4 Rules For New Entrepreneurs - Practical Tips For Starting Efficiently

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 that enables you 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 more quickly, and you can turn on a dime.

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

1- Don’t Quit Your Job Immediately (If you are in the job)

Consider starting your business part-time, especially if it’s online, while you’re working and have a steady income. It usually takes six months to a year to get a business going and you don’t want your ability to make your house payment to hinge upon your company being an overnight success. No matter how small-level you are starting with but it will always put a burden on your pockets with expected and unexpected expenses. So, start with what you can manage, financially and time-wise, and scale up as your business grows.

2. Find Your Niche

The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a need—something a specific group of people want, but can’t get at the big chain stores—and fill it. Understand your skills and find out how your skills will help to solve the problems through a business. If your current skills aren't enough to provide value in the market, then transform your skills with the one in demand. Don't try to compete in big markets where you have many businesses like you. You can’t compete with the big guys, so you have to find where the big guys aren’t and go into your niches.

3. Have an Online Presence

Even if you’re 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’s also a great tool for promoting yourself and letting people, even in your own area, know that you’re there, and what you’re doing. Overall the best way to reach a maximum in lesser time is if you have great copy writing and marketing skills.

4. Refuse to Give Up

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

Entrepreneurship is just not about a business, it is an idea that grows in your mind and develops your mind from an individual to a leader. No idea is bad for business however the perfect planning and execution are required with the help of some expertise and mentor.

Don't forget, leaders are not born, leaders are made. So make your own way rather than following others. And most important, have enough patience for success.

Keep learning & keep growing.

Good luck.

Sagar Dutta