By: Kris Trecer
Starting a business can feel exciting and daunting at the same time. You never know if you’ll succeed, and this is what makes aspiring entrepreneurs so scared to make the first move. Just like everything else in life, mistakes are prone to happen when you are just starting out. And this applies to the world of start-ups—data shows that 9 out of 10 startups fail. So how can budding entrepreneurs survive and thrive in the volatile market of start-up businesses?
Making Your Start-Up Business Succeed
Eager to make a mark on the world as an entrepreneur? We’ve compiled some of the most important things you should keep in mind that can help your company stand out and succeed.
Build Your Business Around Passion
Passion will get you far when in running your business. Encountering a rough patch here and there is inevitable, especially if you are a novice entrepreneur. The best thing to cling onto in these trying times is your passion because it helps you move forward.
Keep your passion burning throughout your entire entrepreneur journey by starting a business in a field you are passionate about. Your options are vast: it could be a hobby or something you’re really good at. To keep blazing a trail as you start your business, hire people who share the same passion as you do. A team of driven individuals can help you achieve true success.
Balance Business with Work
Some entrepreneurs believe that they should be completely focused on their new business, which entails making drastic moves like dropping out of school or quitting their job. But the truth is, most entrepreneurs lack the resources to make it through the first two-year start-up runway.
It helps to learn how to balance running your business with other critical obligations. Running errands like obtaining a business permit, filing for taxes, and finding a co-working space for you and your team can be stressful. But maintaining your day job can help keep you stay afloat and restore normalcy to your routine. It could even be a lifesaver should you run short on profits. Since it can be hard to find people who can help fund your business, your day job could serve as the main source for financing your business.
Conduct Market Research
The first step to take before starting any business is conducting market research. Knowing your target audience is important to running a successful business. Without market research, you’ll be unable to craft a compelling message that will encourage people to choose your brand. Get to know your target audience better by asking yourself these questions:
- Who are your customers?
- What do they buy now?
- Why do they buy?
- What will make them buy from you?
Come up with a unique selling point by communicating the benefits of choosing your brand and highlighting your competence and skill.
Ask for Help
The saying, “no man is an island” teaches us that people naturally depend on each other, and that it’s impossible to manage things all by ourselves. This phrase rings true, especially for entrepreneurs. One of the biggest mistakes novice entrepreneurs make is flying solo. And though it’s great to be hands-on when running your business, spreading yourself too thin can lead to burnout.
But you can also adopt a better strategy by focusing on your strengths, and outsourcing the rest of the work to people who could do the job better than you can. Not only will you make the most out of your company’s time and money, it will also save you from getting too stressed out.
Promote Your Brand on Digital Channels
We are living in the Digital Age, which means everyone is now connected through their electronic devices. Data shows that approximately 2.65 billion people were using social media in 2018. This fact alone enough reason to take the proper steps in making sure your company is making a mark online.
Connecting with your customers is now easier than ever because of the popularity of social media. Putting your brand out there has never been easier, and all the resources you need to create an impactful marketing campaign are available at your fingertips. Develop a meaningful relationship with your customers by providing them with value. Address customer pain points and build trust to turn customers into lifelong advocates of your brand.
Learn From Your Mistakes
One of the most important skills that you can learn as an entrepreneur is the ability to pick yourself up when you fail. Whether you believe it or not, mistakes make great entrepreneurs. And persistence is what defines success.
Researchers from The Chinese University of Hong Kong identified two ways that people respond to failure: the blaming approach and the problem-solving approach. The former leads to destructive behavior like punishing or embarrassing one’s peers. The problem-solving approach, on the other hand, is a positive response to these blowouts. It encourages everyone to evaluate why things went sideways and build stronger relationships with everyone involved.
As an entrepreneur, try to adopt a problem-solving mindset when you encounter failure. Learn from your mistakes so they don’t happen again.
Lead Your Company to Greatness
Success doesn’t happen overnight. It takes time and dedication to keep your business afloat, and you’ll constantly need to put forth the effort for it to become truly successful. With a solid plan and a passion to succeed, you’ll go you a long way. After all, it’s all about working smarter, not harder.