What You Need to know as a Start-up Entrepreneur?
If you’re about to start a business you might be feeling excited and nervous at the same time. If this is your first time starting a business, the best way to approach your marketing plan is from a “Build it and they will come” perspective. If you build an amazing product or service, people will find it without any SEO or paid advertising, since you’re just starting most of the time.
Who is an Entrepreneur?
Entrepreneurs are people who are willing to take risks and are creative. Entrepreneurship is a mindset, not an occupation or career path. Most entrepreneurs have a passion for what they do and work hard to pursue their dreams. Entrepreneurs generally enjoy freedom and independence, but it’s important that you understand that there are no guarantees when starting your own business. There are many different types of entrepreneurs but all share common characteristics including:
- Passionate about their product or service
- Creative in how they offer their products or services
- Willingness to take risks
Things You Need to Know as a Startup Entrepreneur
There are several things to consider as an entrepreneur especially if you are just starting out, some of the things you need to know as a startup entrepreneur include:
- Focus on providing value and not selling your product or service
- You need to be sure that you have a viable idea
- It’s not enough to just have an idea, you need to see where it fits into the wider market
- Make sure that your business is relevant beyond today
- Be prepared for those hard times
- Be ready for hard decisions
- Understand what your strengths are, and what areas you need help with
Focus on Providing Value and not Selling your Product or Service
When you are starting a business, it is very easy to get caught up in the details of your new venture. However, when it comes to marketing your company and getting customers interested in what you have to offer, there is one thing that matters above all else: providing value. This means focusing on what people need rather than simply trying to sell them what you feel like selling.
For example: Let’s say that you have invented a new type of bike lock for cyclists who want extra security for their rides around town (so zealous riders can lock up without worrying about having their precious wheels stolen). In this case, rather than focusing on the fact that “this lock will keep their bike safe from thieves, try explaining why owning such an item would make sense for someone who lives in an urban area where theft is common, perhaps by mentioning how much money people could save by using these locks.
You Need to be Sure That You Have a Viable Idea
As an entrepreneur, you need to be sure that you have a viable idea. Your business will only succeed if it solves a problem that people are willing to pay you money for. You must see where the business fits into the wider market and make sure that your business is relevant beyond today. Be prepared for those hard times when no one wants to buy what you are selling or when everyone finds out about other products that do your job better than yours does. Be ready for hard decisions like firing employees or closing down an unprofitable branch of your company because these things happen all of the time in entrepreneurship.
It is not Enough to Just Have an Idea, You Need to See Where it Fits Into the Wider Market
If you have an idea for a start-up, it’s important to remember that it won’t be enough to just have an idea. You need to know where your business will fit into the wider market and what customers need. You need to understand who your competition is, what they offer and whether there is plenty of room for another player in this particular space. You will also need to understand the needs of your employees (if you hire any) as well as suppliers, investors and stakeholders.
Make Sure That Your Business is Relevant Beyond Today
It is easy to get caught up in the moment, but as an entrepreneur, you should think long-term. When we talk about long-term, it means that you should be prepared for unexpected events and opportunities that may come your way. You also have to be prepared for future market changes and trends so that they don’t take you by surprise, or worse yet ruin your business.
Being a start-up entrepreneur means making decisions that will affect the future of your company. The biggest decision most entrepreneurs make is deciding what type of company they want their business to become when it grows beyond its startup phase (i.e., will it be a publicly traded corporation? Will it stay private?). This can impact everything from how much money is needed for investing in research and development (R&D), to how much money needs to be put into marketing campaigns promoting new products/services offered by your startup business.
Be prepared for those hard times
Being an entrepreneur is not easy. You will have to make tough decisions and sacrifices, take risks and work hard. Many people think that once you start your business it will be smooth sailing but this is not always the case. At some point in your journey as an entrepreneur, you are going to experience a bumpy road with problems that seem impossible.
In fact, being prepared for those hard times is one of the most important things you can do as a start-up Entrepreneur. Understand that things don’t always go right in business, being prepared for the worst-case scenario will help you cope better when it happens. Stay focused on what matters most, and don’t get distracted by short-term issues at the expense of long-term growth.
Be ready for hard decisions
As a startup entrepreneur, it is important to know how important it is to make tough decisions and be ready for the consequences. You need to know that:
- Not all decisions will be popular or in your best interest. Sometimes you need to take care of yourself before you can take care of others, which means making choices that may not make everyone happy.
- Don’t get too caught up in how your actions affect others because there will always be someone who doesn’t like what you do.
- You can’t please everybody but if you do right by yourself then everything else will fall into place it just takes time.
Understand What Your Strengths Are, And What Areas you Need Help With
A key element of being a successful entrepreneur is understanding your strengths and weaknesses, not only as an entrepreneur but also as a person and leader. To be successful in your business, you need to know how to use your strengths to their maximum potential. You also need to understand where you are weak so that you can hire people who can fill these gaps for you as well as have someone who will help guide you along the way when things aren’t going as planned.
As we’ve covered above, there are many things you need to consider when starting your own business, but the ones we have discussed are very key to your succeeding as an entrepreneur. Entrepreneurship is not just about having a good business idea and putting it into action, you have to take into account the factors that will aid your success in the practice of entrepreneurship.