Best Entrepreneur Practices
So you want to start a business? You’ve got the passion but don’t have a clue of where to start, right? Everyone is flocking to entrepreneurship as if it is some trend. The truth is, most times, it is a necessity for survival. However, there are some things you should know before you get started. Some call it basics, and some call it do’s and don’ts. With that said, here are the practices you’ll need to know about the entrepreneurship world.
Before you do anything, ask yourself these questions:
– Do you really know what you want to achieve?
– How realistic is it to start this venture?
– Do you know what your competitors are doing?
– Have you thought of the “if X, then Y statement?“ If that product doesn’t exist, then I won’t be able to create it; so X” in most entrepreneurship, is a red flag.
With startups, there are usually lots of “guides” helping people get started, safe in the knowledge that many of them will fail. Strategizing and planning is key to jumping into the entrepreneur world. To help with your entrepreneurial endeavors, Carla A. Harris ‘Strategize To Win’ gives you the tools you need to get ‘unstuck’; redirect momentum; and position yourself to manage your career no matter the situation.
Do the preparation
Research, research, research, because if you do not know what your idea is all about or what your competition is doing, you will most likely fail to launch and eventually, flop. Researching your niche market will give you an insight into things such as how to produce your product or service, how much to charge for it, who your target market is, etc. Research your market, research your competition and research your funding; all of which are critical if you plan on being successful in business. Talk to your peers and former professionals. Find industry experts and experts in your field. List any past business failures and successes as well. Research is possibly the most important practice of the entrepreneur world.
Always be looking for new ways of connecting with your audience to turn them into returning clients; as the pay-off that you are getting for them in the end are the goals of entrepreneurship.
Embrace the entrepreneurial mindset
Without the entrepreneurial mindset, you will not be successful at business. Essentially, the entrepreneurial mindset is the “can’t accomplish without” mindset. Accomplishing things before they become possible. We all want that sleeve on that measurement that says X number of units sold. The entrepreneurial mindset is asking where do we start from? Do we have the product, knowledge, money, resources to actually make a profit? Be prepared for failure. Know how to admit when you are wrong. “I was wrong about X; we changed the strategy but the product still doesn’t sell.” or “I didn’t create a great enough piece of content to establish myself in the market.” are both defeats you can recover from with humility, and learning.
Starting a business is hard like climbing Everest. Will you make it, or will you fail? Every entrepreneur has failed, so think like an entrepreneur, not a failure.
Ask for advice and feedback
While it may or may not cause you some anxiety, it’s an integral part of your entrepreneurial development. One of the most powerful things you can do to launch, grow, and improve your business is to get advice and input from others in your space. Make a list of people you’re interested in hearing from, who can either validate your idea or give you advice on how to grow and improve.
Producing experiences through online platforms
By creating content, you are not only telling a story but you are also giving your potential audience a reason to pay attention to your content. Backstory is vital when it comes to creating content. You can learn the steps of encouraging people to tune-in to your content by reading blogs, listening to podcasts, and watching YouTube. Learn to give your audience something to get excited about and something to keep clicking-through to. Always be looking for new ways of connecting with your audience to turn them into returning clients; as the pay-off that you are getting for them in the end are the goals of entrepreneurship.
Don’t Be Afraid to Try
Last but not the least, don’t be afraid to try. Vulnerability and experimenting does wonders for the ultimate success of everything. It doesn’t mean you have to change the outcome of your experiment, you can double down on what you want and try again, just make sure that whatever you choose to try is the right thing for your product and content. People do change their minds, it’s ok to find flaws and make revisions to the product or content. The more often you are willing to try and fail, the smarter and more stable you are going to be.
At YES we are committed to help the entrepreneur come to an understanding of their current stage, in the business development process and place you onto the path of making your dream a reality. Read more about “How to be a Successful Entrepreneur” here.