It’s a great time to be an entrepreneur—in the last decade, technology has levelled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that enables you to make more intelligent choices more quickly. You have an advantage over big businesses in that you’re lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime.
But being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end. Here we look at comments from Neil Stephenson, CEO of Onyx Group, Sam Driver, Director of Thousand Yard Films, Ellie Fox, Founder of Ticky Turner, Jason Petsch, Commercial Director of GRITIT and Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine who all give some practical guidelines that can help you when beginning your own enterprise:
1. Don’t Quit Your Day Job
Consider starting your business part-time, especially if it’s 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. Get the business model right
Neil Stephenson, CEO of Onyx Group, stressed the importance of making sure your business model works. You need to find a market that is ripe for disruption and make sure your product is better than your competitors – having a sound business model will help you to do this. If you have a great product and a brilliant team then success is far more likely.
3. 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 can’t get at the big chain stores—and fill it. Advises Lesonsky, “You can’t compete with the big guys, so you have to find where the big guys aren’t and go into your niches.”
4. Trust your instincts
Sam Driver, Director of Thousand Yard Films, highlighted how crucial it is to trust your instincts. I have made hundreds of decisions that accountants and lawyers completely disagreed with, because I had a feeling they would work. Sometimes the rulebook is only there to be thrown out, and the right decision is your initial instinct.
5. It’s down to you
Ellie Fox, Founder of Ticky Turner, said that if you dont do it, nobody else will. Personally, I would advise learning the art of delegation and finding like-minded people to work alongside. Then you can free up more of your own time to think about moving your business forward. If there are not enough days in the week, work smarter not longer.
6. Believe in what you do
Jason Petsch, Commercial Director of GRITIT, pointed out why entrepreneurs need to have self-confidence. This isnt arrogance, its belief that what you are doing can make a positive difference to peoples lives. If you dont believe in what you do, who else will?
7. 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. It’s 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.
8. 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. There’s nothing wrong in failure—just don’t repeat the same mistake!”
9. Give it a go
The great thing is these people are just getting on and doing it. They are trying to learn from running a business and I think that is the best way of learning. You have to say screw it, lets do it and give it a go.
If you want to know more about starting your own business , then check out my FREE report
“Entrepreneurship How To Start And Monetise Your Own Business”