Millennial's are a wonderful lot of people. For one, they keep getting into the headlines for such trivial issues as the amount of money they spend on the most basic of necessities. Then there is their entrepreneurial spirit. It’s actually has been established through research that the average age for a millennial to start their own business is 27 years, 8 years earlier than any other previous generation. Additionally, they have been capable of starting and maintaining double the number of businesses ventures as their parents.
Although technology has played a crucial role in this narrative, it cannot by itself be the chief reason for this kind of success. It only makes it easier for starting and running the business. All the other factors also come into play to determine whether one succeeds or not. There are various way through which you can prepare your business for growth. If you are thinking of starting your own business, you definitely have to learn a lot that will help you run it successfully. Here are the best tips from those who have made it to help you start off.
Tip #1. Build a network of supporters
Successful entrepreneurs have hardly made it on their own. The business world is not somewhere you would want to be a loner. When you are learning to be an entrepreneur, you will need to surround yourself with people who will both teach and inspire you to greatness. This is a lesson learned by Shauna Armitage as she went about starting her marketing consulting business.
She advises making acquaintance with someone who has succeeded in your field of interest before just jumping into the fray. Make your relationships a crucial part of the business because you can never have enough of support. Your network of supporters will not only teach you how to navigate your business but will also be there to cheer you up when things go wrong. The bitter-sweet experience of being an entrepreneur can easily leave you disoriented if you don’t have a team of supporters to provide a grounding to keep you objective
It will also be a good idea to select one of these supporters to act as your mentor. A mentor is someone who will walk closely with you each step of the way. And they should be someone who has been where you are right now and succeeded.
So make use of those conferences and seminars to talk to people and gather a group of people to collaborate with on your business venture.
Tip#2: find out what your competitors are doing
The business idea is essentially a jungle where only the strong and fit survive. Survival will, therefore, depend on your ability to know what your competitors are doing right, and wrong. This is what snick Riesel, the owner and founder of Free Office Finder found out.
An in-depth study of your competitors will show you what you need to do to gain an advantage over them. It will also place you in the best position to learn from their mistakes so that you avoid doing the same with your business.
This careful study will give you your unique purpose since you will be aiming to solve a particular problem that your competitors are overlooking or tackling in the wrong way. You can, therefore, afford to make a promise to your clients on what they should expect from your products and services that are not offered by your competition. It’s the very thing that will give your business reason for its existence.
Getting to pinpoint what exactly sets your business apart from the rest is an important step to ensuring growth and productivity. And it doesn’t to be as complex as people imagine. You may simply set out to provide a service that is lacking in your neighborhood. And that’s how simple your story should be.
Tip #3. Let the data do all the talking
Data is among the most crucial tools to have at your disposal as an upcoming entrepreneur. It is crucial that you collect as much data as possible to guide your decision making about your business. This is according to Adrian Ridner who is the co-founder of Study.com. He advocates for letting the data lead the way in decision making because it results in wise and informed decisions most of the time.
You may need to gather information by conducting surveys on your clients or getting a panel to interview concerning the key aspects of your business. If you are techno-savvy, you can take advantage of the numerous data collection tools available to you online such as google analytics.
You have to strive at all times to avoid making business decisions by guesswork as a startup entrepreneur. Make use of data to make decisions that will guarantee success and speedy growth for your business.
Tip #4. Learn to bootstrap from the word go
Most business ventures usually require a great deal of time and capital investment before they are able to stand by themselves. And the temptation, especially for the young entrepreneurs, is to borrow heavily to meet the expenses of the initial startup. But Marcus Harjani, the COO of FameMoose advises against this.
He recommends what’s termed as bootstrapping as much as possible. You can think of self-funding as you start your business to avoid falling into much debt. And this will mean having to tread carefully when venturing out on projects that require high capital investment. Such ventures could be highly risky when you don’t have a backup plan in case things don’t work out.
Taking on too much debt can end up harming you as a startup entrepreneur. Your venture may even fail to pick up as expected, and you will be left with a sizable debt to pay without the means to do so. To avoid such a scenario, research on the viability of your business idea as much as possible, seek sound advice and try as much as it’s humanly possible to bootstrap.
Tip #5. Allow yourself to make mistakes once in a while
Mistakes in whatever we do are inevitable. After all, we are all humans, and to err is human. Amanda Austin the founder of Little Shop of Miniatures advises, on not being hard on you every time you make mistakes.
Expect that you are bound to err once in a while, but make corrections when that happens. You should therefore not act surprised at yourself to discover that you have wandered from the predetermined path you were to take. It happens to everyone.
This kind of perspective is usually difficult to adopt, especially for a perfectionist who always desires things to work exactly as envisioned. Such people may end up being extremely upset and disappointed with themselves or their team members over even the most trivial of mistakes. The best way to approach to use is to realize that they are many things that we may probably have no control over. Endeavor, therefore, to take the day as it comes in your stride and make the necessary adjustments to keep your project on track.
This mindset will enable you to learn from your mistakes and build on them, instead of letting a small matter derail you from the general course of your business.
Tip #6. Remember to take care of yourself
It’s usually very exciting when you can finally get your business off the ground and running. Most people experience a sense of euphoria form this great accomplishment. They may end up dedicating all their time to the business in the effort to make it even better. It’s easy, in such a case, to forget yourself and overwork yourself to fatigue and exhaustion. But remember to take some time off from it all to take care of yourself, advises Alison Tedford, a freelance content strategist and writer.
As you plan your business venture, it will be important to also to think about the time you will spend working on it, and also taking care of yourself. Define your schedule form the start so that you know what you are expected to do at each particular time. And rest should be a crucial component of that schedule. If you want your business to continue running efficiently, you should ensure that you as the owner are in the right frame of mind and body to manage it.
Failure to get enough food, exercise and rest will render you incapacitated before long. And the result may that both you and your business may not survive to see another day.
Tip #7. The time to begin is now
Most entrepreneurs keep postponing their ideas on the pretext that it is not the right time to implement it. They thus wait for the opportune time when it will be right to begin. But the right time may never come at all, according to Xavier Parkhouse-Parker of Recommendable and PLATO Intelligence. “Just do it,” says the man who began his first company aged just 15 years.
Even though you have doubts about how the idea will turn out, just begin it and see what happens. Don’t be held back by the “What ifs” you keep thinking about. After all, it’s better to have started and failed than to never have attempted it at all. And the best way to play it is to try on different things so that you can find out what works and what doesn’t. Don’t just depend on one venture entirely because if it goes under, you will go with it.
People usually learn valuable lessons along the way. Even if your first venture fails, you will know what you need to avoid so that your next venture can succeed.