Since I was little, I watched how my uncles continued the family business throughout the years. I remember thinking that I wanted to keep doing that when I got older. Now my uncle always gives me the best advice to start a business. He knows Im really interested in the “business making” part so he always tries to include me in all the ways he can to prepare me well for when I get the opportunity to start a new business myself. 

 

My uncle´s name if Federico Toussaint Elosúa. He received an undergraduate degree from Instituto Tecnológico y de Estudios Superiores de Monterrey and a graduate degree from Instituto Panamericano de Alta Dirección de Empresa. He currently holds the position of Chairman & Chief Executive Officer of Grupo Lamosa SAB de CV and President of Centro de Competitividad de México. He is also Member of Coparmex Nuevo León and on the board of 9 other companies. Lamosa is one of the only Mexican businesses that have a history of more than 120 years in the construction market in Mexico.  He always tells me to watch videos of recognized business owners to hear what advices they can give me.

 

The first video I saw was a TEDx talk by Mark Leruste were he mentioned things that people don’t tell you about entrepreneurship. He mentioned that “from the 5.5 billion people in UK  business 76% where started by a one person alone. And the University of California states that 1 in 3 entrepreneurs experience depression.” I never thought of that until I heard it, so I decided to dig in deeper in the investigation about entrepreneurship.  I came upon many many videos about tips to how to start a business and I narrowed it down to 10 tips that can help you start a new business the right way.

 

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Number 1: Do what you love. Make it your passion. Make sure you like what you do even though there are going to be difficulties along the way.

 

Number 2: Keep a source of cash.Understand that profits won’t start coming right away so having a job while starting a new business helps you in getting through the start up process with enough cash.

 

Number 3: Get a team. Maybe you can have the idea but you will always need some level of support when starting your business. It's also a good idea to get a mentor so  they can guide you and give you helpful advice.

 

Number 4: Get some clients and make contacts. That can help you A LOT in the future.

 

Number 5: Write and plan a solid business plan so it can help you see what things are achievable and what are just not.

 

Number 6: Do the research. While starting a new business its obvious you have to ask questions, surf the internet so you can know what you’re getting into. You should also be informed about your industry, competition, customer behavior, market risks and opportunities.

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Number 7: Be professional. Starting a new business should show professionalism. You should convince them you are responsible and ready to manage a good business.

 

Number 8: Solidify your legal framework. Getting your business complied with available laws can save you from a lot of headaches and financial trouble in the future. To do this process you can contact a legal expert to help you with taxes and paperwork to know exactly what you need to do an to help you not get in trouble.

 

Number 9: Choose variety over duplication. If you are good at the financial side but not on the designer one, hire someone who is so you can help each other out.  Also don’t forget to: look for potential partners that will support you, who can fill gaps in your business that you can`t do alone, and be conscious to take your time to know them and to hire them.

 

And finally, number 10: Earn money to save on your taxes. Don’t get overwhelmed with how to handle your taxes just remember to: 

-document all your expenses really well

-be punctual so you can avoid expensive late filling penalties and interests.

-incorporate yourself. To enjoy lower tax rater on small business income and other tax advantages as well.

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Bibliography:

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Peterson, E. T. (2005). Web site measurement hacks: Tips & tools to help optimize your online business. " O'Reilly Media, Inc.".

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Patenaude, G. (2011). Climate change diffusion: While the world tips, business schools lag. Global Environmental Change, 21(1), 259-271.

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Fedorowicz, J., Gelinas Jr, U. J., Usoff, C., & Hachey, G. (2004). Teaching Tip: Twelve Tips for Successfully Integrating Enterprise Systems Across the Curriculum. Journal of Information Systems Education, 15(3), 235.