If you are a budding entrepreneur or planning to float a start-up, then It’s the time that you should do some homework and inculcate entrepreneurial habits in you. I think this article on entrepreneurial tips will take you to the path of success in 2018. The entrepreneurial lessons cited below are crafted out of start-up failures or mistakes usually committed and have greater practical implications.
Best Entrpreneurial Tips To Succeed in 2018
Everyday thousands of new start-ups emerge, but what’s the success rate? According to the Small Business Association (SBA), about 30 percent businesses die during first two years. And the figure rises to 50 percent during the first five years of opening the business. The competition will be even tougher in coming years. Here are the top 2018 entrepreneurship tips that every newbie should take before they proceed.
1.Do Research and Planning
Do extensive research before starting any new business. Feasibility test and ground reality analysis besides theoretical research give you the facts about the prospects. Though there is no time frame about the research duration, it should be something that gives you the notion of the business over and above a common person. Simply learn as much as you can.
Exploring resource alternatives, be it men, money or technology, would certainly help a budding entrepreneur to do business with minimum resources. Research and planning equally contribute to a business. An absence of either of the elements would derail the business engine. Research helps in exploring and evaluating resources and by planning resources, you can keep the cost minimum. Learn how to manage businesses with a small capital.
If you are a novice in the business arena and have no experienced head to guide you, then start something smaller and simpler. Always start a little out of your comfort zone and that shouldn’t affect your finances. Because failure to a smaller project has lesser financial distress than in a bigger project.
Remember, it is not important how big your product or service is, that solves bigger problems of a few person. It is important to solve smaller problems for a big number of people. Because the more people you serve, the better prospects you have.
2. Assessing The Consumer Needs
Research includes assessing the customer base too. In-depth analysis of the customer base and consumer behaviour is crucial for entrepreneurship success. Creating a product blindly without keeping the consumers’ need in mind is nothing but wastage of resources.
Do a detailed research what to sell and what to not. Such a research may consume time and money, but that would be much smaller than producing some unsellable products.
For selling a product you can choose two ways:
- Meet the existing demands
- Create new demands
For a newbie entrepreneur, it is easier as well as safer to go for existing market. Because it requires lesser effort on the part of the entrepreneur to convince the customer about the product. But it has a drawback. As the market already exists, there are many other players working on it, so the profitability would be much less. It is also important for an entrepreneur to develop the marketing techniques to increase the volume of sales.
But in case of a new market, the entrepreneur can have a virgin customer base. He can enjoy the monopoly for a considerable period of time, provided the product creates its utility in the mind of the customers.
3. Focus On Your Work
This is the big difference you will notice while comparing a successful entrepreneur and a not so successful one. Success doesn’t come overnight. Tireless endeavour and a focused mind towards the goal write the success stories of a person. Though it takes time, at the end of the day, patience and works devotion pay you.
You will find lots of inspirational videos and speeches around you, but it’s you who have to work on it. Remember there is no alternative to self-esteem.
When you are in the budding stages, focus on productivity. Means do more works within the same time frame that you have allotted for one work. At the initial stages a very few people know about you, so you have to expand the base over a larger audience which is only possible when you deliver more things to a bigger consumer base. For increasing your productivity you may follow Parkinson’s Law.
What Is Parkinson’s Law?
According to the Parkinson’s Law “work expands so as to fill the time available for its completion”. It means you can complete only one task within the allotted time frame, no matter how small it is. The law explains that it is the human state of mind that adjusts the working speed depending on the allocated time frame.
For example, even if ‘Task A’, ‘Task B’ and ‘Task C’ can be done within a specified time period, say one hour, a person will take the whole hour for completing only one task, i.e. ‘Task A’ since it is the allocated time for ‘Task A’. So, according to the Parkinson’s law, it’s the human mind that can self-motivate a person to work for the augmented productivity.
Let’s understand the things with the help of this video.
4. Learn From Others
Learning is a never-ending task. Everyday you can learn a new thing, as you are learning now in this blog. Our social, as well as business eco-system, is changing so fast that you need to be afresh. And learning from others can keep you up-to-date. Dynamism and adaptability are closely inter-related. Learning instills dynamism in you (dynamism is the #1 quality in a successful entrepreneur).
