It’s an exciting moment to be an entrepreneur—technology has levelled the playing field and sparked an entrepreneurial revolution in the previous decade. As an entrepreneur, you now have more information at your fingertips, allowing you to make more informed decisions more rapidly. You have an advantage against large corporations because you are lighter, more adaptable, and quicker on your feet. You can more swiftly target new markets and pivot on a dime.
However, becoming a successful entrepreneur necessitates looking at the big picture and sticking to a strategy from start to finish. Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine, offers some practical advice for anyone starting their own business:
Refrain from quitting your day job
Consider starting your business part-time, especially if it’s an online business, while you’re still employed and earning a consistent income. It takes six to a year to get a firm off the ground, and you don’t want your ability to make your mortgage payment to be contingent on your company’s performance. Start small, both financially and in terms of time, and scale up as your company expands.
Determine your niche
General stores are no longer in business. Consumers are looking for speciality stores, especially online. You must identify a need—something that a specific set of individuals desires but cannot obtain from large chain stores—and then satisfy it. “You can’t compete with the big players,” Lesonsky advises, “so you have to go where the big companies aren’t and go into your niches.”
Have a presence on the internet
Even if you don’t intend to launch an online retail firm, keep in mind that the internet can still be beneficial to your organization. Having an online presence removes the limits of physical location and allows you to reach millions of new customers. It’s also a terrific way to promote yourself and let others know you’re there and what you’re up to, even if it’s only in your local neighbourhood.
Refuse to give up
Entrepreneurship demands innovation, energy, and the determination to keep trying even when things go wrong. Few people realize that before creating Microsoft 3.0, Bill Gates produced Microsoft 1.0 and 2.0, both of which failed miserably—but he persisted. And it is this tenacity and reluctance to give up that will distinguish successful entrepreneurs from those who fail. “Arm yourself with hope to go over the ‘No’ or the problem,” says Lesonsky. There’s nothing wrong with failing—just don’t do it again!”