It is now possible to start your own business, even with little to no capital. In fact, many startup entrepreneurs are Average Joes that have 9-5 day jobs. In fact, less than 1% of startup entrepreneurs came from extremely rich or extremely poor economic background.
But of course, starting your own business is a risky venture. There's always the possibility of failing. Building a startup company from scratch can be rid with problems, ranging from lack of funds to schedule conflicts with your day job. In order to find success, some startup entrepreneurs need to conquer a number of challenges. Should these things discourage startup entrepreneurs from dreaming big? No. In fact, here are ten tips that can help you find success.
1- Always have a reality check
It is imperative for every startup entrepreneur to always have a reality check. Since you are taking a risk as an entrepreneur, you might as well know what you are getting into. Keep in mind that expectations should be reality based. As rule of thumb, be realistic with what you currently have, and what you are up against.
If you’ve attended formal business classes, you need to perform a SWOT analysis to have a sense of reality. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Performing a SWOT analysis every now and then will increase your chances of success. You'll know exactly your strengths, limitations, and even areas you need to improve on.
2- Learn from the mistakes/success of other entrepreneurs
History repeats itself. You'll most likely repeat the mistakes of the past if you failed to do your homework. It is important to always study. Try to acquire wisdom from the journey of other entrepreneurs. Startup entrepreneurs should learn from both the success and the failures of other businesses.
3-Always have a vision
How do you see your company after a few years? Starting small doesn’t always mean staying small. In order to grow, it is imperative for a startup company to have a vision. Having this vision gives you something to strive for every day.
To realize your company's vision, you need to determine both your short and long term goals. This way, everything you do can be measured and evaluated.
4- Always improve your product/service
Word-of-mouth is still the best form of advertising. Word-of-mouth advertising has the ability to affect consumer attitude in a positive or a negative way. From online reviews to comments, these are modern forms of word-of-mouth advertising that every business could maximize.
But how do you get a good review? Startup entrepreneurs aim to improve products and services that they offer. You never know when to expect an angry customer who will take his or her frustrations online.
5- Work with the right people
It is a common scenario for a lot of startup entrepreneurs to perform different tasks at once. Although multi-tasking seems like a good idea, it actually does more harm than good in the long run.
You want to learn how to delegate the tasks to the right people. This practice can get more work done efficiently. It also allows you to focus on the most important activities.
Does this mean increasing the number of employees? This doesn’t have to always be the case. You can now resort to hiring freelancers who can help you achieve your goals for the most reasonable price.
6- Learn how to adapt to changes
Startup entrepreneurs can learn a thing or two from Google. Google is a company that has embraced and mastered the art of change. Google has been able to adapt to the changing online attitudes of online users, thus improving their algorithm regularly. Startup entrepreneurs should realize that there is always a chance for extinction if they fail to adapt.
Change is something that you should expect; it is the only constant in the business world today. Failure to discard obsolete practices can potentially harm your business. For a business to be successful, it should be flexible and adaptable to challenges. Furthermore. an entrepreneur should keep an eye on the latest trends used by business leaders.
7- Build a plan on how to raise capital
A common problem among startup entrepreneurs is the lack of funds. It is a common scenario to use personal savings just to start a business. This isn't always a good idea since you are risking your personal finances.
But how should startup entrepreneurs effectively raise funds? Fortunately, there are different options available today aside from getting a loan from the bank. For instance, you can find investors. You can sell your idea to investors who are willing to take the risk. These days, funds don't always have to come from one person or company. It can be from other people via crowdsourcing.
8- Startup entrepreneurs should understand the industry
Don’t venture on things that you don’t understand. It is important for startup entrepreneurs to know the business they are getting into. Failure to study an industry can be your biggest mistake. It is possible for startup entrepreneurs to be overwhelmed by highly competitive markets, especially when they go up against larger companies.
9- Look into your statistics
If you are not sure whether you are doing the right or the wrong business practices, it is important to look at the numbers. Are sales low? Or perhaps your site’s traffic is sliding week after week? Analyze what the numbers are telling you. Once you have collected and analyzed your data, you can now make the necessary adjustments. You can even implement A/B testing to see which one works better for your company.
10-Never give up
Startup entrepreneurs risk failing every single time that they start their business. This is a fact that you need to realize. According to the US Census data, only 48.8% of new companies started between 1977 and 2000 reached five years. This is even a conservative number. If you ask Fortune.com, they’ll tell you that 9 out of 10 startup companies fail.
So what if the numbers are stacked against startup entrepreneurs? Should you give up? No. In fact, it is important that you try again if you fail. Try to identify the things that went wrong and improve from there. Was there lacking interest in your product or service? Or perhaps your company grew at such a massive rate that you failed to anticipate this type of scenario?
To become a successful entrepreneur, you will need both patience and hard work. In fact, it may take more than just a couple of tries in order to finally get it right, but one thing you need to realize is that the road to success is definitely bumpy.