Starting with entrepreneurship can be a daunting endeavor. Also, you might have heard some horror stories about being an entrepreneur but let me assure you that it is not the case all the time. Also, Entrepreneurship is not something that you start for getting into the limelight or becoming an overnight millionaire.
In this article, I’ll highlight 7 Crucial Tips That Will Guide A New Entrepreneur Towards Success On Their Entrepreneurship Journey.
1. A Well Researched Venture
Getting an idea about your new business or some people who also like to call it a hunch could be very exciting. It occupies your whole day wondering and seeing yourself on top of everyone.
This situation is also very natural to occur no offense but wait before you start investing in your idea. Before beginning and starting pouring funds into your business idea make sure you have a business plan which can thrive.
You might be a having business idea that is unique and somewhat out of this world or you might be having a business idea that exists but you think that you can do it better.
Either way, there is one most preferred option that you can opt for before starting your new business is researching. You can also consider this as the most basic and important thing before starting a business.
It’s much better to always take calculated risks especially when big amounts of funds are involved. The worse scenario that you could get yourself into would be is funds and your business getting drowned with no returns on your investment at all.
So, always do good research and calculate all the risks involved before starting your new business.
2. Enough Funds In Your Hand
After a good research, the next thing to worry about is funds. Some business requires minimal funds whereas some require a huge amount of funds. In both cases funds are required for starting a great business.
There are plentiful uses of funds and it’s all according to your business requirements. It could be related to sales expenses, marketing expenses, procurement of raw material or goods, hiring employees, setting up a store or warehouse, and much more
You see whatever your venture is about funds are needed for starting something great. And If you are having trouble gathering enough funds I’ll suggest you reach out to your friends and family for support or if your business idea requires more funds then go for venture capitalist but It’s up to them to like your idea or not, If they do then you can count on them to lend you enough money you require to start up your business.
If you need a full in-depth article for arranging funds for your business then let me know in the comments.
3. Know Your Audience
Finding an appropriate audience for your amazingly unique idea could be difficult but this is not the same case for everyone.
For some business ideas, there is a pre-made directory for customers and also these pre-known existing customer databases would be very helpful for business ideas moving around these customers’ demands.
On the other hand there business ideas like I said before completely out of this world need an audience that never existed before. It is one of the biggest initial challenges that these kinds of entrepreneurs face.
For this problem, I have a great solution which I tried and It worked like a charm, at least after this chart you’ll know where to head next.
3.1 Creating A Perfect Customer’s Persona
By creating a perfect customer’s persona I mean is to create your dream customer “virtually“.
For example, I want to sell Muscle Making Powder/Protein
And my customer’s name is Mike in my case. You can always make as many customers according to your wish but keep it precise to avoid confusion.
What is Mike Like?
- Age – 26
- Gender – Male
- Location – Lives in New York.
- Job Status – Unemployed
- Marital Status – Unmarried
- Hobbies – Work out, Body Building likes to show off, appreciates his body, etc
- Goals – Becoming a Body Builder or An Actor or both.
* This is just a basic structure a very basic structure and you can write as many small details as you can. :p My product just required these basic details only.
Is he a perfect customer persona that I can target?
Definitely Yes. When any customer qualifies with the above-written criteria then I can surely approach this guy for selling my product.
How Can I benefit from Creating A customer’s Persona?
After creating a persona you now have a clear direction for yourself to where to head next. Now I can target these people by setting up a store near their gym or usual workout places.
And If I’ll also be starting with my online store/website I can find Facebook groups related to bodybuilding or motivation for bodybuilding or something related to these categories and post about my startup and key features about my product and how does my product stand out from the rest?. And start some paid campaigns on social media.
4. Know Your Competition
Competition in the business could become a driving force for your business’s success but competition is capable to kill your business at all.
Now few readers must be thinking that I have a business idea that never existed before or My business idea will create a new monopoly in the market. I get it.
If you are approaching your business idea by thinking that there is no competition then trust me it’s a bad guess.
Whether it’s an existing idea or a fresh idea you will face competition. Fresh ideas don’t get competitors at the initial stages but after getting some success in the business, your business will start to attract competitors it’s natural.
4.1 Pre-existing Competition
If your business has a pre-existing competition then you can surely take some advantage of it. Like learning their business strategy, learning about their mistakes, plans, new launches, and much more.
Having too much competition could become your number one barrier to success. For killing your competition try to do something which has never been done before or you have something which nobody has it could be your product or your services.
4.2 Post-date Competition
If your competition doesn’t exist yet, it’s not a guarantee that this situation will stay forever.
Post-date competition is more dangerous than pre-existing competition. This kind of competition is born to kill your business. The post-date competition will always be more efficient than yours.
These competitors thrive on your business loopholes. Let’s assume you are the first person to start this kind of business. You have to plan and execute your business starting from scratch. There are great chances that you’ll miss out on some very important details but don’t mistake thinking that your competitors will also miss out on these details.
So, always try to know your competition and try to cut it off as much as you can.
5. Strike a Balance Between Demand & Supply
Always make sure that your business is sufficient enough to meet customers’ demands and also there are enough sources for procurement for the goods or raw material or services.
Also, you have to keep in mind that the demands are in good quantity. If your business targets only a micro number of audiences then make sure that you have all the arrangements from reaching these sectors of customers and converting them into your potential customers in a way that your and customer relationship stays for long.
For finding a perfect balance between demand and supply, you have to check well in advance that your customer reach is good enough that it should grow over time at a great or constant pace.
This way you’ll never feel short in demands and simultaneously the supply will also grow as per the demands.
6. Choosing Better Methods For Marketing
I’ve noticed some serious issues with the upcoming business I am not complaining about all of them but there are a few who still consider slow-paced and old ways marketing strategy.
There is one good quote that perfectly summarizes this point
“The best marketing doesn’t feel like marketing.” – Tom Fishburne
The new generation is expecting innovation in marketing. I still admit that there are some tried and tested ways that had worked and they also work.
At the same time, you should also not forget that being different in this boring advertisement market only a few make their way through once who have approached this strategy in different ways
Some great examples of marketing ideas that I’ve found on the internet are:
1. Kitkat’s Marketing
2.Nike’s Marketing
For in-depth information about the new creative marketing strategies do visit these articles:
~ https://www.wordstream.com/blog/ws/2014/06/12/marketing-ideas
~ https://www.thebalancesmb.com/small-business-marketing-ideas-2951688
7. Consistency & Patience
Last but not least is the consistency and patience to maintain. These are some of the most vital parts of any entrepreneur to succeed. And this is my personal experience.
Even I am also a person who loves creating who loves going after business start-ups and also started a few businesses myself and has seen some great results in a very short time.
But all this was only possible when I learned the art of consistency and patience because in this world very everything has become so quick that it became really hard for everybody to learn these two important things.
Great things take time to flourish and to bear fruits. There is no such thing as an overnight millionaire or billionaire.
If you think that you need more business ideas that you can consider opting for then do check out this great article about 59 Small Business Ideas / low investment business for 2021 that can be Started in very Little or No Time
“A great entrepreneur is not only on good days but also on bad days too.” – Tanuj Sarva
I hope you found this post as informative as I feel it providing it to you. If you think I missed out on something then please let me know your thoughts in the comments. Stay Tuned.