Being an entrepreneur has never been more exciting—over the past decade, advancements in technology have leveled the playing field and ignited an entrepreneurial boom.
As an entrepreneur, you now have greater access to information that empowers you to make smarter decisions more swiftly. You hold an edge over larger businesses due to your agility, adaptability, and speed. You can penetrate new markets faster and pivot with ease.
However, to be a successful entrepreneur, you must take a holistic approach and follow a plan from inception to completion.
Here are some golden tips for new entrepreneurs for a strong starting:
1. Don’t Quit Your Day Job
Consider launching your business part-time, particularly if it’s online, while you’re employed and have a stable income. Generally, it takes six months to a year for a business to gain traction, and you don’t want your ability to pay your mortgage to rely on your company becoming an overnight success.
Begin with what you can handle, both financially and time-wise, and scale up as your business expands.
For example, Sara Blakely, the founder of Spanx, worked as a sales trainer during the day while developing her shapewear business in her spare time.
2. Be Specific
The era of general stores has passed. Consumers, especially online, seek stores that specialize. You need to identify a need—something a specific group of people desires but can’t find at big chain stores—and fulfill it.
Lesonsky advises, “You can’t compete with the big guys, so you have to find where the big guys aren’t and venture into your niches”.
An example of finding a niche is Warby Parker, which recognized the need for stylish and affordable eyeglasses and disrupted the eyewear industry by selling directly to customers online.
3. Establish an Online Presence
Even if you’re not planning to start an online retail business, the Internet can still play a valuable role in your company. Having an online presence eliminates the constraints of physical location and expands your customer base by millions.
It’s also an excellent tool for promoting yourself and informing people, even in your local area, about your existence and offerings.
For example, a local bakery can benefit from having a website with an online menu, opening hours, and contact information, making it easier for customers to find and visit the store.
4. Refuse to Quit
Becoming a successful entrepreneur demands creativity, energy, and perseverance in the face of failure. Not many people know that before Bill Gates developed the highly successful Microsoft 3.0, he created Microsoft 1.0 and 2.0, both of which flopped—but he persisted.
This determination and refusal to give up are what distinguish successful entrepreneurs from unsuccessful ones. Lesonsky asserts, “Arm yourself with optimism to push past the ‘No’ or the obstacle. There’s nothing wrong with failure—just don’t repeat the same mistake!”
5. Work with Other Talented Entrepreneurs
Collaboration is essential for success in the entrepreneurial world.
Surrounding yourself with other skilled and like-minded entrepreneurs can provide invaluable insights, support, and opportunities for growth. By working together, you can learn from one another’s experiences, share resources, and expand your network.
Building a strong team with complementary skills helps you address challenges more effectively and achieve your goals more efficiently.
For instance, the founders of Airbnb, Brian Chesky, and Joe Gebbia, combined their skills in design and tech to create a platform that revolutionized the travel industry.
6. Know Your Target Audience
Understanding your target audience is crucial for the success of your business. Identify the specific demographics, interests, and pain points of the group you aim to serve.
This knowledge will help you tailor your products or services to meet their needs, craft targeted marketing campaigns, and build lasting relationships with your customers.
By knowing your audience well, you can ensure your offerings resonate with them and lead to customer loyalty and long-term success.
For example, Dollar Shave Club understood the frustrations of men paying high prices for razors and created a subscription-based model that catered specifically to their needs.
7. Choose a Profitable Market
Selecting a profitable market is essential for your business to thrive. Research potential markets to identify opportunities and evaluate their potential for growth and profitability. Look for industries with growing demand, limited competition, and high-profit margins.
By choosing a lucrative market, you increase your chances of achieving sustainable success and capturing a significant share of the market.
Tesla, for instance, entered the electric vehicle market at a time when demand for sustainable transportation was on the rise, positioning itself as a pioneer in the industry.
8. Timing is Everything
In the world of entrepreneurship, timing can be the difference between success and failure. Launching your business at the right moment can maximize its potential for growth and profitability. Pay attention to market trends, consumer behaviors, and technological advancements to identify the optimal time to introduce your product or service.
Entering the market at the right time can help you gain a competitive edge and establish your brand more effectively.
For instance, before Google, there were numerous other search engines, like Lycos. Google didn’t create a dramatically better engine, but it did enter the market at the right time, eventually dominating the industry.
9. Think & Focus on Growth
As an entrepreneur, it’s important to adopt a growth mindset and concentrate on expanding your business. Develop a strategic plan with clear objectives and milestones to measure your progress. Continuously seek opportunities for improvement, innovation, and expansion to stay ahead of the competition.
Invest in marketing, product development, and customer relationships to drive growth and ensure your business’s long-term success. Remember, a consistent focus on growth can lead to greater profits and a more sustainable business model.
Uber, for example, started as a simple ride-hailing service in San Francisco but focused on growth and expansion, eventually becoming a global transportation giant.
