Today, we no longer want to work a 10-5 job all day long to earn a good livelihood. We would rather work on our own business idea from 9-10 and make a name for our own, because with changing times money is not the only driving factor among millennials, power has become the key to success. Engulfed by this tide of entrepreneurship, thousands are quitting their day jobs to make it big, and with the emergence of digitalization, their dreams are truly turning into reality.
So here's some handy tips for first time entrepreneurs to make sure they find the right key to their road of success.
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1. Lay a roadmap
An idea can change a life, only if this is thoroughly thought over. Don't just step into the business world just because you have a good idea. Remember, if your idea is really good, thousands others are all ready to give it a try too, and they might have more resources to fund it through. So before you share your idea with the world, decide on key essentials like operations, investment, expected profit, expected growth and your company's mission and vision.
2. Invest right
When you start a business, even your company's letterpad is a cost you are bearing which needs to be gained back via sales of some product. So, do not spend without reason. If you are a impulsive buyer, give yourself 10 minutes before your make a purchase.
3. Mingle right
No business can run on it's own. If you are a fruit seller, your sales would be affected by other fruit sellers. Similarly, your business will also be affected by a juice seller. So, connect with the right audience to broaden your channel. Spend some time in the market to understand the trends and demands.
4. Spread your b-card like HIV
Since you are a startup, almost nobody knows you. So, you need to implant yourself in the consumer's mind. Carry a buckload of business cards and give it to almost anybody with whom you have a genuine conversation. They might never use it, but they just might give it to somebody in need.
5. Know your market
If you are a new entrant in an existing market you should offer low price or discounts to attract customers. But, if you are entering a new market, offering a low price may make customers question your worth. So, first see your target audience and their financial position. This will not only influence their purchase decision, but also tell you how to promote your brand to the target group.
6. Conduct a SWOT
This analysis is an easy way to understand in how much water you are standing. Conduct a SWOT analysis on your own company and also on your competitors. Try to encash on their weaknesses and threats and turn them into your strengths and opportunities.
7. Be at the right place at the right time
A huge part to make it big is dependent upon taking the right risk at the right time. For example, being a fruit seller in India, if you close shop during festive season, you are bidding goodbye to a huge profit. So, you need to always keep track of things all over the world. Because everything influences another thing. Like, if India faces a flood, the economy is affected. Read newspaper headlines daily or check them out on net or tv, to know what is happening in the world.
8. Carry the right attitude
Ethics are a huge part of business. Most people who have been in the trade for long, not only look for money making partners but genuine money making partners with the right attitude. So, one may not agree to trade with a reputed brand if their behavior is improper. Always dress right to meetings, and greet everyone, even the peon with a smile.
9. Know your trade
This is the most important point is without this all the others are useless. You not only have to know everything about your business, but also about your competition's business and also businesses that indirectly or directly affects yours. Because when in an conversation, if you say 'I do not know', that will surely do you no good.
An entrepreneur is Jack of all trades but the master of one. So find your area of expertize in your organization and own it. But also be well versed with the other areas so that nobody crosses you or misguides you. Ask for help from reliable sources or simply learn what you may wish to on the world wide web.