch on it, be recreational and see to it that they want to visit you.

If it is a venture, identify who else is thinking the same as you, what you can do to differentiate yourself and what would make them more inclined to you, to continue playing it safe.

Gather a good human team

Make sure that those who work next to you are professionals or are really trained for the position they are going to assume within the project.

All spaces must be managed in the best way. Your success will also depend on that.

Be constant

Constancy is a value that will determine the triumphs and failures in our life; If we are not sure that we will be firm with our ideas, we will not be able to execute them. An extraordinary project will be of no use today, if tomorrow you abandon it, or start to replace it with something else.

Delegate functions

American businessman and philanthropist Andrew Carnegie once said, "You won't make a great leader if you want to do everything yourself or just get the credit for it."

If your desire is to succeed, you must delegate responsibilities to people who are able to assume it. It is not assuming for the sake of assuming, if you are not an accountant, look for an excellent one, if you want to set up a pastry shop but you are not a pastry chef, even if you want to do everything yourself, you must accept that by relying on other people, you will achieve what you want, but You are the best speaker, look for a person who is in charge of publicizing your product or service.

In the case of enterprises, it happens a lot that by not having a capital, they want to assume all areas by themselves; at the beginning that is not bad, but you could seek advice from specialists who handle the information that you do not.

Recognize the needs of your customers

Ignoring the recommendations and requests of your clients is a big mistake. The moment they find someone who offers them what they long for, they will change.

Be open enough to detect that you need to make changes, not because it's wrong, but because you need to improve. Every day there are different things, every day we think differently, right? Well, we cannot expect our clients to accept the same thing every day, they may like it at first, but in the long run, they will leave.

Lean on Social Media

It is a mistake of many to start a project and not advertise. "Advertising is obtaining profits in the short, medium and long term."

If you have the capital to start your business, invest in advertising, make yourself known, show what you are doing. Social media has extensive tools that will allow you to reach more people and better.

Facebook, Instagram, YouTube or a web page can help. Identify the target of your public and ages, according to that, create a strategy that can be effective when starting by these means.

If you do not know the subject, we fall back on point number 6, delegate functions to someone who does manage the area.

Define where 100% of your attention will be

There are people who by nature are creative, every day many projects arise. But there is a problem with this, we must prioritize which one you will dedicate your attention to, because if you dedicate 25% of your time to several projects, they will not be successful.

Stay up to date legally

Comply with tax procedures, declare the respective taxes, be transparent.

If you are an entrepreneur, remember that you must register in the RUC (Unique Taxpayer Registry), to obtain an identification number that will allow you to process your invoices and thus respond to your clients as it should; they will surely ask you for an invoice and you will go one step forward providing an excellent service.

If you are a craftsman, painter, carpenter or want to become independent in your profession, you have the obligation to register to comply with the laws and the provisions of the SRI (Internal Revenue Service).

Get trained, Network

One of the worst mistakes in life is to believe that we know everything. There are always new things to learn and more when we want to continue growing not only personally but professionally.

Go to courses, workshops, conferences, study what is related to your project; create a network of professional contacts of people who are in the same area or interested in what you do. It never hurts to listen to specialists and apply some techniques in our business or venture; limiting oneself will be lethal; will remain in the past.

If there is a recommendation that is generic, it is that you should be trained. Only in this way will you acquire ideas to innovate, you will recognize that you must delegate, they will affirm that perseverance is the basis of success, that being legal does not run any risk and that by dedicating yourself 100% to your project, you will know how to identify what is right and what you should improve.

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