Entrepreneurship has many opportunities. One can change his life through entrepreneurship. Do you set your mind to being an entrepreneur? Or, do you feel like that- the facts I wish I knew earlier about being an entrepreneur! Whatever situation would be you are planning to start your entrepreneurship, or started it without any sign of hope in the long run, or going on well, this article will definitely assist you with some new ideas!
Building a business from the ground up is no simple undertaking. As an entrepreneur, you’ll make a lot of errors and fail a lot of times. That’s okay as long as you’re willing to learn from them and attempt to prevent them in the future. Most entrepreneurs learn and grow in this manner. However, if you’re in business, you can’t afford to make mistakes all the time. To get a competitive advantage over others, you must play smart, and you must be aware of several catastrophic entrepreneurial blunders that might damage your firm!
Here is the checklist that I am sure you have gone through. This will assist you in assessing your situation, with some solutions that should be helpful for you. Let’s have a look!
1. Learn to motivate yourself
Before going to initiate your business, you have to be self-motivated. A person like you should have a belief that you can do it. When you have trust in yourself, you can motivate your team and surroundings.
Self-motivation doesn’t come in a day. Or, it is not like that you will be required once during your operations. Keep practicing this self-trust in such a way that, whatever disastrous situation appears, you can stand still. It is one of the facts about being an entrepreneur.
2. Know your supply chain
Before entering your business, you have to know the pros and cons of your Supply Chain Management SCM. It is a vast and crucial issue. Considering its magnanimity, leading entrepreneurs go in deep to know their SCM.
Having in detail information on your SCM will not only give you better solutions on your way, but it will also prompt your action, save your money and time, and resist your hidden or unpredictable waste.
Learn to save your money and resources from everywhere. Whatever amount you will save will give you extra mileage on cost management. Being a strong entrepreneur, this additional money and resources will assist you in other ways.
When you will involve all major parts of your operations, you can definitely save something. You should not do any expenses up to 10$ in a job that you can do by 9$. Outsourcing is a good way to save money in business. It is one of the vital facts about being an entrepreneur. Don’t buy physical resources that you can do from home or online. Buy in bulk wherever possible (and needed).
4. Learn how to sell
Selling your products (and/or services) is not that much easy. It is not only making money. You can only sell your item when it can provide solutions to your clients. Otherwise, why will they buy it?
The secret of selling a product is mostly emotional. People buy things not only for their necessities but also for their emotional bonding on issues, like the product itself and the marketing approach. Develop a brand image, that most of the buyers rely upon. This is one of the important facts about being an entrepreneur.
5. Address strengths, not weaknesses
As a human being, you will have some weaknesses, and some strengths as well. Everyone has the same. If you continuously ponder over your weaknesses, you might be demotivated. Moreover, attention to weaknesses might make your strength out of mind.
Focus on your strengths, not your weaknesses. Explore your strength. Enhance these with more expertise. Be the best in your area. Say, you are good at mathematics or designing, or content making, focus on your skilled areas first.
6. Work for an entrepreneur
It is like you are working for another entrepreneur. You can do it as an apprentice, or as a paid (or voluntary) employee. It is a very good way to understand the business from within. Being a part of this business, you can have in-depth knowledge, learning, and experience that you can replicate.
The other very good benefit is, that by working for an entrepreneur, you can also get his mentorship. You can solve your queries under his supervision. In this way you get your answer on should I be an entrepreneur? It is one of the effective facts about being an entrepreneur.
7. Market expansion
You should be thinking of the expansion plan and opportunities for your business in 2, 3, 5, or 10 years. Is your business really sustainable? It is really a crucial question that you must have a convincing answer to.
Some business crush like these is started whimsically. Some entrepreneurs think just you start and decide to improvise wherever needed. It is a backfire decision. A well-thought business grows up systematically over time.
8. Know your customer
Customers are the bloodstream of any business. When you know the choices, needs sects, race, gender, demography, social status, and economic capacity of your customers. When you know them well, you can produce services and products for them.
9. Blue ocean strategy
A vital thing of any entrepreneurial venture is how innovative the business idea is. Your business proposition should be as unique as a Blue Ocean Strategy. A blue ocean idea is that one
No doubt, a business that has not been in the market but has great market demand is much more prosperous than a business that has already been overwhelmed. Dive deeper into a blue ocean where access is difficult, competition is lower, but profitability is higher.
