It’s a great time to be an entrepreneur—in the last decade, technology has levelled the playing field and propelled an entrepreneurial revolution.
As an entrepreneur, you now have more access to information to make intelligent choices quickly. You have an advantage over big businesses in that you’re lighter, more flexible, and faster on your feet.
You can target new markets quickly, and you can turn on a dime.
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 enterprise:
- Find Your Niche
The days of generalists are over.
Particularly online, consumers are looking for specialists.
You must identify a need — something a specific group of people want but can’t get — and fill 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.
- Have an Online Presence
Even if you’re not planning to start an online 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’s also an excellent tool for promoting yourself and letting people know that you’re there and what you’re doing, even in your local area.
- Refuse to Quit
Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail.
Few people know this, but before Bill Gates created the highly successful Microsoft 3.0, he made a 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 those miserable ones.
Arm yourself with optimism to get beyond the ‘No’ or the trouble.
There’s nothing wrong with failure — don’t repeat the same mistake!