05 Sep 4 Entrepreneurial Rules For Starting Right
It’s a great time to be an entrepreneur—in the last decade, technology has leveled 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. I recently was reflecting on what Rieva Lesonsky, former editorial director of Entrepreneur Magazine (currently the CEO of GrowBiz & SmallBizDaily.com) gave as practical guidelines that can help you when beginning your own enterprise. It’s funny how even with the progress of technology these practical tips still hold weight and will give you the edge on your entrepreneurial journey, even against proverbial juggernauts in your chosen field.
- 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) 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. Advised 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.” Developing in the “negative space” is a great way to capitalize on getting the picture.
3) 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. Just think how much money you can save and reach you can attain by making yourself or your business searchable, especially with social media hashtag discovery literally simplified how your target audience can find you and even better how you can find them.
4) 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!” I myself am a firm believer in “Nothing great was ever accomplished with a negative attitude,” combine that with the audacity to “Go at life like it owes you a victory,” and you’ve got a formula for success eventually. It all comes down to your patience and persistence.