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Bethenny Frankel - Ask Bethenny How Did You Start Your Business?

Ask Bethenny: How Did You Start Your Business?

I was young when I started my business. I didn’t have a family or a husband. It was my only baby. It was a little easier for me then because I wasn’t responsible for anyone other than myself, but I truly believe you can start a business at an stage in your life. Just be prepared, the road to entrepreneurship is filled with twist, turns, and dead ends, but if you’re passionate and persistent you can successfully navigate it all. Here are 5 tips for budding entrepreneurs.

1. Don’t be afraid to fail.

Unless you have all the money in the world and all the right people set up to make your business successful, you’re going to  go through a lot of bumps and mistakes. But, that is where I have learned the most…from my mistakes.

This is really, truly when you’re going to understand parts of your business that you may not have. Don’t get down when you fail, because failures are blessings in disguise.

2. Jump in… feet first.

We spend a lot of time thinking about an idea, but the only way to know if you have a profitable business idea on your hands is to test it out in the marketplace.

3. Know that is takes a long time to get profitable.

Be prepared to make your company your life, that means working 7 days a week 24/7 for as long as it takes. You also want to make sure you have a bit of a financial cushion since profits won’t start rolling in for months, maybe ever years.

4. Don’t get down.

If you’re passionate it, put everything into your business. If you’re not prepared to make that kind of sacrifice you may want to reevaluate your passion for your idea.

5. Know your vision.

It is essential to do your research, and to be knowledgeable about the space you are entering. You should know all there is to know about your competition and any foreseeable challenges. You should also have a plan in place to execute on that vision.

I hope these tips help make it a little easier for all of you entrepreneurs out there. Just remember, the only thing that can stand in the way of your success is you. No one else can stop you from achieving all of your dreams.

If you have any questions, share them with me in the comments below!