Are you interested to start your own business? Do you have some innovative ideas? Are you an entrepreneur? You want to do something new for your Country, Nation, Family, Health, Wealth, Status and Society improvements. If yes, then here are powerful strategies for starting a new business as an Entrepreneur. People start their businesses without planning and strategies in result, most of them get disappointed. In this post as a PhD Scholar Major in Business) is going to explain powerful strategies which should be taken or consider before starting a
By Misbah Hayat Bhatti
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Don’t let a limited budget stand in the way of what could be a successful business and rewarding career. Here are five ways first-time entrepreneurs can bootstrap their way to startup success. It will be incredibly difficult, but it can be done.
Ask yourself these 3 questions
- Why are you so important? – Is it your brand? Or is it that your product or services deliver to a real problem
- What are you creating? – Jobs, opportunities, innovative strategies or tools to make life easier
- Why are you here? – Is it because of lack of opportunities or because you believe you really belong here
Once you are clear about your answers, it’s time to gear up and ensure that you as an entrepreneur do not ignore basic strategies to create a successful business.
1. Evaluate yourself
Let’s start with the most basic question: Why do you want to start a business? Use this question to guide what kind of business you want to start. If you want extra money, maybe you should start a side hustle. If you want more freedom, maybe it’s time to leave your 9-to-5 job and start something new.
Once you have the reason, start asking yourself even more questions to help you figure out the type of business you should start, and if you have what it takes.
- What skills do you have?
- Where does your passion lie?
- Where is your area of expertise?
- How much can you afford to spend, knowing that most businesses fail?
- How much capital do you need?
- What sort of lifestyle do you want to live?
- Are you even ready to be an entrepreneur?
Be brutally honest with your answers. This will create a foundation for everything you do moving forward, so it’s better to know the truth now than later.
- Ideas are cheap because they are everywhere.
- Unless you have a follow through plan to implement it, there is no value in it.
“IDEAS ARE EASY. IMPLEMENTATION IS HARD” – GUY KAWASAKI
You need to make sure about these two core aspects when it comes to idea and entrepreneurship.
2. If you are not the first, be the best
Are you the first entrant in your field? If not, it does not really make much of a difference today. Decades ago it was vital for a company to be the first entrant in its respective field to gain a competitive advantage. Even though that is a great way to go, in today’s world, it’s not a deciding factor. In fact, if you are a late entrant, today, you have the ability to use data, insights, and customer feedback about that field or business to your advantage. Improve and give your consumer a product or a service that they love. Offer something personalized, unique and of a real value.
Since you are your own boss, at times it might be difficult to maintain that discipline or have a rigid deadline. Ideas don’t mean anything unless they are rolled out as scheduled.
The world today is more competitive than ever. Today anyone from any place across the globe can design a solution and ensure its reach and accessibility even with minimal connections and funding.
“DO OR DO NOT. THERE IS NO TRY”
– YODA, STAR WARS
The world of digital has empowered the field of entrepreneurship with unlimited possibilities. So, the first thing you need to do is ensure that you not only meet the deadline but beat it every single time. Don’t excuse yourself by saying you did what you could, rather ensure that you do what you must!
4. Do market research
Is anyone else already doing what you want to start doing? If not, is there a good reason why?
Start researching your potential rivals or partners within the market by using this guide. It breaks down the objectives you need to complete with your research and the methods you can use to do just that. For example, you can conduct interviews by telephone or face to face. You can also offer surveys or questionnaires that ask questions like “What factors do you consider when purchasing this product or service?” and “What areas would you suggest for improvement?”
Just as importantly, it explains three of the most common mistakes people make when starting their market research, which are:
- Using only secondary research.
- Using only online resources.
- Surveying only the people you know.
Did you know that in the case of a startup, signing up with the ‘wrong type of customer’ has been one of the top 10 reasons across the globe and industries for a business to fail?
UNDERSTANDING YOUR CUSTOMERS IS KEY TO STARTING UP A SUCCESSFUL BUSINESS.
Before you get that signature on the dotted line, clearly understand your customers and their expectations. Lay down what you can and cannot afford to offer as services for the price or budget that they have in their mind. Remember, the most important asset for a startup entrepreneur today is not clients or money, but bandwidth. So, learning to say ‘NO’ is also an important skill.
6. Empower digital
If you are an entrepreneur today and you are not making use of the digital tools, processes, strategies, etc. then you are seriously missing out on something extraordinary.
Digital tools such as digital marketing, social media, technology integrated marketing by using analytics, metrics, customer online behavior patterns, Augmented reality (AR), Virtual reality (VR), Big Data, website, blogs, chatbots, forums, Pay Per Click online advertising strategies, etc. would truly empower your start-up business with great control and tracking.