Oftentimes, entrepreneurs just starting out may not know when to take the plunge or when to hold back from investing too much or speaking out too soon. Because this territory is murky for all of us at times, this article provides a kind of compilation of advice for new entrepreneurs just starting out on the path toward their ideal business plan.
Read on to find out what they have to say about the rewarding-yet-demanding endeavor known as entrepreneurship.
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To become an entrepreneur, one should acquire the willingness to take risks (and sometimes fail) and be a high achiever. They should also possess certain traits like emotional intelligence, a desire to innovate, and strong networking skills.
Some of the less glamorous aspects of the entrepreneurship include working extremely hard — which tends to induce excess stress — along with a strain on one’s personal relationships, finances, time, and amount of sleep. It’s likely that much of one’s time will also be spent attempting to gain new customers and secure existing ones for the proverbial long haul.
These may seem to paint a demanding picture; indeed, designing and building a business from the ground up is no easy feat. However, all indications suggest the hard work is worth it. Part of the satisfaction involved is likely tied to the independence and creativity one may employ as the CEO and mastermind of a business idea. Because of this sense of autonomy and control, many entrepreneurs are willing to put in the time necessary to make their ideas come to fruition.
Management Trends to Watch
According to Northeastern University, three hot management trends shaping the business world include online marketing, data collection, and implementation of video as a marketing strategy. Specific data to be mindful of include how people access a company website — for example, whether they utilize a desktop computer or a mobile device — as well as the location of website users, what time of day they access the site, how much time they spend on the site, and the page from which they leave.
If there seems to be a lot of focus on online website management — well, that’s because there is! These days, if a business doesn’t have an online presence and its products and services aren’t available for purchase online, it’s likely to have trouble getting adequate exposure to new customers or revenue opportunities.
According to Preneur Digest, there are a few technical skills that come in handy for newbies starting a business online, including website design and improvement, as well as knowledge of web indexes, SEO, hosting, domains, and online communities.
Beyond website construction and marketing, it’s also useful to possess analytical skills related to web analytics and the use of analytical data to inform the chosen business methodology and ideas. After performing stats analysis, the next step is to learn how to build social impact and master online customer care. Lastly, a manager should know when and to whom to delegate.
Imitation Is the Sincerest Form of Flattery
One other age-old technique worth trying is related to social learning theory, which proposes that new behaviors can be acquired by observing and imitating others. According to that school of thought, it could be worthwhile to copy successful business models and operational processes when launching new products and services in new markets.
Finally, Mike Kappel recommends balancing passion with wisdom through counting the costs, keeping it simple, and imagining yourself with zero money, since that is often the case with new entrepreneurs — at least for the first year or two. In other words, be sure to have a contingency plan written into your business plan. Eventually, if the business idea is a good one, it’s bound to get noticed.
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What do you recommend to new entrepreneurs just starting out? Leave your advice or experience in the comments section below.