Tips from practice: what do experienced entrepreneurs advise beginners?

What to look out for when starting a business, who to work with right from the start and what to do to keep everything running as it should? That's what we asked Czech entrepreneurs. Read their answers and make the most of them for your business.

The biggest struggle? Taxes and authorities

The first part of our survey results comes as no surprise. The answers show that Czech entrepreneurs are most bothered by bureaucracy and administration. Taxes clearly lead the way, but they also rank communication with the authorities and legal matters among the most difficult challenges. Laws and bureaucratic shenanigans simply do not make doing business in the Czech Republic any easier.

The next most challenging area is marketing and customer acquisition. In addition, 29% of respondents are concerned with recruitment and financing in the form of business loans.

Owner's work-life balance plays a role in business

What affects the business besides complex administration? Respondents often mentioned the economic situation. In the context of the events of recent years, it is not surprising. Pandemics, war, rising prices - we have seen a lot of them.

The third problem was the combination of personal life and work. Entrepreneurs often work more than their employees, which takes a toll on their privacy and health.

What lessons can be learned from these challenges?

Respondents shared their advice with us in an open-ended response:

The golden rule of business: delegate,
delegate, delegate, delegate

If we counted which recommendation was repeated most often in the responses of entrepreneurs, the winner would be clear: delegate. Their own words, in the form of practical advice, tell us more:

We also asked about which specialists to work with first - whether you hire them as employees or outsource them. Here, too, most entrepreneurs agree.

Given the previous results, the answer is to be expected: almost 60% of respondents said it pays to have someone on hand for bookkeeping and tax advice right when starting a business. This is followed by a lawyer, a salesperson and a marketing specialist.

What else makes business life easier?

Aside from delegation, two areas in particular make it easier for the entrepreneurs in our survey:

• Digitalization. Software and automation make processes easier in businesses of any scale. Respondents most often praised accounting and billing systems, marketing tools, cloud storage and team collaboration applications.
• Relationships. Support from loved ones and family, companionship, reliable suppliers, loyal employees, and happy customers who love to return. Good relationships with those around you definitely contribute to business well-being.

Food for thought: what to know as a beginner?

We told entrepreneurs to imagine they were at the beginning of their business journey again. What advice would they give themselves? We've selected a few quotes that speak volumes:

Despite the obstacles, the business is worth doing

In the end, we left the basic question: why did entrepreneurs do it in the first place? The answer is fairly straightforward. Most want to be their own boss.

The main motivations for starting a business

If you also desire independence, strong motivation will make it much easier to overcome business setbacks. But it would be naive to expect to avoid them altogether. You probably know the drill: it's one thing to read the advice of others, and another to follow it. The best way to learn is by doing.

We hope our survey inspires you and helps you get your business off the ground. Whether you decide to set up a company or a trade, we'll be happy to take care of the necessary formalities for you - and you'll have less to worry about right from the start. Drop us a line and let's get started.