Dream, put your dreams into ideas and discover the right business. How to become a young successful entrepreneur? Here 10 tips
1.Your business idea should be fueled by passion
Your passion toward your start-up should be on the top of the list. You should evaluate your idea and see if your interest on this business is strong enough that you will be able to stick with it. Why is this important? Because there will be ups and downs and your passion will be the only factor that will grant you the determination to keep going on.
2. Your business idea should be a solution.
Create a business that solves a problem. Do not start your idea thinking at benefits, you should think what your business will solve. It is easier to gain customers when your business is solving a problem. Your business should fill a gap in a certain market or niche. Think at what makes you unhappy or what product/ service you still think is missing in order to accomplish a certain need you have, and start a business that gives a solution to one of your problems/ needs.
3. You should identify and understand your target market.
The essential factor when starting a business, the key to success, is having something that differentiates you from your competition, from what is already present in the market. Your success or failure will be defined, largely, by your ability to offer something unique. Comprehensive market research studies collaborated with a deliberate policy to take into account customer feedback is essential in forming business decisions based on actionable insights. A good market research has the potential to offer significant competitive advantages. A key part of market research is knowing your customer demographics, their interests, earning power, spending habits, etc. Customer’s feedback is also very important, you need to listen what customers have to say about your products / services because they can provide you essential information for your internal product/service research and development processes.
4. You should prepare a well-structured business plan.
Your business plan must be concise, specific, and should describe your business project accurately. It is recommended to write it yourself, as it is your vision. If you need assistance, try to reach a consultant. You must keep in mind that a business plan is more than an accounting document, this document it must sell your idea to a potential financial institution. Be prepared to change your plan as you progress and learn more about your customers and competition, but having such a plan it will help you to stay focused and headed in the right directions.
5. You should know the legal requirements for starting a business.
It is very important to understand the rules that come with opening a business. Following government regulations is important as the penalties can impose significant operational costs on your business. The laws that regulate commercial activities range from setting up an accounting system to incorporating or registering your company. Certain taxes can vary depending on the type of business you are running and as such your tax liabilities will most likely be different from one business activity to another. Every country regulates employer-employee relations to various degrees, usually the laws being particularly rigorous in this domain, with certain variability, usually pertaining to more stringent requirements, existing in certain areas of activities such as industrial production or food processing. Taking into account all the relevant aspects, it is recommended to obtain expert advice in this domain.
6. You should secure financing for your business idea
Most startups are financed by the savings of their founders, as well as the savings of family and friends. In many cases, it is necessary to look for outside capital investment such as: private investors, assistance funds, venture capital funds, or social economy funding agencies. It is highly advisable to undertake preliminary research and documentation before attempting to secure outside investment, including, but not limited to, venture capital or small investment loans.
In particular, banks will require extensive data as well as a comprehensive business and development plan in order to be able to assess your financing request.
7. You should start on a small scale and work to grow your business.
Even if becoming and entrepreneur is defined by taking risks in starting a business, it is recommended to try to start this business on a small scale and try to build and grow your business step by step. You should build on what works well, tweak what shows promise and discard failed projects. When your business becomes successful on a small scale, you can grow it, extend it to another town or to the entire country and do not stop working and planning every step you take.
8. You should take breaks
It is very important to know when to stop working and start resting. Everybody needs a good amount of rest and a decent amount of time away from work in order to reset and refresh. Success does not happen overnight so you have to pace yourself. Taking breaks is beneficial for many reasons besides keeping you from burning out. It allows you to breathe, let the information set it. It gives you time to reflect from a certain distance on what has been done already. Do not wait until you are tired to use a day off or go on a vacation. Schedule breaks ahead of time. People who are exhausted make poorer decisions, so you are more likely to give up when the difficulties arise if you are already overworked. Therefore, you should recharge your batteries from time to time.
9. You should take risks
Risk taking is part of the job. Any successful entrepreneur knows that success is born out of taking risks, cold, calculated risks and sometimes “careless” risks. Even leaving your job and becoming an entrepreneur is a risk. Therefore, during your business activity you should take some risks, you should try out new approaches, and be creative. Though, you should pay attention that the risks you take are not too big. Think them through, consider the pros and cons, and listen to your gut. For the ones that succeed the reward usually compensates for the taken risks. At worse, you will fail and good enough failure has been described as success in disguise. Do not give up!
10. You should learn from your mistakes.
You should see failure as an opportunity to learn and grow in your business. The biggest failure or mistake in business is failing to learn from your entrepreneurship failures. The more you fail or study entrepreneurs like you who failed, the more you will learn about success. Pick yourself up, and do it all over again, but try to do it better. Do not let your mistakes to get to you. Sometimes this kind of setback may be the best thing that ever happened to you, and you become an even more successful entrepreneur.
How it all Started?