5 Things to Know if You Want to Be an Entrepreneur
So you think you have a million dollar idea itching for a breakthrough? Now before you build your whole life on it, if you haven’t already, here are a few things you need to make it through and succeed in entrepreneurship.
The Goods and Services You Offer Should Solve an Immediate and Ongoing Market Need
If you don’t want your business to fail, turn an idea into a reality with the foreknowledge that it will sustain your business. This foreknowledge begins with the certainty that whatever you’re planning to do will solve a large market need. You should be able to put your product out in the marketplace and see it selling quick as hot pancakes. For instance, Essential Fitness wrist wraps have been voted the best two years straight and this because they launched their idea into a market that needs powerlifting clothes and maximum support in their sport. If you’re planning to do market research, head off towards your target market, show them a prototype product or service and ask them if it’s something they would buy. If they say yes, sell to them on the spot. If they buy, then you’re onto something. If not, it could signal an area you need to work on. Which brings us to the next thing you need to know…
Create a Versatile Team with Skills and Knowledge that You Don’t Have
Now you need to know this even before you begin a business: Give up control. You can’t single-handedly succeed at every aspect of your business by yourself, even if the whole idea was yours to begin with. You need a team and excellent board of advisors who can come up with fresh ideas, people who are smarter than you and with skills you have less expertise in. When you make mistakes, you need a team with the versatility of a bamboo tree.
Never Compromise on Health, Family and Your Relationships
Nobody wants to be the kind who dies of overwork because that’s a reality. Don’t let go of the basics. Eat healthy, exercise, get enough rest, essential sleep, vitamins, and supplements. When you’re sick or sleepy, rest. You won’t be as effective when you’re sick as a dog. You also don’t want to be the one who is extremely successful in his career but is left alone at the end of his life. Cultivate relationships and cherish them. This is a hard lesson that the most successful people have learned, understood and applied. Even moguls like Bill Gates and Mark Zuckerberg take time for the essentials: Health and Family.
Most Important: Where You Invest Your Time
This is essential because we all get the same amount of hours every day, but only the most effective individuals make the most important things happen each day. Create checklists. Focus on the core of your business. Learn how to delegate effectively, which emphasizes point #2. Most of all, give your business intense focus right from the start.
Failure is bound to happen when you’re taking risks. What is important is that you learn from them, get creative and move forward. Take only as long as you need to understand where you made a mistake and resolve from now on that it will never happen to your business again.
Start-up businesses become successful through commitment, passion, understanding and determination to get your product/service reach the totality of your target market, because they need it. In the process, you surround yourself with highly-skilled, knowledgeable and pliant people who will help you reach success. On the way, you will make some mistakes that will teach you how you can improve.
The results of which will tell people how creative you can get, how solid your team is and how deep is your resolve to establish your business. With this in mind, you take care of yourself and the important people around you so you can put your focus and your resources on building and growing your business.