On a broader spectrum, being successful usually means learning from those who have successfully achieved their practical goals. Do you know what’s the biggest blessing in one’s professional life? It is having a mentor. Under the guidance of a practicing mentor, an amazing entrepreneur will be born. But not everyone is lucky enough to find such a mentor.
Your first entrepreneurial venture will take everything to be successful. You’ll need the best idea, along with a strong work ethic. For days where things just don’t go your way, perseverance will be the key.
If you are an entrepreneur who hasn’t yet found a personal business guru, here are 13 pro tips just for you.
1. Began with Challenging Yourself
One of the famous quotes of Richard Branson states that challenging himself continually is the biggest motivation for him. According to this guru, treating one’s life like one long university education is the best way to learn every day. You can do the same!
Start by listing your daily challenges as an entrepreneur. Overcoming each will bring magical power to your way.
2. Take the Risk
Well, as a matter of fact, you will never know the outcome of an effort unless you do it. Jeff Bezos mentioned this one thing that helped a lot. It is to know that you wouldn’t regret failure, but you would definitely regret not trying.
To work on this tip in a better way, read Key Elements to Make Your Business a Success.
3. Choose the Right Niche
The selection of the niche is the biggest choice of an entrepreneur. This is also the point where the majority realize they’ve made a big mistake. The idea behind going too broad with a general business is not a good one. This is because you might struggle to know your audience.
On the other hand, selecting an extremely narrow niche is also a bad idea.
For instance, take this example; if your plan is to sell maternity clothing. It is obvious that women stay pregnant for 9 months. Right after giving birth, they likely won’t be shopping from your store anymore, right?
In short, it is crucial to select a year-round popular niche. You can use Google Trends to learn about the stability of your favorite niche.
4. Have a Clear Vision
David Karp, the well-known founder and CEO of Tumblr, notes the best definition of an entrepreneur. According to him, an entrepreneur is someone who has a clear vision for something. He/she is the one who desires to create it, hence, it is important to keep your vision clear at all times.
5. Never Stop Finding Good People
Have you heard the famous quote?
“Who you are with is who you become.”
Reid Hoffman is the co-founder of LinkedIn. He often says, hanging out with people who are already the way you want to be is the fastest way to change yourself.
Choosing your gathering according to your selected niche is even effective. For example, if you selected a champaign bottle wholesale business, a champagne glass manufacturer would be an ideal friend to hang out with.
6. Be Ready to Face Your Fears
We all are well aware of the fact that overcoming fear isn’t easy. But the key point is, it must be done. A famous mentor once said that finding fearlessness was like a muscle. The more you exercise it, the stronger your muscle will get.
7. Keep an Eye on Your Competitor’s Move
In the world of entrepreneurship, your competitors will always try to knock you down. This happens so that they can remain at the top. Without being too obsessed with your competitors, you still want to know what they’re doing. In this way, you can stay ahead of the game.
You need to be well aware of the products and services your competitors offer. How do they price their products and services? How do they market their brand? How do they treat their customers? Etc.
Finding out that the competitor offers a great product but terrible customer support, it is your job to put significant emphasis on your customer relations.
8. Do The Time
Well, everyone was once a beginner and no one succeeds immediately. Like Steve Jobs, one of the top entrepreneurship mentors wisely noted,
“If you look closely, most overnight successes took a long time.”
Never be afraid to invest time in your business. Big things take time.
9. Be Prepared to Face Financial Challenges
According to the majority of small businesses, cash flow is by far their biggest challenge. How do you deal with cash flow? You can do this by saving for a month’s worth of expenses. Or this can also be done by getting creative with ways you lower your overheads.
A good practice is offering your clients a discount if they pay a deposit. Even if they pay the full amount upfront or even an incentive, the same idea can be a good one. One important thing is to be extremely careful of debt. It can be the biggest killer of small businesses.
10. Don’t Hesitate to Ask for Help
When it comes to networking, knowledge sharing, and advice, the resources are loaded. Networking can be a wonderful source of support and fresh ideas.
On the other hand, never hesitate to ask for advice. Especially from those around you for example your bank manager, landlord, intermediary, or even your neighboring businesses. Online forums and Facebook community groups are also ideal options to seek advice.
11. Learn from Your Mistakes
According to a number of entrepreneurs, their mistakes are their best teachers. When you learn from your mistakes, there is no doubt in moving closer to success. No matter if you initially failed, your mistakes will bring massive success later.
12. Understand Your Industry Deeply
Tony Hsieh who is the founder of Zappos said that never play games which you don’t understand. He further adds that even if you see the majority of people making money from the same game, never put your leg in.
In simple words, truly understanding your selected industry is the biggest key to having success.
13. Learn from Complaints
According to Bill Gates, your most unhappy customers should be taken as your greatest source of learning. Let unhappy customers teach you. They will exactly tell you where the holes in your service exist.
Being a successful entrepreneur revolves around a lot of hard work, clear vision, learning, seeking advice, and facing challenges. We hope these 13 tips gathered from successful entrepreneurs will help you navigate the path easily.
These 13 pro tips are only a guide as you start your successful entrepreneurial journey. Ultimately, your business idea is what you make of it.