Entrepreneurship is a way of life, there can be no room for the entrepreneur beyond his/her business and that is the harsh truth. Focus and keeping the goal in sight are the only two constants to be successful in ones venture. Entrepreneurs around the world, big or small will agree they were driven by their passion, which held them through the tough times to hold on to their beliefs and succeed in their venture. Another thing they will unanimously agree upon is the thrill of being their own masters and holding complete control of their business their first child. We share the top tips for first time entrepreneurs on how to succeed and stay on in business.
Confidence in what you have to offer
Whether it is a product or a service that is being newly introduced in the market or is another one being launched in the market, it is important for you to have confidence in what you have to offer. It does not matter whether yours is a niche product or mass market product, it is important to keep looking for the target and creating a need where one does not exist. There will be customers who will try to create digression from your product or service goals by asking you to make changes, but it is essential to measure your capabilities to stay true to what you set out to do.
Focus where it is important
As an entrepreneur with a new product or service to offer, your focus must stay on the product or service and not on running the business. if your business administration is becoming a hindrance to your focus, outsource it. Find people to manage the business while you focus on the product or service. Delegation is important to make sure that you can reach the masses.
Deal only in essentials
Budget is not a luxury, so you will have to learn to strip down to the essentials. Hiring people translates to maintaining a payroll; this can be a bigger responsibility than you are prepared to handle at this stage. The goal should be to maintain enough funds in the bank to accommodate at least six months payroll. Apply for credit only if you are confident of repaying it in time. Keep the expenses bare minimum and invest in an office space only if it is necessary.
Listen more than you talk
In order to feel the market pulse and know what your customers want, just listen. New entrepreneurs are enthusiastic about what they have and make the common mistake of doing most of the talking without giving the customer the chance to spell out the problem they need a solution for. When you listen, you empathize and you’ll be able to not just make a sale but create an enduring relationship.
Be open to risk
It comes without saying that once you step into the role of an entrepreneur, you are willing to carry the baggage of risks. It is the exciting and exhilarating aspect which achieves fruition when you succeed. However, it is also the burden you should be ready to shake off and move on when you meet a setback.
Keep a journal
Most of the successful entrepreneurs, prominently Richard Branson, suggest main ting a journal or notebook to note down ideas on-the-go. You can make note of a thought, an idea, a better process or absolutely anything that just flashed in your mind and make sure to act upon it.
Networking is unavoidable for entrepreneurs and it doesn’t just imply networking with people important to your business, but also with peers who will always support you and people who can simply urge you with words of wisdom.
There’s a lot more you will learn when you get down to doing the work, but these basics will head you off in the right direction and make you aware of what is awaiting you in your journey as an entrepreneur.