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7 Tips for Success as an Entrepreneur


Are you hoping to start your own business? Or maybe you've already funded a new venture and are looking for tips to guarantee your survival in the next quarter. Whatever your reasons for entrepreneurial research, here are just seven ways to make a splash in your industry.


1. Have a Plan

First things first: Don't do anything without a blueprint for success. Not only will it keep you focused and goal-oriented, but it will also show potential clients and investors that you're a serious professional who isn't wading blindly into the world of business. Industries everywhere are full of entrepreneurs with big ideas; you need to prove to the bigwigs that you're one worth watching.

2. Save Your Money

When starting your own company, a good rule of thumb is to have twice the capital that you think you need. This will ensure that you're prepared for any unexpected expenses down the line. It will also allow for growth if your business really takes off in its first year; you won't be scrambling for cash to keep up with its increasing demands. Experts recommend saving for at least six months before you quit your job and focus exclusively on your start-up.

3. Know the Market

What demographics are you targeting? What kind of supply-and-demand ratios already exist for your products or services? You'll need a thorough understanding of the market before you can dominate it. Analyze trends and fads; monitor costs for things like shipping and manufacturing; get on social media to understand your intended customers and their shopping habits.

4. Find a Mentor

If you're worried about the longevity of your business, get in touch with someone who has made it work. They can share tips and tricks for success in addition to insider knowledge about the industry. Some might even be willing to take you under their wing and introduce you to their associates for greater networking opportunities.

5. Secure Good Press

A good reputation is critical for any business, but it's especially important in your first year. Your brand hasn't been established yet, so customers will be Googling you to see what your company values and represents. Make sure they only find good things during their search. For example, you might promote your company's philanthropy like Sukanto Tanoto.

6. Hire the Right People

Everyone has that one friend who started a successful company from their dorm room. Generally speaking, however, it's better to hire from the outside. This will keep your friends from hanging on your coattails when serious money is on the line, and it will also surround you with people truly committed to your vision. They'll be there because they want to be there, not because they feel obligated.

7. Stay Relevant

Don't ever become complacent. Keep a sharp eye on your selling, advertising and distributing; use analytic software on your web traffic and consumer demographics; perform quality and service checks on a regular basis. Constant vigilance is the best way to stay ahead of the competition.

If you're serious about succeeding as a 21st century business, these are just a few tips to get your start-up off the ground. At the end of the day, your dedication will mean more than anything, so you're already off to a great start.
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17 comments :

  1. All of these can basically be tied into learning as much as possible about being an entrepreneur. If comes down to having a solid plan that can work no matter what, and money to keep it afloat.

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    1. I agree with you Michael. Learning as much as you can about starting a business is very important. I also think that IF you have to hire others, you must take the time to make sure they are the right fit for the company you are starting.

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    2. Yes. You're absolutely right. Before anyone goes into business, we need to have a solid plan- especially one to fall back on if things should not work out.

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  2. Thank you for the much needed tips. I myself like to think I'm going to go far and become some sort of entrepreneur, but I doubt I'll ever make it, but I still think it's worth a try so I figure give it a shot. With this, it should help me, so thank you!

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    1. Well- I wouldn't worry about that too much. Being an entrepreneur isn't all that glorious. It's a lot of hard work. The Bill Gates, and Googles of the world only happen so very often. That means it isn't me...unless...I can still dream right?

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  3. It's not easy to be an entrepreneur that's for sure. I wish I had the talent and skill set to sustain such a thing, but I don't have ideas and the know-how to do it, but to those who do, congrats and I hope you help change the world for the better. :)

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    1. It is always one of those things were I "wish I knew then what I know now" about starting a business. Those little things that you learn along the way can be so important in the long run.

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  4. I've had a mentor since high school. She's my mother and she's taught me everything about life and working. She started as an entrepreneur and even made her own shop, and I want to go the same route one of these days and she's happy I am going the route she went.

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    1. How wonderful is that? I love that you are able to learn from your mother.

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  5. Yup, I've saved my money like crazy these past few years and I like to think I am ready to start fresh very soon. I am very thankful for your tips, it's really appreciated and I hope everything works out. I can't wait for the future.

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    1. Sounds great! There are many entrepreneurs that started out small and couldn't believe when things took off so well.

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  6. I like the first tip. Having a plan is certainly going to help things along. Without a plan, you could be spending valuable time and money on a plan instead of the next step.

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    1. Planning is everything. It is the root of "Success". I believe in planning - I plan my dinners, weekends, what I want to do, what I want to eat...it's saved me a lot of wasted pondering time.

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  7. Staying relevant is very difficult in today's market. But that does not mean that it cannot be done. It will take hard work and determination to get there, but once you are there, the rewards are worth it.

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    1. That is true, first you have to believe in yourself and then work hard. It's like my teacher once said, find something to be good at and keep doing it over and over again.

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  8. Having more capital than you need is a good suggestion, but you should also realize that it must be spent correctly, or all of the extra money just turns into more debt.

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    1. True! More capital than needed is necessary to have a great start, but having a controlled plan is the necessary evil...The dot.com days everyone was living high and might and spent every dollar they loan- because every entrepreneur thought they were going to get rich! Or at least be the next Yahoo/ Ebay.

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