Tips for Entrepreneurs in Medellin: Part #1

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At ESPACIO we believe that there are too few incentives for entrepreneurs in Medellin. This is the reason why we make an effort to offer entrepreneurs the best resources we can. Our hope is that experimented entrepreneurs can help younger generations grow as entrepreneurs. With all this said, here we present our first five tips for entrepreneurs working on their first venture.

  1. You need to have a clear focus. Many entrepreneurs feel they need to jump all the steps of entrepreneurship at every opportunity. For those who are just starting it is important to recognize that some opportunities are wolves dressed as sheep. If you decide to work on several initiatives at once, you will weaken your focus, which will limit your productivity and effectiveness. This focus can be anything – a university social network, a donor walls business, whatever you feel your calling is.
  2. Work on what you are good at. You should not start a business simply because it will make a lot of money, or just because it is sexy. In fact, you should do what you love. This means you should build your business around the ideas you love, the things you can do and your knowledge. Likewise, you should be happy growing your idea day by day. It is important to make a big effort for your company otherwise it will not grow.
  3. Saying in 30 seconds. This idea has become very popular in recent year, but it has some common sense into it. You will be introduced to curious customers and investors and you need to be able to express your idea very quickly. You should present your services, your objectives and mission in a fast and concise manner. It is better to fit your idea in Less than More.
  4. Surround yourself for success. It is impossible for an entrepreneur to have all the abilities to make its business grow forever. Eventually you will need the help of others, so it is important not to play Mr. or Miss know-it-all. Surround yourself from talented people and mentors who can help you become a better leader and entrepreneur. Find people who share your interest and business goals, and make sure to show them you will be a great long-term partner.
  5. Be realistic about your expenses. You need to forget about your exaggerated expenses plan. Once you realize you are a startup you need to forget about an expensive office, car or house. Your wallet is your company´s life support system. Pay attention to every cent and make sure you check every expense. Try to reduce fixed cost as much as possible, and eliminate overhead where possible

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