How To Start A Company Without Any Business Skills
Thousands of successful entrepreneurs started their businesses without any business skills. While they met some roadblocks and failures on the way, some eventually found success.
Starting a business without any business skills is a widely forbidden move. Every institution and 90% of individuals speak largely against it. While starting a business with no prior experience in the field you’re venturing into has led to the failures of so many small businesses, a few other entrepreneurs who started their businesses without any business skills have recorded success.
How did these few entrepreneurs do it? What steps did they take? What exactly did they pay attention to? And how did they run a successful company without any business skills?
From the success stories of successful entrepreneurs who built a million dollar (and billion dollar) business without any business skills, 5 key attributes stand out!
Here Are 5 Tips To Start A Company Without Any Business Skills:
1). Have A Co-Founder With Complimentary Skills & Some Business Experience:
Starting a business in a field you have absolutely no knowledge about will most likely lead to failure. This is the core reason people are usually asked to work in a particular field of interest before they start up a business of their own.
If you’re starting up a business without any prior experience in that industry, it’s important you get a co-founder that has both complimentary skills and some experience in the field.
Starting this way ensures there’s someone in the business who knows what he/she is doing, and that you can learn faster about how to run a business in that industry from the person’s operations.
Starting out without an experienced co-founder, would almost likely lead to failure.
2). Read, Watch, & Listen:
When you have no business skills, it’s important you spend a lot of time reading business books, listening to experienced entrepreneurs talk, and watching what other successful competing businesses are doing.
Reading saves you years of trials and errors. The knowledge acquired takes you straight into what works, and lets you know what doesn’t.
By reading, you’ll understand how to better approach the market, how to treat your customers, how to improve your services, and how to market your products right.
While studying, you could attend various business management trainings. Some business classes you should pay attention to are leadership training programs, presentation skills training, customer service training, negotiation skills training, management training, sales training, communication training, and a host of other skill acquisition trainings vital to your success as an entrepreneur.
When you have no business experience, reading will help you acquire knowledge fast.
3). Build A Network:
When you start a company as a novice, you must endeavour to attend several relevant networking events in your industry, hangout with like-minded entrepreneurs, look up to successful entrepreneurs in your field, and more.
If you’re into tech, you should look out for networking events. An example in Nigeria are events hosted by TechCabal. Fashion focused startups can lookout for fashion events, so they can meet other fashion entrepreneurs, and learn from them. Another popular event done in almost every country in the world once a year, is the Social Media Week. Here, like minds gather to talk about various subjects ranging from social media, to marketing, tech, fashion, and a host of other insightful subjects.
By building a strong network, you’d learn faster from similar entrepreneurs, increase your chances of building a better performing business than you would have, and have an increased exposure to potential investors.
4). Get A Business Coach:
Business coaches are perfect fits for entrepreneurs who have little to know experience. Although some business coaches also work with successful entrepreneurs, inexperienced entrepreneurs are the most popular fits for their services.
By getting a business coach, you’ll learn how to run your business faster. This is especially useful because part of the ways you can get coached is by studying someone who has been successful at it.
When searching for a business coach, you need to lookout for someone who has experience, the right attitude, expertise in their field, is willing to share their knowledge, is accessible, has connections, has high expectations, and enjoys teaching.
5). Or Just Buy Out A Successful Existing Business:
Sometimes, the best way to get into a specific industry is to just buy out a successful company. This option is mostly available for only those who have a lot of finance (maybe a large inheritance or a huge fund).
Buying out a successful company saves you the trouble of trying to claim some market share. It makes you start out with a strong client base and already existing revenue model in place.
When you buy out a company, what you literally do is to acquire the company’s assets, customer base, employees, debts, and more. After the acquisition, you could have the existing management continue running the business, or you could step in yourself.
With little to no experience in that industry, you could let the management remain in control of the day to day operations, while you try to fully understand the way the industry works.
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What are your thoughts on these 5 tips to start a company without any business skills? Let me know by leaving a comment below.
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