Do you know how many US adults become entrepreneurs only in the last year? The Kauffman index shows that:
Over half a million adults (0.31% of the adult population in America) started a new business in 2015.
If this is the statistics of one country, imagine the number of young entrepreneurs around the globe. This trend is expected to take even more pace through 2016. You must be thinking that if you wanted to be yet another entrepreneur out there, what will make you tick in the ocean of startups.
The point to ponder here is that not only great and unique products/services will differentiate you in this burst of fierce competition, but the path you took in order to make your business surface, survive and thrive also matters a lot.
That’s what has compelled me to come up with these few significant entrepreneurial tips that will help you improve your odds of success in 2016.
1. Learn to embrace risks positively
Once you launch your startup, one of the best things to help it succeed is to develop a risk appetite. You will encounter risks on every step of the process – from the idea phase up till the execution phase.
In order to succeed, you need to learn how to tackle these risks positively and convert them into opportunities. These opportunities can benefit you beyond imagination only if you know how to capitalize on them.
Someone wise once said:
The riskier the path gets, higher are the chances of success.
Here lies the cliché, although risks get you to success, but they also make you susceptible failure. You need to learn when to take these risks and when to just let go.
2. Bring continuous innovation in your business
Be creative, not once but always! Don’t think that your task is over once you launch your business or startup. Your journey just begins here.
Bring in new ideas in your business on timely manner, or your consumers will start moving over to your competitors.
Think of crazy, but relevant ideas, formulate business plans accordingly, and execute them. Consider different perspectives regarding your plans, take criticism positively and imply that optimistically to the devised plans.
Don’t just follow the trend, observe the catalysts behind change.
Use your research and study, imply the results on your business and be ready for breakthroughs.
3. Resort aggressively to your social network
Many entrepreneurs avoid utilizing their personal network for their business promotions. They are in denial somehow, much to their own dismay. In fact, the best place to start advertising of your newly launched business is your personal social networks.
Your social networks can provide you with appraisal & boost.
Don’t be afraid of reaching out to people. There may be hundreds of connections right there for you to tap on; for instance, family, friends, friends of friends, community etc,.
Spend time with people who are already doing what you are planning to do. Observe how they deal with success and how they take criticism and failures. Always find positive aura, even through hostile situations you come across.
4. Plan the whole route with set standards & policies and then expect the best outcome
Set your standards and follow them no matter what. It is necessary in order to attain a high level of personal and professional satisfaction.
What you do must be what you desire in a way you plan.
Right from the start of your business, build your own set of policies and methodologies, so as not to deviate from the path while striving to achieve the goal. Once you have established the route, the rest is easy execution.
Moreover, stay positive about the outcome. The positive vibe will drive you harder to attain your objectives. It’s a psychological game, but once you learn it, it turns out to be a great influence on your profession.
5. Lookout for mentors
Accept help when offered. It is nothing but a myth among entrepreneurial community that one has to be a lone wolf. The truth, however, is quite contrary.
Swallow your pride. Be bold, reach out to people and accept what they offer.
Around the globe, there is an online community of mentors who can guide you through every phase of your business.
In addition, there exist separate institutions to serve the purpose. They are not only there to help the young entrepreneurs, but some of them are investors too, looking out for potential opportunities.
Find the right people.
By reaching out to such people, you kill two birds one stone.
6. Ready, steady and hustle
The term ‘hustler’ associates with negativity, but it is a significant trait in the business world.
Be a self-starter, be your own motivation.
Never look for a green signal from others. Get equipped with a groomed idea and do what you have been planning for so long.
Motivate yourself every morning to make it big. Hustle to get things done so as to achieve the end goal and succeed.
7. Take your mistakes positively by learning from them rather than feeling abashed
Mistakes can happen. Learn from them. Your failure in achieving one goal is not the end of the world. Re-work on your path. Improve the way you do it.
Make your mistakes your driving power.
Sometimes your risk-taking attitude ends up in failure. Start over.
Consistency is one other trait of a successful entrepreneur. If you fail once, take another route to achieve your goal. Keep changing paths until you reach your final destination.
8. Make startup your everything
Make your business your lifeline. In the start, don’t strain yourself trying to balance work-life and personal life, things will turn all your way once you achieve your goal. If you want to make it big, put in 100 percent of your efforts.
Consequently, you will see the results.
You reap what you sow.
You will be paid off for your investments. It can be frustrating sometimes and you might feel like giving up. Be consistent and overcome the hurdles that come your way. Only doing this, you would be able to pave your way from a startup to a successful business.
9. Lookout for self-improvement options
Improve your skills and expand your competencies. Find a secondary skill that will enhance your expertise, look for professional courses, trainings and workshops.
Focus on self-improvement. Introduce yourself with new business aptitudes.
Never miss an opportunity for networking even in this scenario. Socialize in the session you attend or classes you take. Build networks and interlink with the industry specialists.
Conclusion
If you are planning to launch your business this year, thoroughly review the above tips. These will help you stand up on your feet. It all melts down to be a learner, a risk taker, a hustler, and your own boss. Research well about your community and take help whenever you could. Also learn from your mistake and never back down until you achieve what you have aimed for.
Author Bio
Specialized in ecommerce consultation, Khawar Zaman is cofounder of Technorian, a UK based startup offering Magento and WooCommerce support services. They also offer dedicated developers to other businesses.
About Carson Derrow
