Have you found your business guru to guide you in your freshly created business path? Having a mentor or another type of grand lending hand is a blessing to new entrepreneurs, but those who have this are very few. And even if you have it – could you say you succeeded if you do not try to rise above the competition on your own?
Being an entrepreneur is tricky, nerve-wracking and challenging. So, why do so many people aspire to become successful entrepreneurs?
The answer is simple. Being a successful entrepreneur is an exciting adventure and most importantly, a highly rewarding one. As you launch your first new business, you will find that the list of expenses and issues is never ending, but so is the income and other valuable advantages if you do this well.
If you want to achieve more in life and take the spot of yet another aspiring entrepreneur, the first thing you must do is learn how to navigate the creation of your company. Failing to implement these steps into your business strategy is likely to result in failure:
Plan Your Business Idea Wisely
Sure, there are many successful people who simply 'thought of the idea' or 'dreamed of the idea', and turned it into a success. However, the majority of these people were either very persistent, took too many risks, or simply had a great deal of luck. If you want to be smart about your business, this is not something you should do.
There are several things you must implement to pick the best business idea in order to succeed:
Step 1: Choose a Business You are Passionate about
Startups can be a real torture, so make sure to pick something that will motivate you not to give up. Avoid the industries you have no interest in, as well as those you have little knowledge about. Those who start their businesses in an unknown field often end up ruining their business due to the steep and complex learning curve.
Step 2: Pick the Idea with Big Market Opportunities
Of course, if you are passionate about an idea, this does not mean you will necessarily succeed. Motivation is simply not enough when it comes to business. If you want to select the best idea for your business, you have to check your ideas and see if the market offers an opportunity to succeed.
The best startups are those with large market opportunities. To create the best opportunity for your business to succeed, you should make sure that your idea has the shot at growing into something significant.
Step 3: Research the Competition
Make sure to research all competitive services and products on your target marketplace. Following the steps of the most successful entrepreneurs of the business, you have in mind will help you keep track of new developments.
One good way to research your competition is to set up a Google alert that notifies you when they take a step that could improve their business.
Raise a Solid Startup Funding
You may think - 'I will raise funds as my business idea progresses'. However, raising money is often more difficult than people think.
A great product takes time and you cannot expect to have a high or sufficient capital for all the operations necessary for your business to run smoothly. However, you must make sure to raise as much funding as you can during your startup period.
Look into crowdfunding platforms, ask your friends and family to pitch in, use your savings… Do whatever it takes to make sure your startup is successful. If you fail from the beginning, you are suffering a bigger loss.
Which crowdfunding platform should you use?
One of the most popular platforms is Kickstarter, having received billions in pledges from donors to fund 135 thousand projects. Some other platforms you could consider include Gust, Fundable, and Angel List.
This may seem a quite confusing now, but a successful entrepreneur must get comfortable with being an entrepreneur. You need to speak publicly, develop a brilliant elevator pitch, and simply keep your head up high. If you do not believe you are good, no one else will.
Whether it's an investor pitch or a story about how you started your business, you must have everything ready for customers and investors. Of course, part of being a good businessperson is tailoring the conversation to the audience in question, but you should always have an idea of what to say and where to say it.
There are several tips for creating a good elevator pitch:
- It should take 30 seconds or less, no more
- Speak about your product and how the person can benefit, not what you did to create it
- Make sure the listener believes that your product or service is unique
In addition to this, you must always be prepared to answer follow-up questions. A good idea is to make a list of follow-up questions you expect and make sure you have answers to them ready at all times.
To get an idea of good pitches, take a look at what successful investors love about entrepreneurs' pitches.
Of course, a good elevator pitch would be worthless if you do not learn how to communicate effectively. Even if you have the best business idea ever, an inability to communicate well can be critical for motivating the employees, landing customers and pitching to potential investors. Without these, your business will fail faster than you could ever imagine.
Technology is changing the lives of entrepreneurs.
Networking is a must for every entrepreneur. If you use networking wisely and consistently, it can land you an investor, get you the best employee, attract new customers, and promote your business on a worldwide level.
Make sure you and your business have profiles on the most popular social media platforms, such as LinkedIn or Twitter to help your company get found by customers.