About 15% – 20% of the world’s population are entrepreneurs. Not everyone is born with an entrepreneur mindset, but if you have a zeal for it, then you can become a successful entrepreneur. Follow these tips to be successful in your new venture.
1. Passion: It is very important to be passionate about your business idea. You may not be very knowledgeable in the field, but with passion, you would learn about the industry, market, and competition.
2. Believe in yourself: If you believe in yourself, only then your customers and investors will believe in your product. Steve Jobs (Apple Inc. co-founder) always challenged his team to work on unrealistic timelines. He received a lot of criticism but since he firmly believed in his ideas so almost every time he came up with a successful product within the unexpected timelines.
3. Hire the best: Most of the founders want to do everything on their own, but it is very important to hire the right talent whom you could delegate. As a founder, it is good to wear multiple hats but you don’t want to go deep into coding, marketing, or delivering products to your customers simultaneously. Find out your niche and focus on that. With a talented team, you could think about future growth strategies.
4. Invest properly: During the initial stages you will have multiple opportunities to invest in but you need to find out the best investment that could yield high returns. ROI (return on investment) calculation is very important to understand the outcome of every dollar spent in your business.
5. Vision: Having a clear vision would help in taking tough decisions and moving towards a focused path. Know what are you trying to get out of this business. Is it just for money or are you trying to solve a bigger problem for society? Some entrepreneurs even have an exit strategy ready and know exactly when they will sell or quit their business.
6. Customer Service: The success of every business depends on its customer obsession. How far are you willing to go to resolve your customer’s issues? Disney, Chick-fil-a, and Apple are a few companies with great customer service and a loyal customer base.
7. Be Relentless: Never stop trying ideas that you are passionate about. Don’t be afraid of failing because you will, but keep learning from your mistakes.
8. Take Action: Always remember this famous philosophy – ‘Fail Fast’. It’s better to take action and fail in 3 months rather than creating a fail-proof business plan for 2 years and not implementing anything.
9. Learn People Skills: This is the most underestimated skill by most of the entrepreneurs. It’s important to hire a talented team, but even more important is to keep them happy. A motivated team is productive and goal-oriented.
10. Ask for help: Some people think as a founder of the company they must know everything. Remember, you are a human being. It’s okay to ask for help from your friends or team members.
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