The entrepreneur, the single most powerful word in modern history, and for good reason. With the economy plummeting to unknown depths and dragging everyone with it, this prompted many to start their own businesses now more than ever. Start-ups are being created left right and center. Tech giants like Google are born. Countless of web-based platforms are founded. More people are getting into farming and merchandising. In essence, successful entrepreneurs are taking charge of the market. Many met with great levels of success but a great many others failed.
It is reported that 90% of all start-ups failed. It is a scary figure but when you take a moment you will find out there is a reason those 90% failed. The obvious one being they gave up. To really become a successful entrepreneur you have to build yourself, develop yourself and your character. We will be looking at 7 ways you can become a better entrepreneur and avoid the backlash of starting an enterprise.
Always Make a Plan
Before starting any business it is imperative you have a plan. Firstly, think of what you want to achieve. Think about your goal, the end result, what do you want this business to become? Is it to provide electric solar power to remote villages, or to make food accessible to office workers during work hours, or to introduce a clothing line that will appeal to youngsters in the university, whatever it is you have to think of a motive and think up ways to achieve it, that should be the framework of your plan.
Do a market research or feasibility study of the business you wish to start, find how it is done, how much it would cost you and so on. When you have obtained all the necessary information you set a date and time you wish to start, the time should enable you to prepare and to find or save capital. Make a thorough check of the plan, from A-Z, don’t leave any stone unturned, because the more thought out the plan is, the more likely you will be able to achieve your aims quicker and faster.
Learn to Persevere
No one said being an entrepreneur is an easy job, you will meet with so many rejections, may lose a lot of money, and may lose your business or company altogether. But the important thing is to never quit, to be patient and persevere. When your business is slowing down or regressing you are expected to keep your calm, there are some things that you just can’t control, so you have to let them pass. It might be hard to swallow but it keeps you ahead by many miles against those that will do something rash in such situations.
A good entrepreneur is creative in the sense that his/her product has something unique, something different from the competition to make people want it. It’s not like there weren’t any computers when the founder of IBM decided to start selling computers, at the time they were mainly used for scientific purposes and other mundane tasks, but he marketed his to business owners telling them it will be useful and more efficient in business calculations, so he repurposed his as calculators and sold in thousands.
You have to be very swift in taking decisions, entrepreneurship is like a war zone, a simple bad decision may spell the end for you. So you have to be careful when choosing between options and make it fast. You cannot procrastinate or linger, that will be regarded as indecisiveness and that also will ruin your business.
The point is when a problem comes up, you are expected to deal with it immediately with the right/informed decision. This kind of sharp intuition will make you a very successful entrepreneur.
When something goes wrong which is bound to happen sooner or later don’t upset someone else’s life by pointing fingers, just suck it up and wrap it as part of your learning curve, blaming others won’t get you anywhere.
It’s your job to take responsibility for your actions and as an entrepreneur, it means all the actions of all the others too. Anytime there is a slip-up, don’t be afraid to face it, the sooner you embrace the fact that you made that mistake the better and the sooner you will get back to your feet and carry on.
If it weren’t for taking risks one would not be an entrepreneur in the first place. Some took it to such extremes that they quit their jobs just to venture into something they believe in. You have to love taking risks to be any good at entrepreneurship, it’s full of obstacles that ordinary people will simply avoid mainly because of the high probability of failure, but remember with great risks comes great reward.
Place Value in Your Product
Your product has to have something special about it to make it appeal to customers. It could be an immense quality, beauty or effectiveness. If you are rendering a service like say a barbing salon, giving your customers a fine detailed cut that is out of this world will always make them want to come back, because you added value into the service.
Credit: Wealth Result