This article is for all the business neophytes’ that are looking forward to undertaking an entrepreneurial journey!
Every start-up starts because of an idea, an idea that may or may not be a novice but is driven towards creating a genuine solution to a problem. This is, however; only one of the many elements that constitute towards establishing a successful business.
Though there is no fixed route to ‘becoming an entrepreneur’; there are few factors that every entrepreneur must consider before undertaking this journey. The next few stances enlist 10 factors that every entrepreneur should consider before starting their start-up:
1. Start a venture to solve a problem, not replicate a solution:
There are many times that people are inspired by the operations of a huge business or the revenues of an e-commerce giant and they would like to replicate the same business model. While there is always scope for new businesses in the market, replicating a business model that has already provided a solution should not be the whole and sole reason for your entrepreneurship!
One of the goals of ‘being an entrepreneur’ should be about providing solutions to an actual problem such as providing better solutions or an enhanced product at competitive pricing. Thus, you must always start a venture to solve a problem and not replicate a solution.
2. Know your target audience:
You need to know who your target audience is!
No product or service can be for anyone and everyone – They are always applicable to a specific requirement and once you know this, you will be able to decipher your target audience.
If you know who your target audience is, you will be able to effectively tailor your marketing strategies. These tailored strategies will help you reach the right audiences and ultimately, your goals.
3. Develop and Customize according to your target audiences:
Knowing your target audiences can be advantageous in aspects of others than approaching customers through marketing strategies – what many entrepreneurs don’t gauge is that it can help you in product development as well!
Once you know who your target audience is, you will be able to make informed decisions and get into the nitty-gritty. It will help you to better enhance your product!
4. Don’t hire unless you need to:
This is a big factor to look into for being an entrepreneur and it can be a tricky one!
Many times, entrepreneurs tend to go overboard and hire for requirements that may be essential but not continual. Until and unless there isn’t a continual requirement for your business, you should hold off hiring and instead opt for working with freelancers.
5. Hire professionals who know more than you:
This might be slightly difficult to factor in but when you do plan to hire full-term employees, it is recommended that you hire professionals who know more than you. The reason being, that professionals with expertise in the industry will be able to help you excel in your brand and lift it to the industry standards.
6. You don’t need a great idea. You need a great product:
This couldn’t be truer!
You can have a great idea but if you don’t have a great product, no amount of marketing can help you sell it.
A product that is not up to the mark will ultimately be overshadowed by the competitors and thus, it is essential that you don’t just have a great idea, you have a great product to sell and offer your customers!
7. Choose macro-management over micro-management:
This is a mistake that many entrepreneurs make while building a new start-up. While it is important to be involved in the depths, it may not always be feasible to do each and everything by yourself.
Being an entrepreneur means managing at various levels which means you need to prioritize your tasks and thus, choose macro-management over micro-management!
8. Always listen to your customers:
Have great customer support and listen to their feedback – This will lead to that big whoop you are looking for in your entrepreneurial journey!
Listening to your customers helps to improve the customer support which will help you customize your product and services accordingly – This is one of the ‘key aspects’ towards being a successful entrepreneur!
9. Conduct market research:
If you are developing a product or a service that is rather not new and has many competitors, it is always a good idea to conduct market research. It will give you a fair assumption of where your product stands today in the market. The same can be applied to the website design to understand what the look and the feel of the product are like.
10. Keep an eye out for marketing trends:
The marketing industry is forever evolving and is always springing innovative solutions to reach out to the audience. These new marketing strategies help you stay up to date with the industry standards which is why you need to keep an eye out for marketing trends to apply the same to your brand.
We reiterate, there is no fixed route to becoming an entrepreneur but the above tips can help you make your entrepreneurial journey a successful one!