Terrence Schenen’s Tips For First Time Business Owners

Terrence Schehen

May 23, 2022

Terrence Schenen

According to Terrence Schenen, there are many things you need to know about starting your own business, but perhaps none of them is more important than knowing the industry you’re entering. Many first-time business owners don’t realize that 20% of new businesses fail within the first two years. Five-year failure rates are even higher, with only twenty-five percent making it to 15 years. In order to succeed, you need to be constantly learning and adapting to the industry. Here are 5 tips for first-time business owners to be successful:

Build a business that solves a problem

There are many things to consider when building a business, including identifying a specific problem or challenge. A business can be used to help others and should be centered around solving a problem. Identifying a problem is a vital first step in creating a successful business. By solving a problem, you can improve the lives of many people. Here are some ways to start thinking about a problem you want to solve.

Terrence Schenen advises to Find a mentor

If you want to start your own small business but don’t know where to find a mentor, you can use professional associations to connect with people who have already built successful businesses. These organizations are nonprofit and dedicated to furthering the interests of their members, so they are also good places to find mentors. Professional associations also host events that help people find mentors. These people can help you with branding, customer base growth, and scaling. Many of these people also mentor women business owners, and they can help you overcome some of the barriers that can get in the way of your success.

The Small Business Association and SCORE partner to connect small businesses with volunteer mentors. SCORE offers networking opportunities and mentors in person or online. There are also events in your area that are specifically geared towards small business owners. Terrence Schenen notes that there are also free networking events to help you connect with business professionals in your area. A mentor can share their experiences and help you make the most of them. By connecting with a mentor, you will learn from someone who’s been in your shoes and who knows exactly what it takes to succeed in business.

Reduce distractions

While establishing a successful business, one of the biggest challenges is dealing with interruptions. We are all bombarded with information and distractions all the time. In order to remain productive, we must learn how to manage these interruptions. For example, we can’t say no to every opportunity that comes our way, and that’s why we need to learn how to limit the number of things that occupy our time.

To help you focus, make a schedule for yourself. Set a time each day that you’ll start working, and plan your day accordingly. Try to arrive at work at the same time each day, and schedule your tasks the night before. Once you have a schedule, stick to it! Once you’re able to do your tasks, you’ll have a clearer head and be more effective.

Develop a business plan

There are many things to consider when developing a business plan for first-time entrepreneurs. Terrence Schenen points out that your objective is to convince investors that you are a good fit for the business. A business plan should describe your vision and explain how you intend to reach it. You also need to explain your team members’ qualifications and capabilities. You can also include your legal structure and the location of the business. This way, investors can get a quick overview of the company and determine whether it is a good fit for the team.

A good business plan should contain a clear picture of your goals and objectives, your resources, and potential costs. It also helps you project future financing needs. It also helps you highlight any interesting aspects of your business that may attract funding. As an example, a business plan for Tesla Motors explains, “Tesla Motors was started with a business plan.”