10. Business Model
Everyone entrepreneur is doing business. But, how many have their own business models? Look back on the successful entrepreneur. Coca-Cola, Toyota Walmart, or Google.
All they have the well-defined business models that they follow. You will get useful direction from the internet on how to present your business plan to investors. A good business plan is a better way to stay on track.
You should have your own, unique model. It is a well-written business concept that should not be shared publicly. Follow and update your business model with necessary information on different segments, like, revenue model, product line, SCM, etc.
One more thing, never reveal your business secret. It is one of the open facts about being an entrepreneur.
11. Investment plan
You should have a good investment plan for your business. Entrepreneurship is not like that you will not invest money. Neither it is like that you will continuously be investing money endlessly. Everything should be as planned. It is one of the must-follow facts about being an entrepreneur.
Before starting your business, you need to conduct thoughtful research on the past, present, and future of your business. The trend and history of business need to analyze in-depth. For example, as a current and future trend, you will be benefited to know about the Largest eCommerce marketplace in the world- why and how.
You should also have a study on product innovation (in case there is nothing found in the sources, your idea is a blue ocean!) as well as competitors analysis, supply chain management, marketing, accounting, customer satisfaction, location of the business, etc.
13. Pick your value proposition
What is the most value you provide to your customer that any other cant give? Understand your value proposition of the business. It is the distinction you achieve from your customers.
The value proposition is the uniqueness of your business that keeps you ahead of others. Having a different value proposition is a way of sustainability.
Your competitors are your best mentors. You should have detailed research on them. Having a good study on them, you can innovate your uniqueness. By knowing your competitors, you will be able to know what to do, and whatnot.
- What are their websites look like?
- How do they handle their toughest customers?
- Do they have a convincing product line?
- Is their business innovative?
- What is their business proposition?
- How do they develop their value addition?
- How do they accept and keep pace with change?
- What are the ways they handle challenges and obstacles?
15. Build an audience
You should develop a group of audience who will be discussing your business products. They will listen to you during the journey. You can get feedback and comments from your audience. Audience are also your voter and marketeers.
The audience will review your products, criticize, or refer to their network if they find these good. You can get a good audience from your social media.
Your loyal audiences are a good source of your R&D and marketing. Give them something free of cost so that they feel ownership and honored. It is one of the crucial facts about being an entrepreneur.
Marketing is one of the most crucial parts of your business. Think, what will happen when you have done every possible thing for your business in every possible way, other than marketing!
The best way of doing marketing is to listen to your target market. Try to know what your customers need from you. Give them their solution. You are not going to sell your products.
Remember, customers will buy things when they will solve their purpose. Tune your marketing strategy with the emotion of your clients. This is one of the complacency facts about being an entrepreneur.
17. No overnight success
Entrepreneurship is not a journey of overnight success. It is rather a continuous journey where you will have to face many new challenges, opportunities, people, and learning. Face them as they appear.
Forget about getting an overnight success. Remember, when you get some overnight success, these cant be sustainable. Fluke and consecutive success are different. It’s true, if you stick to your goal, you will be successful one day. Visualize the big picture, and long-term gain.
18. Fail quickly
It is a bit harsh, but the reality is, fail quickly when you’re going to fail. All of your ideas and action will not be successful. It is not possible for anyone. Don’t think over it too much. Rather, sticking with a ‘going to fail idea or action’ will close doors for other immediate opportunities.
Don’t waste time with fail. Learn to leave with fail. Learn the reason behind the failure and address them quickly for future preparedness.
19. Put yourself in “Death Ground” situations
You are in a battle. Business is a competition. Get out of your comfort zone. If you lost your pace, you will lag behind automatically. Other entrepreneurs are breathing on your neck. Business is not a bed of roses. You have scanty time to prove your mettle.
Business is challenging all the time. New threats and changes will put you in the battleground. Survivals are the fittest, where you are the warriors. Think of yourself in the place of a gladiator!! It is one of the undeniable facts about being an entrepreneur.
20. Be knowledgeable
You should be in the process of gaining knowledge. Every day, new ideas and innovations are coming in. Technology has even the backbone of all giant companies.
