Experts help businesses at all stages of development with direct and venture capital investments, lending and management participation. Many of the clients are newly minted entrepreneurs at the promising idea or MVP (minimum viable product) stage.

Therefore, they know from their own experience what mistakes young businessmen make most often. Here are 7 tips for aspiring entrepreneurs that will increase their chances of starting a strong business.

Get to grips with the law

If you want to build a serious adult business with the prospect of scaling, it needs to be official. To do this, you need to familiarise yourself with the laws of the country in which your company will operate. It takes time, patience, and inspiration to start a business or register a legal entity, choose a taxation system, obtain all the permits, licences, and certificates, and organise your documentation. When it comes to starting a business, entrepreneurs are so passionate about their ideas that they forget about their friendship with the law or put it off until the last minute. Then the paperwork takes away their energy, tires them out, and eats up some of their enthusiasm and motivation, and they will need their reserves more than once in the next stages. Experienced investors advise having the contacts of a lawyer you know who will enlighten you on all the intricacies of the case and be able to explain them on your fingers so that you can prepare your business for legal operation quickly and painlessly. Additionally, I recommend that you check out the Legjobb Kaszino resource for useful information about reliable gambling platforms and the legal aspects of their activities.

Plan your activities

90% of the success of an enterprise depends on numbers, plans, calculations, and only 10% on the owner’s intuition. We all like to go our own way, but it’s better to start a business according to a proven scheme.

• Analyse the market

You don’t have to be a super-innovative startup and reinvent the wheel. A new, untapped niche with no competitors is a minefield. Think about why this happened. Perhaps there are still no players there because no one needs such a product or the market is too small for the future.

There is no need to do something that no one has done before. If this is your first business, set yourself the task of creating a product that will outperform your competitors in something specific. This will be your unique selling proposition.

• Create a business plan

A business plan will help you not only assess the project’s potential for yourself. It is usually the first document that people pay attention to when you want to take out a loan from a bank, receive government grants and subsidies, and attract investors.

By the way, when drawing up a business plan, I advise you to keep in mind the following thought: we overestimate what we can do in a year and underestimate what we can achieve in ten.

• Calculate the financial model

Many businesses fail precisely because of financial losses, for which the owners then pay for years. A financial model puts budgets in order. It takes into account income, expenses, investments, prices, etc.

It is important to be flexible and create different development scenarios: optimistic, basic, and pessimistic.

• Write down business processes

Each business process has a specific goal that is subordinated to the overall goal of the company; an employee who is responsible for it; resources; a quality control and error correction system; and its own KPIs. It is processes that determine how a company operates: looking for employees, solving customer problems, manufacturing products, and scaling up.

Young entrepreneurs especially need clearly defined business processes: this will help them avoid chaos and start working efficiently right away.

Do what makes money

Often, start-up businessmen try to grab hold of everything at once and build a “beautiful” business from day one – with a pompous mission, vision, strategy, and creative identity. Moreover, today, companies with well-thought-out communication are the most successful.

I would not advise focusing on abstract things at the beginning. You should remember that the primary task of a business is to make money by solving a consumer’s problem. Coming up with the perfect brand name, finding the right logo, setting up social media, and reading a few more popular business books as a team is useful, but it’s not something that will make your business profitable quickly.

Start with an MVP. In the beginning, you need to figure out one thing: can your business sell and make a profit at all? Is your product or service needed by the target audience?

Delegate

Another piece of advice is not to take on too much. Beginners want to keep everything in their hands, but the main resource of an entrepreneur is time. You shouldn’t take on every process yourself: learn to delegate.

A good business is one that can continue to operate effectively when its owner changes. To do this, you need to build a solid infrastructure inside, invest in people, and gather talented professionals around you. Remember that looking for people to fill vacancies is not always a winning strategy. If you see a valuable specialist in the market who will be useful to the company, hire him or her.

Find a mentor

A mentor is an experienced businessperson with an unbiased outsider’s perspective. They will see weaknesses and suggest opportunities for growth. In addition, it is networking: useful acquaintances and new contacts.

Usually, mentors have also been helped in their time, and now they want to share their knowledge. Some entrepreneurs engage in mentoring when their business is off season. You can find them through your friends, on social media, on paid services, or through competitive accelerator programmes.

Take some rest

When a person starts a business, they start working 24/7. Especially at the start-up stage, when you have to think and foresee everything for everyone, and the responsibility for success lies only with you. This is one of the most obvious but common mistakes. Enthusiastic entrepreneurs overwork and fill their minds with thoughts of business, which is the first stage of burnout. Irregular working hours and too much workload lead to exhaustion and loss of any desire to go further. In hiring, income is determined by the amount of time spent in the office. In business, it is the number of things done during this time. Define the boundaries of your working day and try to work as productively as possible during this period. For example, set clear tasks: instead of finding a supplier, make a list of 10 potential suppliers and contact the most suitable candidate. Spend the rest of your time on rest, hobbies, and resource recovery. I advise young entrepreneurs to learn to abstract themselves and distance themselves from work: the business needs a fresh leader. Additionally, do not forget about the possibilities of the latest technologies, such as SMS deposit casino, to optimise business processes and save time.

Do not forget about training

Making mistakes and gaining empirical experience in practice is good, but having a theoretical basis is even better. Take courses and trainings to improve your skills and gradually understand all aspects of doing business: marketing, finance, management, sales, communications, recruitment, etc.

Moreover, many free educational materials for aspiring entrepreneurs are available in the public domain: on YouTube channels and educational platforms.