Technology is making it easier to be an entrepreneur as it has levelled the playing field in the last decade, and sparked an entrepreneurial revolution. Now, entrepreneurs have easier access to more information, which allows them to make more informed decisions faster.
Compared to big corporations, you are lighter, more flexible, and more agile. The ability to target new markets quickly is extremely valuable, as is the ability to change direction at any time.
But you also now have more competition for your time and attention, so your time is now more valuable. So how can you make more of your time and focus on the important things, rather than getting distracted by trivialities that don’t add value?
Entrepreneurship requires a long-term view and a plan that you follow from beginning to end. The following guidelines can be useful when starting your own business:
Discover Yourself and Find Your Niche
The first step to becoming a successful entrepreneur is figuring out your natural business strengths—what you’re naturally good at. Everyone is born with a specific set of skills and traits. The trick is to figure out what yours are and then use them to create your own business.
Once you’ve identified your strengths, you can identify a need or a product that doesn’t exist in the marketplace and create value by filling it. This is what I did when I started my business.
For example, many people that have a talent for socializing and making friends become successful party planners or event promoters. You’ll know you’ve found your calling when you’re having fun and enjoying yourself.
Don’t Be Quick to Resign Your Day Job Yet
You’ve heard it countless times before. You should start your business part-time while you have a steady income coming in. Besides, you don’t want to jump feet first into your business before you really understand what it takes.
Starting a business is overwhelming and there are a lot of reasons why you should keep your day job, at least for the first year. You need to be mentally and financially prepared to start a business. If you’re not, don’t. The last thing you want is to waste your time and resources when you could be using them to build your business right.
Entrepreneurship is not for the faint of heart. You have to be willing to work hard, learn new things, and deal with failure. You have to be willing to hustle until you succeed.
Establish an online presence
If you’re just getting started in the world of entrepreneurship, then there are several things that you should implement right off the bat. One is having an online presence. I know this may seem like a given, but most aspiring entrepreneurs overlook this part of the business. Heck, even most “successful” ones do.
When most people think of an “online presence” they think about creating a website, however, an online presence goes beyond this. It’s really the act of “being there” for your customer so that no matter where they are they can find you, talk to you, and do business with you.
Be purpose-driven and persistent
Starting a business with little to no experience in entrepreneurship can be scary and intimidating. However, if you’re purpose-driven, persistent, and refuse to give up when you fail, you’ll begin owning your decisions and creating your own success. And that is what great entrepreneurs do.
For example, not many people know that before he created the wildly popular Microsoft 3.0, Bill Gates had first created and failed with both Microsoft 1.0 and 2.0. Yet, he persisted and eventually succeeded.
Failure is not always a bad thing — just make sure you don’t repeat the same mistake!