you are planning to become an entrepreneur and start your own business before
you jump into anything, I would like you to read this article.
is no secret that most people that set out to become an entrepreneur fail and
if you’re not careful and follow their pattern you will also fail.
main question I would like to ask you before I continue is do you wants to
become an entrepreneur?
your answer is yes then this is what I want to tell you that being an
entrepreneur is not for the faint of heart.
is estimated that over 80% of new start-ups fail in their first 3 years and
this might not be because of lack of proper planning but due to the risk
attached to starting a business.
is the main reason why most people chicken out of starting a business and
prefer to work a 9-5 job for the rest of their lives just to earn a salary.
As a new start-up entering into the business world you must know that there are other top companies that are into the same niche as you and have been on for a long period of time. These companies can be said to be your competitors.
means you will have to compete with them for clients, advancement in new trends
and technology and if you are not careful they can swallow you up using their
wealth of experience.
question here is what can an entrepreneur do to succeed and I will highlight
For Someone Else
we see most times is people waking up and dashing into becoming an entrepreneur
probably because they went to a business school or read a book about a certain
business then they believe they are experts and after a while, the business
are lots of things that go into becoming an entrepreneur and building a
business that will survive the test of time.
you just jump into starting a business without working for someone as an
employee or an apprentice there are lots of things you will not get to know
such as how to get customers, how to communicate with your customers, the right
people to hire and so on.
beauty of working for someone before starting your own business is you get to
learn all these things and more. No wonder the Igbo succeeds more in starting a
knowledge you will acquire does not come in one year, it takes a lot of years
in the business to get to know all you need to know to venture into your own
whatever business you have in mind to start, it is best you find a business you
can work or serve so as to get all the experience and skills needed to start
like the popular saying that goes “readers are leaders”, reading books helps
you get knowledge from those that you would not ordinarily come in contact with
but have started a business and succeeded.
especially those in your line of business.
you read books from other people, you will get to know the mistakes they have
made which will help you to avoid them in your own business. Succeeding as an
entrepreneur is not about how smart you are but the number of trials and errors
you have been about to skip to get to where you want to be.
Your Budget Right
crazy part about money is that it is easier to spend it than to make it which
is why budgeting is very important as an entrepreneur.
an entrepreneur, you will always be in need of money and if you don’t know how
to budget you will run into trouble which will not allow affect you to your
have to start to learn how to budget and save money now before even starting
your own business.
There are different ways you can start saving your money and I have found one online source very helpful which is piggyvest.com. This site is a secured way of saving money online and you get interest on any amount saved at the end of every month. You are only allowed to withdraw your money 3 times in a year which makes it perfect for you to save.
Become a Solution
aim of every business is not to make money but to solve other people’s problem.
Whatever products or services you render must be aimed at solving one problem
or the other.
trick here is the more problems you solve the more money you make.
When it comes to problem-solving, you have to make sure that your solutions are effective, less expensive so you can keep attracting old and new customers.
reliable and cheaper products and services you offer to your customers this
will give you a competitive edge above your competitors.
What Your Passion Is
really won’t do well if you don’t love whatever you are doing. The major reason
why most businesses fail is lack of passion.
the aim of every business is to make money but you have to keep in mind that no
business succeeds overnight. It takes time and consistency for a business to
hit equilibrium and this takes up to 3 to 5 years.
passion you will get tired and eventually quite.
Your competitions are numerous and probably have been in the business for a long time before you came so you have got to be passionate about what you do so as to be able to keep your head in the game.
don’t have all the time in the world to play around so you have to use your time
wisely. As an entrepreneur, you can be focusing on things that don’t add value
to your life or business.
to know those things that you waste your time on whether is social media,
hanging out with friends whatever it might be and cut down on them.
these tips you can sure succeed as an entrepreneur.
Do let us know what you think about this article in the comment section.