Surprisingly enough, it’s a great time for entrepreneurs despite the current economic and market conditions.
New technology has had a huge impact on the growing entrepreneurial trend and has really interesting data.
Some incredible figures were discovered in a recent study carried out in the U.S.
- 62% of Americans have earned their multimillionaire status on their own.
- The number 1 reason why businesses fail is there being a lack of need in the market.
- There are 582 million entrepreneurs in the world.
- Businesses and food are the two most popular industries to undertake.
- 62% of small businesses have no staff.
- 97% of independent professionals say that they would never go back to their old jobs.
So, we will put the following questions to you…
Why should you become an entrepreneur?
Each entrepreneur has a different story about why they decided to start a business.
Some knew from day one that they wanted to work for themselves and others realized it when they were working for other people.
Take note of some of the reasons why you should consider becoming an entrepreneur:
- Create your own opportunities and future. You will be able to create your own opportunities with your interests and draw up your own future.
- Be your own boss. When you’re an entrepreneur, you’re your own boss. Some of the advantages of being your own boss include being able to establish your own work hours and working when you want (more or less).
- Opportunity to change lives. Do you have an idea for a product or service that has the potential to have a big impact on people? There’s no better motivation for an entrepreneur.
- Free and independent. Entrepreneurship gives you the satisfying ability to make decisions freely and independently.
- Your work is your profit. All your work will reap financial rewards just for you and the management and use of which will be your absolute responsibility.
The idea of having your own business is very attractive. To have the minimum guarantee of success, keep these keys in mind as they could make a big difference. Continue reading!
Keys to success
Even the safest and most prepared entrepreneurs can feel uncertain when they launch a new business idea.
There are risks with every new business, and both setbacks and challenges are inevitable on the path to success.
To increase the possibility of success, there are certain tips you should note down:
1.- Dominate your market
There are many internal and external factors which could affect the longevity of the products and services offered by your business.
Understanding how a business excels where its competition doesn’t are crucial to dominating the market.
Focus on your business niche and look for a competitive advantage that allows you to stand out from the competition.
For many entrepreneurs, passion is the main driver of success.
With passion, an entrepreneur possesses the fuel and resistance that constantly drives their actions forward.
Working in a niche job that is mastered and passionate, can be the competitive advantage you need to differentiate yourself from the rest of the competition.
3.- Create a business plan
Whether you’re starting a business or exploring the best way to expand an existing one, a business plan is an important tool to help guide your decisions.
The aim of the business plan is to help put together a strategy to start to business. It also gives you information about the steps to follow, the necessary resources to reach business goals and expected results.
No business is feasible without a business plan. It’s an important step if you want to have control of your business.
4.- Define your audience
Every entrepreneur must know their possible customers. The ability to find a customer, sell a product/service to this customer and their satisfaction must be a central focus in all business activity.
Answering certain questions about the customer profile at the beginning and during business growth can be key. What kind of questions? For example:
- What are the problems? It doesn’t matter what product you are offering, you’re selling a solution to a problem. People want their problems solved!
- Who are the ‘‘potential’’ customers? The answer to this question is given by demographics and the study and classification of people according to their attitudes.
5.- Analyze the competition
Competition can be defined as the group of competitors that targets the same market segments and which have a similar product as that in our business.
To develop a good competition analysis, it must include actions such as:
- Compile information about your main competitors. It is a very detailed study and comparison. From the evolution of the competitor’s products or services and comparing the pricing system with yours.
- Identify the strengths and weaknesses of the competition. A practical exercise in listing competitors and their respective strengths and weaknesses. This analysis will give you an idea about how to adapt your strategy to counteract their strong points and take advantage of their weak points.
6.- Create strategic alliances
A strategic alliance is an agreement between two or more companies to cooperate in a specific business activity so that they benefit from each other’s strengths and gain competitive advantages.
To make a correct strategic alliance, we must have thorough knowledge of our business and what we need and want from it, in addition to those companies whose profile is suitable to be part of those alliances.
7.- Invest in technology
Few resources have been as fundamental for entrepreneurs as technology has. New technology has been a key factor in new profitable and interesting business opportunities.
Investing in technology is vital to both developing, positioning and promoting your business. In this sense, the digital world is something to discover and take advantage of in order to boost the performance of any business.
Whatever your reason for wanting to enter the world of entrepreneurship, with good planning and work, your dreams can come true. Are you ready?