Grasp them so that you can make the right decision at right time. Knowledge keeps you updated.
There are many business theories, processes, directions, and guidelines. It is our blessing that we are not in a dark age. The openness of information makes our life more systematic. Go through them as much as you can. Be always in the middle of your learning, so that you get momentum practically.
21. Know the trend
We discussed we should follow a blue ocean strategy. It is also true that we have to know about the trend. What do people want? They have the technology, we live in the era of the Internet, it is the kingdom of e-commerce.
Also, know the technology. It is powerful to surpass time. You need to know the choices, limitations, economic strength, demographic status, demand-supply curve, price distribution, profit margin, economics, ROI, and whatnot! It is one of the acceptable facts about being an entrepreneur.
22. Solve problems
The objective of your entrepreneurship is to solve problems for others. Before going to create new products, know the requirement of your target market. It is a good way to create a sustainable business.
When your series of products will not be able to solve the problems they face, your products will not be of any use to them. If you cannot win the heart of your customers, your entrepreneurship will not flourish in the long run.
23. Legal affairs
Before going for your business operations, you should know the existing law, system, order, and etiquette related to entrepreneurship. When you know these issues by your heart, many of your decisions in the coming days will be found professional, legal, and rational. It is one of the must-follow facts about being an entrepreneur.
Get the following legal affairs well:
- Trade license
- Federal and state licensing
- Workers’ compensation
- Labor law
- Intellectual property laws
- Occupational Safety and Health Act
- Fair Labor Standards Act
- Tax VAT. Laws
- Federal Equal Employment Opportunity laws
- Family and Medical Leave Act
- Hiring employees
- At-Will work doctrine
- Truth in Advertising and Marketing
- Quality Assurance law
- Telemarketing Sales Law
- CAN-SPAM Act
- Sales Tax Collection
- International sales laws
- Data security law
- Cyber Security
- Affordable Care Act
- Healthcare privacy
- Existing country laws
- Existing international laws
24. Be the leader of leaders
A Leader doesn’t advise, he shows how the job has been done. Lead from the front, be such a leader that will help you to lead your team effectively. On the way to tour entrepreneurship, you will be required to accomplish many jobs by others. Grow your leadership qualities.
Dealing with people is not that much easy. It is one of the toughest deals that you will be handling. The nature, habits, and behavior of individuals are quite different from each other. Transform yourself according to the people you will be dealing with. It is one of the underlined facts about being an entrepreneur.
In life, there are a lot of distractions, that overwhelm our focus. For entrepreneurs, it is also a serious matter to handle. You have to be focused on your objective all the time. There will be many lures in life that would redirect your mission.
You will be experiencing new ideas and options. Keep them aside for the future. Don’t let distractions dominate your main goal. For example, when you are producing water, should not also think to start an oil business.
However, if the 2 businesses are associated with each other may be considered. But, surely not during the beginning years. This is one of the useful facts about being an entrepreneur.
26. Be democratic, be autocratic
In some sort of decision, you might be autocratic, when you alone should make the decision. No need to rely on others. These are in fact the strategic decisions, investment plans, business models, etc. Do it by yourself.
Also, you should take opinions from others in some of your business parts. Actually, operational activities, marketing, and customer satisfaction are some areas where you can ask opinions from your people.
27. Pick the right team
Entrepreneurship is a process where many of your activities and tasks need to do by others. Your success depends on how diplomatically you can handle your people to make all jobs done on time and smoothly by them. Focus on team activities and motivation. Focus on enhancing the emotional intelligence of your team.
Above all, you need to have a good team that will be talented, dedicated, motivated, and within the same line of your vision and goal. Pick the right person. Retain the talents. Most entrepreneurship falls because of a good combination of a team with a similar mind but different skill sets.
They should have command of second languages too, doing mentality, proper telephone etiquette for communication, as well as email etiquette to handle your business. and A good manager can identify, pick, and place the right personnel in right place.
28. Learn Your SWOT
- What are your strengths?
- How do you recover from your weaknesses?
- Why do some of your opportunities always stay ahead of others?
- What are the possible threats you have before launching your business?
SWOT is a self-assessment that will enable you to identify your good things. By this, you can maximize these and relate them to your business. The process also helps you to find out your bad spots that must be transformed into your opportunities, gradually.
