The path of becoming a thriving and successful entrepreneur is more than likely a process of trial an error, and here are some tips that will help you cut down on any possible errors on this path.
1. The Idea
We have all heard someone say, “I have a great idea for a business!” and yet they do nothing about it. In fact, you can have the best idea in the world for a business but if you lack the action of execution then this idea may very well be worthless. This basically means that you have to take an idea and run with it, and as a result, the idea can either succeed or not, as the case may be.
2. The Risk
Entrepreneurs are usually pigeon holed and thought to have a high (but perhaps not very healthy) appetite for undertaking risks. This might be true in some instances, but it is in no way essential to be a successful entrepreneur. What is important is a certain type of bravery, being aware of the risks but also not flying headlong into risk just because that is what it is perceived an entrepreneur would do. Also, it is relevant to keep yourself grounded if you know the risks, and do as much as you can to limit those very risks. And always remember – unlike an employee, you are in control.
3. The Funding
Don’t forget – this is going to be your baby, your idea, so think very carefully about looking for outside funding, as this could mean that you have less control, and thus you have to answer to someone else and as a consequence, expectations can be raised. So try to operate as leanly as possible from the very outset. This could be helpful all the way down the line, due to the fact that if the idea fails it will make the exit much much easier for you with no investors to deal with, yet if it succeeds, you can feel proud of this and know you did this all by yourself.
4. The System
Most small businesses are gardeners, plumbers, insurance brokers, etc. Now, a successful business is usually one that doesn’t have the time and the hands-on involvement of the entrepreneur. The reason for this is that the entrepreneur is creating and thinking up new ideas, but not having a hands-on involvement in everything. Yes, it is true, when starting out you will spend long hours doing everything and anything, so the business can get off the ground.
But, you should not be in that position 10 years later on, and if you are, then your business system is not right, and basically, all you have done is set up a way to trade your time for money. The entrepreneur is not that interested in doing the work, they are more interested in creating the way the company operates. In fact, they are like an inventor enjoying to invent but not the manufacture selling or the distribution of what they have invented.
5. The Marketing
Every business requires a different marketing strategy, yet 1 thing holds true regardless of the chosen strategy, and that is keeping focus on where the client is and what they want.
It seems these days that every start up has a blog, yet 99% are doing it wrong. They focus on themselves, and this is wrong in a blog, as, for a blog to really work, it has to focus on something bigger than your company and your product. When you use a blog to promote a business it cannot be about you, it has to be about your readers (as it is hoped that these will turn you’re your customers).
And yes, this sounds simple, yet it isn’t, as you have to be really focused and disciplined not to talk about yourself and your company. Don’t forget, you are using a blog to promote a business, and not yourself. So if you open a restaurant, don’t blog about the menu, blog about the great food, as the point of a blog is to help attract readers that enjoy good food or whatever else it is your business is doing.