4 RULES FOR NEW ENTREPRENEURS: PRACTICAL TIPS FOR STARTING RIGHT

It is a great time to be an entrepreneur—in the last decade, technology has leveled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that enables you to make intelligent choices quickly.

You have an advantage over big businesses because you are lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime. Employees who decide to make the switch and become independent employers feel more fulfilled and motivated to work.

There are many reasons why someone would want to start their own business. According to Guidant Financial, about 29% of entrepreneurs chose this path because they wanted to be their own boss. This is constantly the number one reason why entrepreneurs start their businesses.

Challenges for Entrepreneurs

Entrepreneurship comes with a unique set of challenges that typical employees do not necessarily need to think about. According to the same study, the top three (excluding COVID) are insufficient capital or cash flow (23%), recruiting employees (19%), and marketing (15%).

But being a successful entrepreneur requires that you look at the big picture and follow a plan from beginning to end. Here are some practical guidelines that can help you when beginning your own enterprise:

  1. Do Not Quit Your Day Job Just Yet

Consider starting your business part-time, especially if it is online, while you are working and have a steady income. It usually takes six months to a year to get a business going, and you do not want your ability to make your house payment to hinge upon your company being an overnight success. Start with what you can manage, financially and timewise, and scale up as your business grows.

  1. Find Your Niche

The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You must find a need—something a specific group of people want but cannot get at the big chain stores—and fill it. You cannot compete with the big guys, so you must find where the big guys are not and go into your niches.

  1. Have an Online Presence

Even if you are not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base by literally millions. It is also an excellent tool for promoting yourself and letting people, even in your own area, know that you are there and what you are doing.

  1. Refuse to Quit

Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realize that before Bill Gates created the highly successful Microsoft 3.0, he created Microsoft 1.0 and 2.0, both of which flopped—but he kept at it. And that determination and refusal to give up will separate successful entrepreneurs from unsuccessful ones. Arm yourself optimistically to get beyond the ‘No’ or the trouble. There is nothing wrong with failure—just do not repeat the same mistake!

The Bottom Line

Entrepreneurship has gradually become more of a popular calling among people of all ages, ethnic and demographic backgrounds, and experience levels, especially after the COVID-19 pandemic. It is worth noting that having a good idea does not always translate into a business and a profit. It is true that 39% of entrepreneurs start a business to pursue a passion. However, success in the long haul takes more than that. Your ability to navigate the challenges can make or break your business.

About Wolf Leadership

Learn more about WOLF Leadership, our programs, and how we can help you and your organization improve, evolve, and thrive in 2022 and beyond. Our programs are offered globally via virtual conference or in-person when possible. The duration and frequency of your coaching sessions will be customized based on your goals, outcomes, and your operational needs.

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Written with the 2021 Olympics and Post Covid-19 in mind, Eric Bailey does share not only his personal stories but also his strategies and tools to help us all thrive in our lives, Going for Gold. Click on the link for your playbook to win the Gold…And Live Your Personal Best.

Also, do not forget to download Eric’s most recent E-book, STRAIGHT OUTTA DA HOOD, your not-ordinary self-help guide to help teenagers live an extraordinary life. And the best part? It is free for everyone!

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