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So you're starting your own business, you're confused about a ton of things. Here are eight things to help you clear some of doubts of entrepreneurship.
So you’re starting your own business, you’re confused about a ton of things. Here are eight things to help you clear some of doubts of entrepreneurship.
Starting your own business is often a learn-as-you-go process. But, the smarter decisions you make early on, the better chance your company has for success.
First, and the most crucial aspect is that instead of ideating about what to sell, think about what it will solve. It is a lot easier to gain a solid customer base when your business is fixing a problem. Your startup should fill a hole in a certain market or niche.
If you’re like many entrepreneurs, you have a business idea, you’re ready to run with it. Be careful not to let your concept snowball into something overcomplicated. You could end up with an expensive, elaborate end-product that nobody wants to buy.
So before setting on an entrepreneurial journey, here are a few important things to focus on.
Your true passion lies at the centre of four things– what you love to do, what you’re good at, what you can get paid to do and what the world needs. If your business idea and your passion are aligned, every hurdle/obstacle will stand as a thrilling challenge and not a demotivating problem.
Yes, you will be clear about the basic things like what you sell and who you sell it to, but it isn’t enough to know this on your own. You should be able to clearly and easily describe your business to others as well. And you should be able to describe what your business does in one succinct sentence.
Remember, it’s all about filling a gap and doing it well. Businesses that work are ones that service a need.
Investors invest in people not just in companies. Your core management will be crucial to building your business.
If your company’s foundation is robust, the business can withstand all hail and storm.
Use your money wisely and invest in the right things. People, technology, research and marketing top the list of the right things.
Deep dive into your consumer and get to know them. That will help you frame your entire business strategy, brand communication and positioning.
Never make assumptions about people. Do the research and understand every existing and potential customer inside out.
And there will be many. Failure is inherent in a business and entrepreneurship.
In fact, several entrepreneurs consider failure to be a natural stepping stone to success. They celebrate failure, because they’ve learned firsthand that their mistakes are their greatest sources of learning.
And values and ensure that everyone in your company is aware of and on board with them. Also ensure that you work towards aligning the employees’ goals with those of the company. This will not only motivate the team to perform better, but will also help the company grow alongside the growth of the employees.
It could be from friends, family, experts, or even yourself. When it comes to things pertaining to your entrepreneurial goals, be a sponge. As you learn, start to work out the idea in your mind.
Write things down. Keep notes from all the resources you come across to develop a detailed plan. Don’t ignore the power of advice from experts and veteran business owners.
These folks know first-hand what does and doesn’t work. Smart entrepreneurs learn from the mistakes other business owners have made. If you program yourself in accordance with all of this, you’ll be prepared to set on your journey of successful entrepreneurship.
A version of this article was previously published here
Picture credits: Pexels
Malini Agarwal a.k.a MissMalini is the Founder & Creative Director of MissMalini Entertainment, a leading media lifestyle brand that creates highly engaging, multi-platform content geared towards India's Internet Generation. Malini is read more...
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