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10 advices for a NEW business venture

1. Focus. Focus. Focus.
AVOID getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.

2. Know what you do. Do what you know.
Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a GREATER CHANCE of success. If your heart isn’t in it, you will not be successful.

3. Say it in 30 seconds or don’t say it at all.
From a chance encounter with an investor to a curious customer, always be ready to pitch your business. STATE your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.

4. Act like a startup.
Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively. Especially the MALAYS, they are keen on side-tracking the money, to these capital wastage causes.

5. Learn under fire.
There is no such thing as the perfect plan or from a book. No perfect road or one less traveled. NEVER JUMP right into a new business without any thought or planning, but don’t spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. Learn from your mistakes & never repeat.

6. No one will give you money.
If you need large sums of capital to launch your venture, find a starting point instead of an end point. SCALE DOWN pricey plans and expenditures. Simplify the idea until it’s manageable as an early stage venture. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.

7. Be healthy.
WIll be much more productive when you take better care of yourself. Entrepreneurship is a LIFESTYLE, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don’t make excuses. Eat right, exercise and find time for yourself.

8. Don’t fall victim to your own B.S.
Don’t talk the talk unless you can WALK THE WALK. Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. In short, put up or shut up and just DO IT.

9. Know when to call it quits.
Know when it’s time to WALK AWAY. If your idea doesn’t pan out, reflect on what went wrong and assess what you would have done differently. Failure is inevitable, but a true entrepreneur will prevail over adversity, will utilize these hard-learned lessons for future venture.

10. Prayers.
Spiritually you need to be ready with fear for failure. It will be taken care of by DIVINE powers.

Thanks Mr Salim for sharing.
Sent by DiGi from my BlackBerry® Smartphone

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