7 Top Business Tips That Every Budding Entrepreneur Should Know
One thing to note about running a brand is that you alone have the power and responsibility to make it successful. The bold decisions you make today can either place your business on a path to greatness or otherwise. The United States Bureau of Labor Statistics reports that roughly 20% of small business establishments collapse during the first year. Also, within the span of 18 months, 80% of start-ups fall apart. This suggests that the road to entrepreneurship is crooked and thorny, and requires a great deal of perseverance. You’ll need all the tips you can get, and here are seven to keep in mind as a budding entrepreneur.
The Romans built one of the largest empires in human history. They built the Great Pyramids of Giza, the Pantheon, and the Sphinx. All these magnificent ancient mega-structures still stand intact, defying the passage of time while reminding modern civilization that anything is possible with the right mindset. Near the center of Rome, Italy, the Romans also built the Colosseum, the largest stadium in the Roman empire.
So what inspiration can budding entrepreneurs draw from the monumental achievements of the ancient Romans? Well, the moral lessons are pretty clear. Romans owe their great achievements to the ingenuity of their supreme leaders (pharaohs). To build a massive business empire, it calls for making big decisions and building high-quality products right from scratch. Compromising on quality is likely to run the business to the ground even before it has started.
2. Enter into a Marketable Niche
The specific industry you choose for your business also matters significantly, as far as growth is concerned. You must choose a promising industry that will provide a firm ground to grow your business to its peak. You’ll have to consider both the advantages and disadvantages of the sector you’re interested in beforehand. The problem with choosing a general industry is that it can be hard to really understand who your loyal customer is. On the other hand, a narrow industry can also scale down your growth opportunities.
For example, when a budding entrepreneur goes into Christmas-toys manufacturing business, sales may plummet drastically when the Xmas season is over, and people are thinking about new year resolutions. The same thing applies to you if you venture into a maternity clothes business. In both cases, even though you’re unique, you’re being limited by seasons, which causes inconsistent growth.
Joining the popular industry, including fitness and health, fashion, and beauty can be rewarding. However, when you play your cards right, you’ll profit from a specific niche as well. A quick search on Google trends is all that you need to figure out the most popular niches with higher monthly search volumes.
3. Offer Solutions to Problems
You may not have a great idea, but you can build a small idea into a great one. However, a small idea must be solving a burning problem. Statistics show that some businesses flop because the founders have no ideas about what menace their business is solving. When an urgent problem meets an innovative business solution, the chemistry is fantastic, and a company will thrive.
This doesn’t mean that all big businesses are solving highly complicated problems. No! A problem can be as small as people feeling bored and needing some form of entertainment.
You don’t have to be Einstein to discover a solution. By engaging in casual conversations with your friends, and asking questions, you can find a solution to a nerve-racking problem unexpectedly. To see how simple that is, consider the fact that Sir Isaac Newton discovered the law of gravity when he saw an apple fruit fall to the ground. That became Newton’s eureka moment — he went on to propose that a mysterious force called gravity may have pulled the apple down to the earth. And boom! Newton had discovered the law of gravity. His simple idea helped physicists to understand the motion of planets in our solar system.
4. Think About Value; Not Money
Let perfection be your core value. Many a time, people jump into entrepreneurship with the view that it’s the easiest way to create wealth for themselves. Unfortunately, it turns out this is one wrong way of starting a business. The fact is that customers are smart people who will not patronize your products and services when they add no value to their lives. Is your business mindset all about making money? If yes, then first focus on adding value to your business; wealth will automatically chase you later. That’s how tech billionaires like Bill Gates and Mark Zuckerberg, all made it so big.
Mark added value to people’s lives by creating a social media app called Facebook. His aim was to help friends to connect with each other around the world. It worked for him. Now, you have your Facebook account; he has his wealth. If you want to be rich, you need to set up a mind map? Unsure of how to do that? Click on this link https://setapp.com/how-to/how-to-create-a-mind-map to find out.
5. Be Passionate About Your Business
If the idea behind your business doesn’t effortlessly appeal to you, maybe you shouldn’t invest in it. Your business should be something that you naturally love to do. When you do this, you won’t regret any single moment of your journey. For instance, if you are the type who is not enthusiastic about sport, you probably shouldn’t start a betting company. Any little challenges may throw you out of balance since you’ll lack that motivation to keep pressing ahead. Athletes show up for the love of the game and don’t give up until the final whistle is blown. That is an admirable quality to possess if you want to succeed.
6. Put Your Idea to the Test
Experimenting with your business ideas is the best way to test whether your products will penetrate the market or not. In the early stage, you don’t want to start with mass production. You need to carry out some tests by presenting a prototype (a sample) of your products to potential customers. This will allow you to see their reaction.
History shows that the inventor of the electric bulb, Thomas Edison, first designed several prototypes before he finally made a breakthrough. The success stories of many business tycoons follow the same lane. They started from humble beginnings and experimented with their thoughts before their business turned into gold mines.
Are you aware of how many times Thomas Edison failed before he finally nailed it? A whopping 10,000 times! Not many people can go that far, right? Surprisingly, Edison never agreed that he failed 10,000 times. According to him, he only found out 10,000 ways not to invent the electric bulb. And that’s a wise answer! The point is that you only truly fail when you refuse to act on your failure.
After all, running a business is not a bed of roses. You will surely face some setbacks along the way, but that should not stop you from forging ahead to overcome your past failures. More often than not, a struggling business means that something is not right somewhere. It’s your duty as a founder to look out for ways to make your business work.
To summarize, as an upcoming entrepreneur, you don’t have to fear failure. The future holds countless possibilities for those who are ready to venture into the unknown, with extreme determination.