Important Things Entrepreneurs Should Know While Setting Up Their Business
From winning $2,600 to start a small business venture with a college friend during my freshman year, to starting other small ventures during my last 3 years of college, I learned many fundamentals of business success, which have helped me succeed in my current business. Here are 6 tips that will help entrepreneurs set up their businesses strategically, and intelligently, to stay ahead in today’s fast changing environment. Let’s get started:
First is “Find a Niche.”Most of us are not geniuses like Bill Gates of Microsoft or Laurence “Larry” Page of Google. But you don’t need to develop an earth-shattering idea to be successful. As an entrepreneur, you should look for a business “niche,” preferably something you’re passionate about, because your passion will provide the energy to help you push for success. You’ll also want to stay up on the latest market trends to make sure you take advantage of new technologies that are changing the way people do business today. By staying up-to-date with new technologies and market trends while carefully thinking of how your business model should adapt and change, 3-5 years into the future, you will have a better chance of success. One good example of a good business “niche” is Minimal Company, who (in 2010) took Apple’s iPod Nano and transformed them into the world’s coolest multi-touch watches – Tiktok and Lunatik.
Second is “Assess Your Competition.”Although you have identified a “niche” in the market, you may find that other people are working on something similar. This will help you (depending on the type of business, your competitor’s location, pricing, and more) to plan out your competitive business strategy accordingly. If you’re going to leapfrog your competitors, it is very important to learn as much as you can about your competition and industry while staying innovative in your thinking and work processes. Also, you should search for a good domain name for your business website, and register it before your competitors do.
Third is “Check Your Resources.”You should re-assess all your capital. This includes things like time, skill, and financial resources. Answer questions like: How many hours a day or week do you and/or your partners have available to invest in the business? What skill sets do you and/or your partners have that are unique to your business? How much of your desired budget do you have available? Answering these questions will help you better plan your business approach.
Fourth is “Set Goals.” Setting up realistic goals and clear ways to reach them and measure your results are very important to any business. You’ll want to set up a realistic time-frame to efectos para tik tok your goals. For example: How long should it take for you to complete a business plan, setup your business website, raise enough money, and generate enough revenue to reach your quarterly goals, etc.? With solid action plans delegated to team members who clearly understand their tasks and what the company expects from them, your business will have a more efficient work flow and a chance at better results.
Fifth is “Open, Ongoing Communication.”Regularly follow up with your team members to see how they are doing. If you work by yourself, keep a check-list of numbered priorities, and review them often. This will help you stay updated on your business operation, and it assures your team members that you will follow up with them on what they’re working on. It also holds them accountable for expectations and results. This will also help you stay on track if you work in a different location than your employees do.
Sixth is “Try On Your Competitors’ Shoes.” When brainstorming a new marketing strategy, try to place yourself in your competitors’ shoes and predict how they might react to it. This will provide insights to help you better design your business strategy. You’ll want to keep checking the pulse of your competition and never underestimate them, no matter how big or successful your business becomes. Personally, I think your business begins to lose ground the moment you underestimate your competition, or begin to think you know everything about your industry. This is a mistake many businesses, big and small, often make. It can lead to dangerous errors like overlooking rapid changes in technologies or market trends.