We live in a generation where more and more people want to be entrepreneurs. Thanks to technology and platforms like the internet, starting a business has become a lot easier. And when you think about, there are several benefits tied to being your own boss. For example, you get to follow your passion and bring something unique to the market while supporting yourself financially. But according to Harvard Business Review, about 75% of start-ups do not survive. And this is not very motivational news if you dream of owning your own business. So, how do you avoid being part of that 75%?
First of all, the most successful people in business can tell you all about failure. This is because failure is part of the process and it does not mean you cannot be successful somewhere down the line. The real question is whether you are willing to take these hits and learn from them. Of course, not everyone has a natural talent for entrepreneurship. But if you keep the following suggestions in mind, there is no reason why you cannot make a big success.
- Stay Focused And Daring
As an entrepreneur, you have to ready yourself for a lot of pressure and disappointment. This is because nobody gets it right all the time. There will be times when you feel like kicking yourself and just giving up. That’s okay. But it is more important that you stay focused on getting past the problem. As mentioned earlier, failure is a natural part of life and business. So, change your perspective in this regard. See your failures as opportunities to do better. More importantly, be willing to take risks and work outside of your comfort zone.
- Keep Building Connections
One of the most important aspects of getting a startup off the ground is building connections. Why? Because connections not only help to stimulate business, but they can also open up new doors and opportunities. Making friends with the right people can have many advantages. And if those advantages do not surface today, they will make an appearance down the line. So always try to build strong relationships and create a solid network for your startup.
- Establish Your Market/Niche
Truth be told, coming up with something completely original these days seems almost impossible. And you are better off looking at products or services that prove to be in heavy demand, rather than trying to market something nobody wants. Thus, if you fail to come up with a completely original idea, look at how you can improve on existing products or services. And do not forget to master the niche you ultimately choose. Because the better you understand it, the easier it becomes to sell.
- Always Be Open-Minded
You are never too old to learn something new. And this is the type of advice you can take to the bank. Because if you have any hope of being a successful entrepreneur, you have to stay open-minded and be willing to learn, even when you think you know everything.
- Business Is More Than Money
It goes without saying that you are bound to take financial hits. In other words, get ready to spend and lose money at the worst possible times. However, a true entrepreneur is willing to look past these challenges, because there is more to business than just making money. Enlist the help of a qualified accountant to advise on finances. Whether you are seeking accounting services in Singapore, in the UK or Europe a good accountant is crucial. More specifically, you have to keep an eye on the bigger picture when you struggle financially.
- Try To Balance Your Finances
Naturally, you cannot run a business when you can barely support yourself. This is why you want to establish how much money you need to survive and what you can afford to spend on the business. In fact, if you are struggling to finance your startup, why not consider a part-time job? It could be exactly what you need to take the financial pressure off while you create a new spot to network.
- Learn To Be Flexible
One thing you have to remember in business is that things change. And even though you managed to nail your niche now, be ready to shake things up in the future. Yes, this can be challenging, but if you cannot adapt to the market, your startup is going to end up with the rest of the 75% mentioned earlier. As a successful entrepreneur, you want to avoid stagnating because consumers are bound to follow different trends.
- Stay Healthy And Happy
Simply put, you need your health to be successful. Once you start destroying yourself for the sake of your business, like not sleeping or eating right, you are on the road to self-destruction. This is why you should make time to relax, decompress, and rid yourself of the stress associated with running a business.
At the end of the day, every startup is a risk, even if you try to do everything right. However, you reduce the risk of failure by making smart choices early on, like those provided above.
