Planning To Build a YouEconomy Business? Follow These Tips Begin with identifying what you do best, who can be your customers and why someone should pay attention to you
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A recent report by Gallup, Inc. (An American research-based, global performance-management consulting company Gallup was founded by George Gallup in 1935), states that one in four or more adults in Southeast Asia (28%), East Asia (28%), and sub-Saharan Africa (25%) are self-employed and make up large segments of the region's workforce. In the former Soviet Union it is 7%, in European Union it is 6%, while in Northern America it is 5%.
These self-employed adults are mostly solopreneurs who are now being called citizens of YouEconomy. In his article for SUCCESS Magazine, titled - Introducing the YouEconomy, by John Addison aptly defines YouEconomy as - "the growing global network of people who are taking the future of work into their own hands. They're sharing resources and technology, taking gigs through job sites, creating freelance businesses and innovating methods of generating income."
Today, YouEconomy is on a steady rise as more and more people are opting for taking control of their lives and are ditching the 9-5 rigour. The global corporate reality with its cubbyholes, business trips, and insurance policies, is fast losing relevance amongst the millennials who are espousing an alternative form of livelihood where they alone take charge.
However rosy as it may seem on the face, the reality is not as cheerful! It is sheer individuality, uniqueness and authenticity that make a You-economy business successful. We at Entrepreneur India have been in touch with experts to understand what makes a solopreneurship sustained and thriving.
Make Informed Choice
Debasish Dutta of OrangeCorp feels it is always good to have self-belief and the required confidence to push one beyond own boundaries.
"That is the reason we have inventions and technologies all around driving every moment of our life. Dreaming big and moving on the roadmap can lead to success but only if the road taken is right and you are well informed before taking any decision. Make sure that you are not trying to copy someone else's success story and build your dream empire around that. This will make you fall flat on your face and will take away major few years of our career," he explained.
Most of the young generation today are well acquainted with different 'apps' which are said to make our lives earlier and better. Companies which run businesses through these apps have grown to become 'unicorn' (Valued over USD 1 billion) and there are several hundred which have very decent revenue generation and as such enjoy high valuations from investors.
"What we don't see here is the success rate in the competition and if we really take a close look the success rate will be seen as less than 2%. Yes, what you just read is correct and should be an eye-opener to all budding entrepreneurs dreaming of having a successful start-up without having the ground reality-check done," warns Dutta.
Build Your Personal Brand
Jayanta Samaddar, Founder, Kollab, a streetwear brand is of the opinion that a personal brand is the number one key to success in YouEconomy.
"Begin with identifying what you do best, who can be your customers and why should someone pay attention to you. Whether your business is developed on your personal skills or it is a conventional business, this remains the most critical issue. It is only thorough research of marketing techniques, trial and error attempt to market products and services coupled with an undying self-belief in your idea will help you build your personal brand," notified Samaddar.
Don't be vague and try your best to be specific in defining your brand. With a plethora of products and services clamouring for attention on the digital space and off it, it is really difficult to get noticed and very easy to get lost. However, the question is how does one stand out?
Geetika Saharia, owner of eponymous brand Ggitika Sahariia, a contemporary western wear fashion label for women and Kasaya, a brand of organic and natural products - has the answer. "The best and most potential way to go about it is to be unapologetically niche. Do away with the apprehension of isolation from the common and general customers. The niche you get the better following you receive from your target audience. It will even get you many other birds of same feathers," she asserted.