4 Rules for new entrepreneurs – Practical tips for starting right
This is an exciting time to be an entrepreneur: over the past ten years, technology has created greater equality and sparked a revolution in the business world. Now that you have greater access to information, you can act quickly and wisely as an entrepreneur. Being lighter, nimble, and quicker on your feet gives you an advantage against large corporations. You can swiftly focus on new markets and pivot as needed.
However, having a long-term perspective and seeing a project through to completion are essential for becoming a successful entrepreneur. When starting your own business, the following useful advice can be helpful, according to Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine:
1. Remain at Your Day Job.
If your business is online, start it part-time while still having a job and a solid paycheck. Establishing a business often takes six months to a year, so you want to ensure your ability to pay your rent is independent of your business succeeding immediately. As your firm expands, start small and work up to what you can manage financially and logistically.
2. Identify Your Specialization.
General stores have long since passed away. Customers are searching for specialized retailers, especially on the internet. Finding a need that a particular demographic wants but can't obtain at the large chain stores is your first step in meeting it. "You can't compete with the big guys, so you have to find where the big guys aren't and go into your niches," advises Lesonsky.
3. Maintain an Online Identity.
Consider how the Internet can benefit your business, even if you intend to launch something other than an online store. By having an online presence, you can reach millions more customers and overcome the constraints of physical location. Additionally, it's an excellent tool for self-promotion and informing others—even those in your immediate vicinity—about your presence and activities.
4. Don't Give Up.
Creativity, vigor, and the will to persevere in the face of setbacks are necessary for a successful business. Few know that Bill Gates attempted unsuccessfully to construct Microsoft 1.0 and 2.0 before creating the wildly successful Microsoft 3.0. Despite this, he persisted in trying. And what will set successful businesspeople apart from unsuccessful ones is their tenacity and never-say-die attitude. Lesonsky advises, "Arm yourself with optimism to overcome the trouble or the 'No.'" Failure is not always bad if you don't make the same mistakes again!
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