18 Wise Tips for Young and Aspiring Entrepreneurs to Bring Success to Their Business
by CashOctopus • November 11, 2019
There is no doubt that anyone aspiring to be an entrepreneur has heard about the pitfalls that others who have gone before have faced. Many people who want to dive into the world of entrepreneurship are drawn to the freedom of being one’s own boss, and the success that this path promises to bring.
As many as 75% of all startups fail, many of them within the first 3 years of setting up. Whereas it is true that one may need to start several businesses before they hit the jackpot, it is also possible to navigate safely past the treacherous beginner years, to the great beyond where success becomes a reality. Here are some wise tips that can help aspiring entrepreneurs.
1. Carry out research
This sounds almost cliché but one really can’t skip this step. It is important that he or she survey the target market to find out if they are interested in the service or product that he or she is hoping to provide. It may be a great idea to carry out a pilot test just to check it out. Ensure that the product or service in question is truly needed.
2. Don’t worry about perfection at first
As much as anyone would want to provide a product or service that perfectly meets the needs of their target audience, it is possible that one won’t know just how well it does so until he or she starts selling. Get started and make adjustments along the way. Don’t get caught up in the paralysis of analysis.
3. Take a risk
Any aspiring entrepreneur that wants to take action only when everything is in perfect alignment may discover that entrepreneurship may not really be his or her thing. Here one is expected to take calculated risks. It is important to consider failing as part of the process by learning from the lessons of that particular failing before trying again.
4. Reinvest revenue
One of the biggest mistakes that aspiring entrepreneurs make is to take money out of the business too soon. Make it a goal to reinvest all the revenue back into the business in order to reach even more people, and to also scale the business faster.
5. Consider the competition
Competition is not a bad thing and shouldn’t be feared. It is actually an indicator that there is a need for the product or service that one is getting ready to provide. It should be worrisome if no other business is willing to venture in the same business.
When starting a business, it is important to not only grow one’s networks, but to also connect with people from the past who may be of help. Of course this doesn’t mean that one should just reach out to get, but to also offer business to the other company.
7. Build quality business relationships
It is important to keep a record of the people that one meets and then to reach out from time to time. Ask them for help and advice when needed, keep in touch in different ways and simply grow your relationships with them.
8. Corner your niche
Every business operates within a niche market. It is important that one identifies their niche and corners the market. As one learns their niche, he or she may discover a product, service, or feature that others may not have taken advantage of. Meeting the need effectively will bring success.
9. Keep learning
In business, the learning never stops. This means that one must always be looking out for advice, listening out for ideas, and asking the right questions to customers, employees, and others who have been in the business before him or her. Taking a course in something that he or she struggles in is also ideal.
10. Consider value addition
The goal should always be to consider how much value the business can add to its customers. The value addition may be psychological, social, financial, or in other different ways.
11. Support yourself from a different source
As mentioned earlier, it is important not to take money from the business too soon. This may mean that one can start the business as a side hustle initially, or may consider taking a part-time job to pay for personal bills while running the business.
12. Become a trendsetter
Learning from those who have gone before is wise, but copying them blindly is not smart. To be a trendsetter, it is important that one find original ways to meet the needs of their clients. It is important to model success without copying it.
13. Believe that you can do it
It is important that an entrepreneur set out with a positive mental attitude. He or she must believe that success is something they can achieve, and that challenges that arise can be resolved.
14. Have a clear vision
This cannot be overemphasized. One must have a clear vision of what they are hoping to build, and a great desire to build it.
15. Hang out with the right people
It is important to make sure that one is hanging out with people who are just as driven as he or she is. If you want to soar with the eagles, stop scratching with the chickens.
16. Take action
It is impossible to succeed at anything unless one first takes action. Having a brilliant idea is great, but success can only come after one stops talking and starts doing.
17. Invest time
One must always pay the price for success in advance. This means that one must put in the time required at the business before they can be rewarded with success. Overnight successes actually take a long time to become a success.
18. Overcome fear
Every entrepreneur faces untold fears before and during the beginning stages of the business. Stepping out to start that business will require that one overcomes fear. Taking the many other business risks that every entrepreneur must take over time also requires that he or she overcome fear. Every challenge can be overcome, so have a positive mental attitude and go for it.