29. Every customer is not perfect for you
Customers have many choices, classes, needs, and abilities. You cannot pick all of them. Moreover, all of ‘your’ customers are also not perfect for you.
Skip some customers or customer groups. Pick the right group. The right niche with a business focus will help you to provide the best service, which is a good way for customer retention.
Related: Pick out your profitable niche
30. Network, build contacts & relationships
Who can be your best customers? The unknown person whom you have never seen? or, a person from your network? Every businessman believes the business starts at home. Build, develop, and nurture your network. They will be very useful during your business.
Build your contact, relationship, and network. Get the mobile numbers of all your contacts. A robust email list will be handy later on. Join social gatherings. Participate party.
Be active in social media. Most importantly, never cut your bridge. It means you should not damage any relationship at any cost. Who knows, who can turn very prosperous for you! It is one of the sustainable facts about being an entrepreneur that has long-term benefits.
31. Work 80 hours per week for 12-24 months
No doubt business is much harder than a job. Establishing a business needs much time, attention, and effort. Entrepreneurship is much more challenging as well as adventurous. But the best thing about a successful business is that it gives much independence, respect, and return on many forms.
You have to invest your time to get your ROI. Be prepared for that physically, morally, and mentally. The next 2 years will be an acid test as you will be going through your survival stage. But I am sure, you won’t mind it considering the high return upon your success afterward. You are a daredevil to take challenges!
32. Excellence has no shortcut
Business excellence is a long-term phenomenon that comes over time. It is not a time-bound process. None can gain excellence overnight. It has no shortcut. Striving for excellence mingled with a thirst for perfection is the way to achieve it. It is not guaranteed for all, only deserving persons avail the same.
33. Learn fast
Be a quick learner. It is a matter of your habit and practice. There will be numerous new things and learning demands in your business career. Go back to your childhood and grab every learning as if you are learning to talk and walk desperately.
In way of your learning, you may have experienced something, whereas should have learned from other persons and incidents. To learn something new, and accept it, you must ‘unlearn’ your own understanding and consideration.
Learn to be cool. There will be many situations in your journey when you have to show your patience. Don’t react instantly. Take your time before your response to any serious issue. Time is the best healer.
Meditation is a good way to control yourself. When you come cool, be sure you can make better decisions. This is well before going for a tough decision. Prayer is a good way of meditation. Seek support from the Almighty when you are in a difficult situation.
Start! A very small word with a magnanimous impact. It is the toughest and most important thing to do in your business. Just start. When you will be initiating practically, you will be able to be in the count.
Don’t delay. Start now lest you are not delayed. Start! It is one of the inevitable facts about being an entrepreneur. It is the basics of entrepreneurship.
Continue to strive for betterment. Never be happy with your current state; there is always the opportunity for development. Successful entrepreneurs recognize and address their weaknesses. If you use your failures as lessons, you may achieve the success you’ve always desired. Now that you’re aware of the frequent mistakes that entrepreneurs make, strive to avoid them!
Be creative! Using the same concepts as everyone else will not help you stand out from the crowd. When introducing your items, use the most engaging platform. For instance, because practically everyone is on social media these days, you may utilize it to sell your items.
Your marketing plan should not be tailored to a single demographic. Dynamic marketing techniques that target all sorts of clients are the focus of successful entrepreneurs. To reach your target audience, you must first understand who they are. You can’t engage with your consumers or create a bond with them until you comprehend their perspective, which requires knowing who your target audience is.
Invest wisely: wasting money on office setup when you don’t need it might have a detrimental impact on your bottom line. Marketing is always evolving, and you can only keep up if you stay informed on current trends. “Continually think about how you may be doing things better and continuously challenging yourself,” Elon Musk advises.
Admit that you require assistance. Learning is a constant process, and seeking expert assistance is never a bad idea. Entrepreneurs who refuse advice and try to tackle problems on their own make mistakes. Entrepreneurs who wait for the “ideal time” to invest are unlikely to succeed. Ones will not come knocking at your door; you must seek them out and seize all available opportunities.
Customers may help you evaluate your business by providing comments. Consumers’ responses are often overlooked by entrepreneurs, yet they may be quite useful in identifying flaws and understanding what customers want from you. The expertise of your staff is critical to your success.
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