5 Unfailing Strategies that will Drive Every Entrepreneur to Further Establish their Business
We all at one point in our lives get tired of our‘Nine to Five-s’ and weekend bound life which takes us dangerously close to turning in the ‘two weeks’ notice’ and start our own venture. Nothing seems cooler than being your own boss at that time. But entrepreneurship requires a lot of hard work, passion and courage and to be successful at it one requires creativity and a clear idea about the business and TG he/she is willing to cater to. Here I have listed down 5 bulletproof strategies to ace your entrepreneurship game:
1. Back your passion up with clear idea about your market:
Like people say, if you really love what you do, you won’t have to work a single day. Of course, it’s great to do business in the area where your passion lies. But if you open up a shop for wall clocks and analog watches because that’s your passion, don’t be surprised if your business shows a downward trend just after few years. Study your market thoroughly before entering there. Know every tiny details to be prepared for every uncertainty
2. Don’t let the Conventional Talk scare you off
You will find a lot of people who will shove your awesome idea off by saying ‘It’s not going to work’ or ‘People won’t buy it’ just because no one ever did it this way before. If you believe your idea is great, you know your TG and the product/service will sustain in the long run, don’t let others stop you from launching it. Usually unique ideas don’t sound brilliant to the mass. If a lot of people love your idea then there’s a good possibility that it’s already been done before.
3. Embrace your initial failures but know your limits
You will see in the first few months or probably in the first few years your business might not pace up as per your initial business plan. The numbers may grow at a very low rate. But don’t let that slow you down or distract you from your goal. Rather double the energy you were spending. But it’s also very important to know your limits. If something is not happening even after your repeated efforts, it might mean that your strategy is flawed or your market is not ready. Seek advice from someone experienced in that sector. Rewrite your plan of action and strategies. Start from scratch when you really need to.
4. Digitalize your business whenever possible
Technological innovation is moving the world. If your business is reluctant to embrace technology then you won’t go far. Digitalize your business and make it convenient for your customers reach out to you.
5. Make your business Future-proof
In this generation, trends are short lived. People forget things too easily. Whenever you find something is trending, do take advantage of it if you can make money out of it. But your whole business shouldn’t be based on trends which might die out pretty soon. Always have a long term vision to ensure sustainability of your business. Pokemon GO took the world by storm in the year 2016 and the people all over the world went crazy. Who could imagine the storm would calm down just after few months? It’s very important to future-proof your business. Whenever possible always insure your venture to shield it from uncertainties. This way you will get a chance to restart your business if uncertainty strikes.
Farzana Chowdhury is the Member of Entrepreneurs' Organization, Bangladesh.