Wanna be an Entrepreneur?

Entrepreneurship is a difficult yet rewarding preposition. Though the path of entrepreneur is cluttered with obstacles and uncertainty it has its rewards as well. Entrepreneurship is not just about dreaming big it is 99.99% bravery and perspiration and 0.01% luck.

 

The sad truth is 8 out of 10 business start-ups fail. This number is higher in the case of online start-ups. Why then the businesses fail? Despite having sound idea, a novel product preposition, niche markets and so on. Is there any right and safe path to ensure that business succeeds? There is.  Most business owners who start their business do not have a clear vision or the goals except to make money. Making money is fine but when it becomes focus of all activities the efforts get scattered as a result quality gets hampered. Such efforts might lead to short term revenue generation but to build a long term sustainable business you need to focus on quality, money will follow.

 

Before starting a business it is crucial that a research be carried out. Research helps in selling products more efficiently. Innovation does not assure success. Research will help develop unique advantage without undertaking the pains of innovation. Identify your toughest competitors, observe their activities, and analyze them. You will get an idea if the product is going to work for you. Planning is essential for business. The goals should be clearly defined. Achieving Million dollar sale in your first year is excellent but in aiming big many entrepreneurs tend to neglect the small things which may be the deciding factor in making or breaking the business. Set modest targets and work towards those goals. You should be able to see the “end” first otherwise your business might fail (I failed because I did not have clear vision and did not know what I wanted to achieve) Once planning process is in place action is required. You need to set example for others.  You need to be able to think fast, manage other people and persevere through the trials that you will undoubtedly face. Entrepreneurship is NO cakewalk. Follow the right path patiently and you can see it making big.

 

Testing is absolutely crucial. Test and track your marketing materials. Test your ads. Test different customer interaction procedures. As much as possible, test every appropriate aspect that has a direct influence on your sales, and the lifetime value of each customer. Improvise your processes based on the feedback. What makes your advertisement tick? You have to ask many such questions to yourself and constantly keep vigil on the areas where you can improve.

There is no secret to doing well in business. It comes down to finding out what’s already working, putting your own spin on it, optimizing your results and then setting things up to grow without your direct involvement. This is the “path” that will lead you to success.

 

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