Invest as little money as possible. Start Small. Don’t act off impulse. Don’t invest money you need(or savings) into your idea. Invest money you save specifically for your business. Stop going out for a year and take that 7,000 you save to use as your start up. Use money you earn from your early business operations to further invest in your business. Example: Buy one truck for a trucking business; after a year take your earnings gained from that one truck to invest in another truck.
Have a well calculated plan and achieve your milestones within appropriate time intervals. Setting goals is a great way to build a foundation. Goals provide encouragement and motive and can help propel you to a better position.
Manage your time properly. “The key is not spending time, but investing it” -Stephen Covey. People often spend time on projects or hobbies that offer no end reward other than personal gratification. That is great. For entrepreneurs you must invest your time in activities that contribute to an end goal. Do not quit your job; just spend 3 hours on your project every night instead of watching tv or hanging out with friends.
Don’t loose sight of other priorities. You must keep your day job, you must not loose sight of family. In order to achieve your goal you will have to sacrifice all of YOUR free time.
Network and build useful relationships. Treat everyone with respect. Relationships must be beneficial to both parties. You give some you take some. You can not be a leach in business, nobody will want to deal with you. Build meaningful, mutually beneficial, relationships.
Research, learn more, continue mental growth. Learn more about your business/service. Learn all the ends and outs. Learn the tricks and tips. You can always learn more.
Learn from mistakes or shortcomings and improve these aspects. Offer customer surveys. See where you are receiving the least amount of income from. See if it is financially sound to keep these areas in your business; if it is find out how to improve these areas.
Analyze what your strong points are and capitalize off of them. What are you selling the most of. What is resonating best with your customers/peers. Take advantage of these areas; offer more product lines derived from such products, spend more on advertising these products, charge more for these products.
Take advantage of any opportunity, it may be the one that changes everything. Invited to an event? A fair? A convention? Go. You may find it utterly boring or you may learn useful information. You may meet somebody who will change your company forever.
Ignore skeptics if you know your idea is feasible(if you invest your life savings into bitcoin or a store with little to no research then maybe you should listen to skeptics). People like to criticize others. Many successful businessmen were once crucified. If you are still taking care of your family and financial obligations, ignore them.
Conduct extensive market research. Analyze the segment you are trying to enter and determine if it is plausible. Continue to make decisions based off of your analysis; you must be versed in the market you are occupying.
Stay in your lane. If you try to compete with or overpower market leaders, especially in your early years, will you surely regret it. Just focus on your niche and provide the best work/product/service you can.
Do what others don’t. Work harder, offer better service, work on weekends. If you want to be the top 1% you have to do things 99% of people won’t do.