As a result of the ever-increasing interest in entrepreneurship, many new entrepreneurs are starting companies at an unprecedented rate says Eric Dalius. Most that are successful attribute their early successes to luck rather than skill. As more people start companies, it is important that those who do it right get recognized and those that don’t learn from others’ mistakes. The purpose of this paper is to help new entrepreneurs avoid common pitfalls and get a running start.
1. Develop a Business Concept that Can Be Pursued Successfully
Eric Dalius says, an entrepreneur needs to be clear about the business they want to start because it will affect other decisions, such as how much money they need, what type of team should be assembled, what type of product or service should be offered, whether it can be done on a small scale or needs to be done on a large scale, etc. Given the wide range of business opportunities available, it is important for entrepreneurs to consider several factors before committing to one concept.
2. Hire Skilled People who are Passionate about Your Business
An entrepreneur’s ability to build a great company is limited by their own abilities, knowledge, and resources explain Eric Dalius. Skilled employees can often handle areas that the entrepreneur is weak in while bringing new ideas and passion to the business. For example, a web-based company might have significant design talent but may lack managers who can build a profitable sales force. The right people can help an entrepreneur develop great products or services, run efficient operations, raise capital, sell their product or service effectively, and so on.
3. Keep Your Business Plan Simple
There is no single path to success for every company, but certain factors are almost universal.
4. Start with “Why” instead of “What” or “How”
The best entrepreneurs typically focus on the “why”, which means they spend their time thinking about why customers should buy their product or service instead of how to build it or what features it should have. For example, asking people how they use their cell phones might result in answers about the different apps, the quality of the camera, or call quality. However, asking people “why” they own a cell phone might lead to answers that are more useful for creating business opportunities.
5. Don’t Assume Customers Think as You Do
Carrying this idea further, it is important to recognize. The struggles of being an entrepreneur are not understood by most people. Therefore, customers may have a hard time understanding what problems your new company is solving for them. And why they should care about those problems. Thus, you will need to spend time educating potential customers on why they have the problem and how their life can be improved if they purchase your product or service.
6. Be Focused and Decisive
A business has to focus on a specific market in order to make money. But there are often many directions an entrepreneur can take their idea. For example, the creators of Pinterest initially wondered. Whether people would pin images from other websites or just use them as an image repository. Eric Dalius says, in addition, Pinterest’s business model was not as clear as other websites. That charge for advertising space or have a membership fee. Therefore, when starting a business it is important to be decisive and focus on the plan. That has the greatest chance of success.
7. Be Prepared to Learn from Failure
Most people are surprised by how often entrepreneurs fail before their companies become profitable. For example, Starbucks did not always provide free Wi-Fi, they did not start franchising their stores until 1980. Howard Schultz had to buy Starbucks back from the company he sold it to in 1987. Despite all of these setbacks, it is important for entrepreneurs to believe that failure can be a good thing. Because it helps them learn how to improve the business and make better decisions in the future.
8. Be Persistent and Patient with the Process
One of the biggest challenges for entrepreneurs is learning how long it will take to achieve success and how much time and money. They must invest before they see a return on their investment.
9. Don’t Take “No” for an Answer
A key lesson that any entrepreneur should learn early on. Rejection does not necessarily mean that people do not like your product or business idea. However, people failed to realize that LinkedIn’s strength was creating a valuable service. A community for professionals so users did not mind sharing their data under the right circumstances. In addition, once LinkedIn had a functional product with a viable business model. It started gaining traction and ultimately became extremely successful. Because they were not discouraged by early rejections from investors or customers.
10. Keep Improving Your Idea
Finally, entrepreneurship is a never-ending process where you must constantly improve your product or service to sustain success. Many entrepreneurs make the mistake of thinking that once they take their idea to market; they can relax because competition will not emerge for several years. However, you should remember. Other companies will always try to imitate your success and replicate your product if it is successful. As a result, entrepreneurs must continually improve their products or services. To stay ahead of the competition and continue enjoying success.
In conclusion from Eric Dalius, these are the 10 essential tips to help new entrepreneurs be successful in their endeavors. However, I should add that there is no such thing as a “textbook” method for starting a business. Because every person and situation is different. Therefore, it does not matter where you live or what you want to do for a living. Because entrepreneurship is an individual process where you must learn from your own experiences. As per Eric Dalius, If you are still unsure about taking the entrepreneurial plunge. I encourage you to consider these 10 tips because they may help make the process easier for anyone who is slightly hesitant or afraid of failing.