Contrary to what many people might say, you don’t actually need any experience if you want to start a business. You don’t need to have a string of failed (or successful!) business ventures under your belt in order to build up your very first business. All you need is a dedicated attitude, a solid core idea, and the willingness to execute on that idea so that it becomes a reality. It’s never impossible if you’ve got the willpower, so here’s how you can start a business with no experience!
Table of Contents
Consider your skillset
The first step to starting your own business with no experience is to think carefully about what your skillset might be. That means considering what you have that others don’t; not just your area of expertise, but also any abilities that might set you apart from others. Are you a particularly quick or rational thinker? Do you have the ability to spot trends or niches that others don’t? Whatever your answer to this question, it’s likely to form the backbone of your business idea.
Pool your resources
After you’ve thought about what your unique skills are, it’s time to take stock of all the resources you have at your disposal. Businesses are often funded through business loans or investments, so you don’t necessarily need a lot of money, but if you do have savings, it would be a good idea to use them if you can. You may also wish to seek out personal loans if you don’t want to or can’t apply for business loans and you don’t want to involve investors in your creative process.
Come up with a solid idea
It’s been said before, but a business idea absolutely does not need to be new or innovative. In fact, if your business revolves around a proven idea, then you might find that investment comes more easily. Of course, you’ll have to convince investors that you have a way to enter a market that isn’t already catered for, but your idea just needs to be a good one, not necessarily a new one. Don’t worry if you haven’t found the next big thing that’s going to blow the market wide open.
Get yourself a business partner
If you don’t have much experience in the world of business, then it stands to reason that you should look for a business partner who might be better-versed in that world than you are. Be aware that if you do sign up with a business partner, they may want some control over the direction in which your business goes, but if that’s a sacrifice you’re willing to make, then you could benefit enormously from partnering up with someone who does have experience.
Network as much as you can
New entrepreneurs need all the help they can get, and that’s where networking comes in. It’s important to talk to as many other entrepreneurs as possible, so try visiting a lot of different entrepreneurial events in order to build up a network for yourself. You can benefit from other entrepreneurs’ experience and advice in this way, and you’ll also know who to turn to when you need certain services that other businesses can provide. It really is a win-win situation!
Don’t set out to “win”
As a new entrepreneur, you might be thinking that the most important thing you can do is to achieve “victory” over other entrepreneurs. This is a somewhat outmoded mindset, though, and while you’ll certainly hear other entrepreneurs espousing it, the way to run a small business in the modern era is more to collaborate than to compete. Don’t think of other businesses as enemies or even rivals; think of them as friends with whom you’re sharing a space. It might sound a little wishy-washy, but it works wonders as a mindset.
Don’t be afraid to ask for help
Especially in the early stages of your business, there is absolutely no shame in needing to ask for help from your friends, family, or network of other business owners. You can admit that you don’t understand or know something; it doesn’t show weakness to do this, but rather strength, because you’re admitting there are ways you can grow and become a better business owner. Always be confident and charismatic, but don’t be afraid to admit you need help.
Don’t give up, even if you fail
A large percentage of small businesses fail within their first year or two of operation, and an even larger number fail within their first five years. It doesn’t mean that you, personally, are a failure if you don’t manage to get your first business venture off the ground. All it means is that this wasn’t the right opportunity for this moment. Pick yourself up, dust yourself off, and think about what lessons you can learn from this rather than simply accepting defeat.
Don’t be scared
Chasing business opportunities is not always easy, especially when you’re a new entrepreneur. The tendency can be to be a little risk-averse and not look for the best business opportunities you can, because you’re afraid you don’t “belong” in those worlds, or you don’t have the experience to translate the opportunity into success. However, any good business owner will tell you that real success lies in branching out and understanding how to expand your business, so when it comes to growth, don’t be afraid.