7 important things every entrepreneur should know before starting a business

Going into a new venture is one of the scariest things anyone could do.

This explains why there are so many people with great ideas and only a small amount ever achieve their dreams.

Pulse Nigeria is here to help you out with some important pointers.

Here are seven tips every first-timer should know before starting a business.

1. Be prepared to take risks: The saying, ‘no risk no reward’ is absolutely true and applies to business. In order to get rewards, you have to be willing to take the risk.

2. Be hungry for knowledge: There is an Albert Einstein quote that says, “once you stop learning you start dying.” This works in every sector of life. As a first-time entrepreneur, you can not afford to act like you know everything because you don't. So, keep yourself open to learning opportunities. Read everything, talk to people, watch videos, do whatever it takes to expand your knowledge.

3. Use social media and apps: Being an entrepreneur can be easier in 2017 if you use social media and apps. For instance, apps like Linkedin are very effective tools in business, so, take advantage of it.

4. Don’t be afraid to work with others: First-timers often hesitate to work with others usually because they are being extremely cautious or just suspicious. Whatever your reasons, you have to set them aside and learn to work with others in your field. This will help you develop your networking skills.

ALSO READ: 5 networking tips for today's entrepreneur

5. Find your brand and stick to it: Starting a business without a brand can be tricky since it leaves you open to issues. This can be avoided by discovering what your brand is. When you figure out what this is, Gary Vaynerchuk, American serial entrepreneur, offers the following tips on getting your brand out there. He says:

a.) you decide if you’re ready to put yourself out there,

b.) use email marketing to its full advantage,

c.) make video content (the right way),

d.) create as much content as possible,

e.) never automate,

f.) keep scaling your content,

g.) hustle.

6. Be open to advise and criticisms: As a first-timer, you will get loads of advice and criticisms on the other hand. Get ready for that. However, you have to learn to have a tough skin for the criticisms and a discerning mind for the advice. In the long run, this will teach you to trust your gut.

7. Keep going: Being an entrepreneur is not for the faint hearted. It is not for people who are afraid to fail. It is for people who are resilient and ready to get up when they fall and keep moving. This is the sign of a true entrepreneur. So, be ready to failures and never, ever give up until you accomplish your goal.