Entrepreneurship is a goal for many. There is nothing better than the feeling of being your own boss and calling all the shots. Especially with the UK labour market not being as appealing as it once was.
While in thought, everything about becoming an entrepreneur may seem amazing, it is actually difficult when you start on the entrepreneurial path. So difficult that 3 out of 4 entrepreneurs end up failing.
There are many reasons for failure such as pressure and stress on entrepreneurs as they are solely responsible for the outcome of their business. Which can take a toll especially if you have little experience and money.
But don’t sweat it too much, the following tips will help you survive the quest of becoming an entrepreneur and yield the rewards and excitement that come with it.
Make sure you are passionate
For any entrepreneur to be successful they need both passion and commitment. You need that fire from within to really drive you to succeed.
If you feel that you don’t have the passion or time for commitment towards your solution, even the slightest bit of doubt, you may want to reconsider investing heavily in it and trying to build a business out of it. The reason why is because the path is not all rainbows and butterflies, there will be more downs than ups initially. The only thing that will drive you at that point is your passion.
Pick a mentor
The path of entrepreneurship is not easy and twice as hard for someone who is inexperienced. While you, yourself may not have the experience, doesn’t mean you can’t find someone to guide you on this path. Someone that is an experienced entrepreneur. A mentor can help you plan and set a strategy that is not only effective but realistic.
Throughout your journey, you will have someone to turn to for guidance and assistance when needed. You may need to give up some equity for their time and guidance but at the end of the day, it will be worth it when your business succeeds.
Budget the limited cash you have
One of the biggest mistakes entrepreneurs make is that they focus more on their potential in years to come rather than focus on today, especially when it comes to money. Rather than thinking about your projected earnings in the next 4 years, focus on what they are today. Don’t get lost in projections because then you will end up spending more money, thinking you will be okay cause your projections will have you covered.
Think of cash as the oxygen for your business, without which it won’t survive. Have a plan of what your costs are today and what it will take for your startup to stay afloat for at least a year.
You want to consider your rent along with other overhead costs like broadband internet, electricity, and so on. Plan and budget accordingly today so that your cash doesn’t bleed. Always check if there’s any available discount code to save money. Otherwise, you’ll create even more problems for your business and you don’t really want that, do you?
Know your market before you make the product
Never make a product and then try to create a demand for it. This is a sure way to fail. It is important that you do your research prior to making your solution. The solution needs to fulfil a demand that is already there in the market.
Therefore, talk to your target audience and devise your solution accordingly. The idea you have will have a specific market whether it is adults, children, parents, and so on. Speak to them and see how they would want the particular problem your solution is solving to be solved. This will allow you to cater your offering to the liking of your audience.
Have the right people around you
It is very difficult to build and grow a startup on your own. You may think that you can make it on your own but if you truly want to be successful, you will need a team by your side.
It is important that you select individuals that not only believe in your solution but share a similar vision as you. This is the only way you can be certain that they will put in the effort that is required to help make your startup a success. While you may have to take time in finding such individuals, in the long run, the effort you put in will be worth it.
Sources: JobisJob, Entrepreneur, Plusvouchercode, Freepik.