Social media is the biggest factor
Starting out on your own in the dynamic world of business is daring enough. Endless days of tough work, living out of the box, staying connected 24×7 with your clients, and trying out innovative trade tricks to always be a notch higher than your rivals. Only if you stay adaptable and rise up to the challenges then you can hit it big as a successful entrepreneur.
Steps to become a successful Entrepreneur:
Stay Passionate:
Positive passion is the driving force behind any business, whether it is a small start-up or a turnaround of stagnant industry. You cannot succeed until you enjoy your work. Constant learning is the game changer, the world of commercial enterprise is always rotating. Of course, there will numerous challenges down the route and if you have no passionate commitment then you will easily succumb to the pressures of a new business.
Networking:
While in business get into the habit of self-promotion. Social media is the biggest factor to stay connected 24×7 these days. Invest in developing a virtual presence by building an attractive website for your business. Keep track of all your clients by e-mail marketing, get in touch with new ones through social media platforms like Linkedin. Promoting your product or brand through Instagram, Facebook, and Pinterest can drive more customers and produce opportunities for future business endeavours. Attend seminars, business trade fairs, and professional clubs to meet up with likeminded individuals and gain insight into business tips and tricks.
Take Smaller Risks:
There have been cases where entrepreneurs have gone entirely broke because of uncalculated decisions, e.g. Kim Dotcom founder of Megaupload lost everything due to fraud, Sean Quinn an Irish businessman who lost all his money after investing 25% in an Anglo-Irish Bank deal, and Patria Kluge owner of vineyard business that went kaput due to real estate crisis. All these examples give an insight that too much of business enthusiasm is not good for investment. Study the market carefully, make a conscious effort to contact a financial consultant before risking it all in line. Make a plan, read blogs and newspapers, research, and learn from other successful entrepreneurs.
Know your target audience:
It is essential to chalk out a strategy to build a winning customer base, know which section of the population you are going to target with your business. Pay attention to the complaints and feedbacks from them to improve on the loopholes. Spend wisely on marketing and accessing the pulse of the clients. Invest time in working off the challenges faced in the market. Deliver more than the demand of the consumers and build up a loyal fan base to succeed.
Never stop Learning:
Business is constantly evolving, learn to change with time. Take up a short-term or long term management course, enrol in business school, learn to invest in the stock market, keep a tab on all the financial developments by reading financial magazines, and learn new trade skills. Keep moving and engaging in your business this will result in continuous success.
Hire an A-team:
Hire a team that is best in the industry, having skilled employees working with you will automatically increase your profit margin. Like-minded individuals will prove beneficial for the business setup do not invest time or money with people who do not want to learn the tricks of trade. You can hire virtual teams as they’re easy to manage and you can use them as you need. It’s very cost effective too. There’re many companies that offer work from home jobs and hire talented contractors. You can hire Designer, Coder, Marketer, VAs… everything.
Be Humble:
Nobody likes to partner with an individual who has an inflated ego. Remain humble in the game, offer diligent flavours to deserving opponents. Be friendly with everyone and learn to make a sound rapport with competitors. Do not indulge in squandering money on a lavish lifestyle that would lead to flat broke situations. Learn to keep your employees also happy so that you get the maximum service out of them.
Invest Carefully:
Being a constant hustler can create debt issues as entrepreneurs think it is easy to borrow and pay back. Do not loan yourself out excessively in the flow of business ideas. Seek financial advice from experts to avoid the loan traps, investing in P2P lending companies, and acquiring monetary funds from loan sharks.
Prepare for 24×7 business life:
Being a chaser of goals will keep your mind fired up all the time. Do not expect to tag along like rest of the population who work 9 to 5. An innovator and creator is always on the go, inspite of working flexible hours as a boss. Running a business will result in sacrificing a lot on personal time and you cannot afford to burnout quickly.
Initially people will tell you that you cannot make it but do not focus on the negative comments. Be realistic and set up deadlines to achieve to smaller goals first. Stay fit as well to avoid stress from consuming your ambitions. Inspire others to follow your example. As an entrepreneur you will face many testing situations but emerging successful out of them depends on your will and determination.
About Carson Derrow