Every moment of our life teaches us a new thing. But to be more methodical, you should read books related to your niche or others written by famous writers. Try to replicate the solutions for a given problem, where writers share their personal experiences in blogs and books.
Reading books and observing experiences of other has also a great advantage. You can learn from other’s proven technology or methodology and apply in your own businesses without any hesitation. Moreover, at the initial stages, you are prone to make mistakes. Acquiring knowledge from experts helps you in rectifying those mistakes, which would have stayed undiscovered for years.
5. Self Analysis
Know yourself. This is crucial whatever you are. Everybody should do a self-analysis, be he/she is an entrepreneur or a teacher. Once you know yourself, your paths to success would be much easier than you thought. An important psychology is that a person cannot lie to himself. He can show off things to the outer world, but cannot deceive himself.
Why is self-analysis important? In Economies, there is a concept ‘SWOT Analysis’. Where S stands for Strength, W for Weakness, O for Opportunities and T for Threats. Now self-analysis helps you in identifying your strengths and weaknesses. When you realise your strengths, it’s easier for you to find out the opportunities. On the other hand, weaknesses warn you against your threats.
To be a successful entrepreneur you should be of an amazing personality. You can take personality tests at 16personalities.com where you have to answer a few questions based on your everyday activities. After answering all the questions the site will show you the results defining your personality. It shows how you handle your everyday situation.
Knowing this is truly helpful, coz, it lets you understand what you are (upto a great extent) and you can point out the areas where you need to improvise your personality. Though there is no blanket rule for personality development to be a successful entrepreneur, try to be energetic, punctual, decisive and most importantly optimistic.
6. Meet New People
You know what’s the most important thing in a business? Contacts. The more contacts you have the better prospects your business would have. A simple technique to grow your contact list is to meet new people daily. Don’t discriminate; meet everybody from every sphere of your life. Because you can’t go predictive who’s going to work.
A social network is an efficient platform to meet new people and make friends. Do you know that FaceBook can be used for marketing purposes? If you are stepping into the digital world as an entrepreneur, this would surely boost up your product or service popularity. Earlier I have written one article on how a person got a job through his FaceBook network. It shows how amazing a social network is.
Once I went through a book on Entrepreneurship qualities, I stuck by a point- ‘cost of discovery’. It means “what was the financial and time expenditure in order to discover something, somebody or learn something that you have otherwise not learnt had you not networked or gone somewhere.”
Cost of discovery is opposite to Opportunity cost. Here, the Opportunity cost would be the benefit lost by not doing a work due to engagement with the social networks and the time spent on meeting new people. Now, what cost to forego? In present circumstances, the ‘Cost of Discovery’ would certainly be higher than the ‘Opportunity Cost’ specially in the long run.
7. Imagine Your Success
You have to dream before your dreams can come true.
– A.P.J. Abdul Kalam, Former President of India
If you can’t imagine your success, how can you set your goals? Once I was going through the speeches of Tony Robbins, I realised that if we don’t dream about our success, who else will do? Your parents, your friends or your relatives? Nobody is bothered about you. You are the dreamer and you have to fulfill your dreams yourself.
More importantly, if I myself don’t believe in my dream, I cannot convince others for investment or contributions to my business. I applied this theory to myself and found some good results out of it.
Once you conceive success in your mind, you know what your goals are. You can find its ways too. Remember imagination of success brings determination of goals. And the determination of goals assists in the selection of paths. This is a process and you can expedite your way.
This is not an exhaustive list of entrepreneurship tips or lessons. As entrepreneurship cannot be defined in a single sentence, the aspects related to it are multi-dimensional. The list depicts the basic requirements in an entrepreneurial attitude.
I will not assert (nobody can) that following the lessons suggested above would transform your life overnight, but would certainly bring positive changes if abide by the points for a long period of time. Remember you are reaping the same fruit, for what you are usually sowing now and would certainly receive the better result when you do the better then.
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