For quite some people, being an entrepreneur is the ultimate career goal.
It’s all about being your own boss, hustling to meet all the goals and calling all the shots. But just as fantastic as running your own business might sound; it might also prove to be so incredibly hard.
Studies have shown that nine out of ten startups do not live to see their businesses grow. As an entrepreneur, I experience more stress on a daily basis, and this makes me more anxious compared to other professionals. After all, when you become responsible for everything, almost all the setbacks will hit you personally.
But before you forget, starting a company can be the most interesting, exhilarating, and rewarding opportunity that a person can have.
If your dream career is to build a business and become a successful entrepreneur, remember you cant do that without ideas. You will need certain creative techniques for coming up with a service or a commodity.
How To Get Started
The first thing you will need to do is to ask your friends what annoys them. Founders of big companies that have succeeded all over the world use their frustrations as a source of their inspirations. The founders of Uber, for instance, Garret Camp and Travis Kalanick started the business after they experienced a trouble looking for a cab to take them around.
With this kind of information in mind, you should ask your close friends to keep track of the some of the frustrating things they experience every day. Take time to go through the list and identify some of the problems you can be able to fix.
Have The Future In Mind
Everything appears to be changing almost on a daily basis, and therefore providing the same product to such an environment does not make sense. The rise of Lyft, Uber, and other ride-sharing applications brought in a demand for a third-party application that can show the cheapest fare at a particular time.
You should try to be ahead of the curve at all the times. Get in touch with trend predictions that pertains the industry you want to practice in. You will then be able to know the right tools you will need if the trends come true.
If your dream career is to become an entrepreneur, then you shouldn’t forget always to check online sources. These sources contain most of the creations that other people have come up with, and this can be a great means of to process your own thoughts.
You should also think of sparking your creativity by checking other sites that are dedicated to reviewing products.
Make a Better Product
As an upcoming entrepreneur, your dream should always be on developing better and not necessarily brand new.
Alternatively, you can also decide to make something cheaper. You will definitely attract a lot of customers if you decide to provide an existing commodity at a better quality or a lower price-point.
As you continue with your activities, come up with everything that you might need to use. Then take your time to review the list of any of the product or service that you can easily improve.
As an upcoming businessperson, there would be no need to reinvent a product when there is plenty of it in the market. Your focus should be on filling the underserved demand. Successful entrepreneurship grows because of a gap that could be existing in the market.
You should also not forget to network with other entrepreneurs who are established in the market and attend various brainstorming sessions to develop and grow your skill.
Validate Your Startup Idea
You shouldn’t quit your day-to-day job just because you have a business idea. You should be sure that other people would be interested in your products, and should your family and friends out of the list. The first thing you need to do is to come up with an MVP- Minimum Viable Product.
This is a simple and basic version of the item you have. It should be functional enough to satisfy the needs of your customers and give you a sense of the areas that should be improved.
You’ll Need A Co-founder
When starting a new business, it would be important to look for a co-founder, which is at least according to conventional wisdom. With a co-founder, it will be so easy to get funding.
A co-founder will also provide you with emotional support, bearing in mind that managing a company is a unique, exciting and a stressful experience. Your cofounder will be in a position to understand what you are going through and create an environment of a company.
These are some of the things you need to know if your dream career is to be an entrepreneur. They will help you grow your startup and overcome the challenges that most of the businesses experience.
Do not forget to get in touch with Plan My Life for more.
written by Morgan Moore on Sept 25th 2017
photo by Bench A. from unsplash.com