Some of the most useful tips are shared by entrepreneurs with a large history behind. Unlike other professions, being an entrepreneur is not easy since it is a lifestyle rather than a job. Entrepreneurship is about being independent, rewarded, but it is also about hours of hard work and, sometimes, about failure.
To avoid the mistakes that can lead you on the path of failure, here are some tips from aspiring entrepreneurs who have managed to build successful businesses.
11 Tips from Aspiring Entrepreneurs
1. Do what you believe in.
Aspiring entrepreneurs, like Steve Jobs, agree that an important pillar, in the career of every young entrepreneur, is related to the passion he has for his business.
At the start of this journey shall stand the thirst for your company’s development, not the financial motivation. The entrepreneur should believe in what he does in order to receive satisfaction.
2. Testing is one mandatory step.
Before launching, test your product, or service, as much as possible. Whether you will offer prototypes and take into consideration the users’ feedback, run beta tests or use social media for feedback, try to make the best of every thought you receive back.
Learning how to listen and interpret feedbacks is an important pillar in this journey towards success. As Bill Gates stated, most valuable sources of learning are found among the unsatisfied clients as they provide insights upon where your product or service lacks efficiency.
3. Tell a story.
Storytelling is an integral part of the business growth process. A story helps you sell your products or services. Whether you are in the pitching or product development phase, storytelling is part of every step. To pitch an idea you need to tell a story of the problem you’re solving. To develop a business idea you need its story, its impact.
4. Say “goodbye” to snoozed alarms.
Even though being your own boss allows you to hit the snooze button, no successful entrepreneur ever practiced that. Most of the successful entrepreneurs wake up between 3:30 and 5:00 a.m. and studies confirm several benefits for this habit.
Creativity is at its highest levels immediately after waking up, so this is the best time to make the most of your mornings.
5. Check your competition.
Many young entrepreneurs omit this step, as the enthusiasm and the feeling of ownership lead them to believe their business is unmatched. This is why about 70% of startups fail in a short period of time.
The competition is not necessarily a bad thing since it forces companies to reinvent and be better. In order to get a head start, you shall constantly watch your competitors. To get the best of it, track competitors using specific tools meant to offer more efficient facilities and accurate results.
6. Do not let obstacles take you down.
The entrepreneurship path is not always a bright one. No matter how hard it may look, you need to keep in mind that you will find a way to get it done. Having a solid business plan set up front is the key to avoid as many obstacle as possible. It’s always a good idea to use a business plan template to help you set up the right way.
No entrepreneur has answers to all the problems that arise, but if you are calculated, if you work hard and ask for advices, you will surely be able to achieve the established goals.
7. Hire bold thinkers.
Despite its tremendous success, the founder of Alibaba and one of the most successful entrepreneurs of all time, Jack Ma, declared that to be successful you do not need to know much. As an entrepreneur, your job should be focused on finding bold thinkers, people that are smarter than you.
Once you gathered them, your task resumes at making them work together, enhancing their best ideas. As easy as it sounds, the way this task is approached makes the difference between a good manager and an amateur.
Successful employees bring, together with their skills, their ego, which becomes a problem if the manager is not able to keep conflicts under control or to predict situations which may lead to loss of control.
Therefore, instead of focusing on knowing everything there is about business, focus on knowing how to build trust and get people to work together. Let your employees bring the expertise. However, if you want to give your team an easy access to accurate information, provide them with efficient tools like a knowledge base software.
8. Know when to stop.
Besides failure, among the top concerns, regarding entrepreneurship, stands burnout. Factors like fear of failure, high expectations, and constant pressure lead to mental illnesses for almost 72% of entrepreneurs.
Investing all the resources and time, to expand the business, may lead, firstly, to exhaustion which will not benefit your business in any way. Therefore, knowing when to stop and take a break becomes vital. Manage your energy wisely!
9. Be open minded
With the rapid changes nowadays, being a strict manager will only be in your detriment, especially if you are dealing with smart employees. Encourage reading practices, frequent breaks and rewards to get most of their productivity. Use transparency and get insights regarding their performances with the help of a team productivity tool.
Get rid of the exhausting corporate office designs, which promote stress, and sadness, and create a healthy work environment based on wellness, innovation and versatility.
10. Mistakes are the best teacher.
Even though it leads to disappointment, failure has somehow its bright side as well. Most of the well-known entrepreneurs consider their past mistakes as being their best mentor.
Learning from your mistakes is a rule of thumb for any entrepreneur, whether young or experienced. Failure gets you one step closer to success if you properly learn the lesson.
11. Talk to a mentor.
A mentor’s tips are particularly precious at the beginning of your attempt to become an entrepreneur. This individual has already gone through all stages of a business and is able to give you the best advices.
Becoming an entrepreneur involves a lot of work, vision, daily planning, and perseverance. Think of your business as a mechanism, see what you need, consider that you do not know all of your weak points yet, and keep in mind that in everything you plan there is also an unforeseen margin.