How to Start a Small Business without any Business Skills?


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How to Start a Small Business without any Business Skills

There are many successful entrepreneurs who started their business without any business skills. Starting a business without any business skills is a difficult task and most people speak against it. Nearly 40% of young people of the age group 16-30 years are go – gathers and prefer starting their own business than working under someone. It is assumed by most of us that having a business background or business skills is important for starting a company but it is not true.

Business skills can be acquired over a period of time and having a unique insight into your industry, or a core competence that others don’t have that makes you uniquely qualified to start a company. Having a vision, passion for the product and perseverance is the most important thing for starting a company. There are many entrepreneurs who have recorded success in starting a company without any business skills while others have failed miserably. What did these successful entrepreneurs do for success? What steps did they take?

After studying the success stories of these successful entrepreneurs we have come across a few important steps to be followed for success in business and they are as follows:-

SELECTING A FIELD , ACQUIRING KNOWLEDGE AND KNOWING THE SCOPE :

It is necessary for an individual who wants to set up a company without business skills to select a field in which he has interest. Starting business in a field you have no knowledge about will most likely lead to failure. This is the core reason people are advised to work in their field of interest.

One must acquire knowledge about the product and study the scope of it. For a successful business it is necessary that the product has a good scope.

YOU NEED TO HAVE SOME CASH :

It is not possible to set up a company with no cash in the bank . Having a start-up plan and clear idea of how much money is needed is an important step for starting a company.

READ , WATCH AND LISTEN :

It is important to spend a lot of time reading business books, listening to leading entrepreneurs talk and watching what other successful competing entrepreneurs are doing. Having innovative ideas is important for standing out in the crowd and that can happen only if you are aware of what is currently available in the market.

Reading and researching will save you years of trials and errors. You will gradually understand how to approach the market, treat your customers, improve services and market your products right.

HAVE A CO-FOUNDER WITH COMPLIMENTARY SKILLS AND SOME BUSINESS EXPERIENCE:

If you are starting a business without prior experience then it will be helpful to have a cofounder that has both complimentary skills and some experience in the field. This ensures that there is someone in the business who knows what is to be done. Financing the company also becomes easy and it saves time.

BUILD A NETWORK :

Look out for networking events in your industry and hangout with like-minded entrepreneurs as you are new and have little experience. Communicating helps to develop business skills and new ideas.

Building a strong network helps to learn faster, increases chances of building a better performing business and exposure to potential investors.

BUY A SUCCESSFUL EXISTING BUSINESS :

This is an option only if you have a lot of finance. Buying a successful company saves the pain of setting up a business, client base, employees etc. It is a shortcut in having a successful business where you have to just need to control the management of the day to day operation while you are trying to understand the way the industry works.


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