4 Practical Tips For the Budding Entrepreneur
With the boom of remote and “work from home” jobs, many have realized their true potential for being their “own boss”. This change in mindset has caused many to decide to strike out on their own into the entrepreneurial world. One of the biggest tools and assets that will play in the favor of the modern entrepreneur is the access to technology. Technology gives an edge because of the amount of information that can be accessed and released in a timely manner. Having that kind of access makes making wise decisions happen more easily and quick.
But being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end.
Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine gives some practical guidelines that can help you when beginning your own enterprise:
1.Dont Quit Your Day Job.
Consider starting your business part-time, especially if its online, while you’re working and have a steady income. It usually takes six months to a year to get a business going and you don’t want your ability to make your house payment to hinge upon your company being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.
2.Find Your Niche.
The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a need something a specific group of people want, but cant get at the big chain stores and fill it. You cant compete with the big guys, so you have to find where the big guys aren’t and go into your niches.
3.Have an Online Presence.
Even if you’re not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base by, literally, millions. Its also a great tool for promoting yourself and letting people, even in your own area, know that you’re there, and what you’re doing.
4.Refuse to Quit.
Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which flopped, but he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. Says Lesonsky, Arm yourself with optimism to get beyond the No or the trouble. Theres nothing wrong in failure, just don’t repeat the same mistake!