Nirav B Patel | 8 Essential Tips for Small Business and Startups from Expert Entrepreneurs
These days, it seems like everyone hopes to become an entrepreneur and come up with the “next big thing”. Who can blame them? When successful, the benefits of having a startup are clear: being your own boss, creating something from scratch, bringing value to people around you and, of course, make a little coin along the way said by Nirav B Patel. But the key phrase in the equation, namely, “when successful.” Too often, startups fail — 75 percent of them, to be exact, according to the Harvard Business Review. So what went wrong?
Unfortunately, not everyone is cut out to be an entrepreneur. Or at least, not by nature. For running a good business you must be able to assume its proper role. According to Nirav B Patel, if it means doing things and act in ways that do not come naturally, then so be it. Otherwise, you will risk failure as it was 75 percent. Here are eight important points pros agree that a prerequisite to becoming a successful entrepreneur.
1. Take risks and be willing to fail
Failure does not prevent you from being successful — in fact, it is often an important step. The best entrepreneurs do not let the fear of failure prevent them from going for what they believe to be a great idea. Some of these risks are not going to go well, but those who do will be the ones that define you.
2. Never stop networking
According to Nirav B Patel, if you do not get your business off the ground, the connection will help to stay afloat. When you do, they will turn into a maid initial strong ally. Soon, you will be in a position to bring the fight back to the black startup.
“Connections Create and store notes on every person you meet,” Clare Dreyer, a career expert, told Forbes. “Ask for advice and assistance. Keep in touch with them all the way and build your network before you need it! The quality of relationships is the key to the kingdom. “
3. Study your niche
Many startups succeed because they have identified a niche and have cornered the market. By finding a product, service or feature no one else has thought of — or at least effectively take off — you give your company a successful shoot. George Shepherd, Professor of Law at Emory University, suggested the entrepreneur “as a teacher in that niche.”
4. Be a student perfect
According to Nirav B Patel, long after you leave your last class, you still learn new things every day. As an entrepreneur, you should always be students — are willing to take advice, listen to other ideas and learn from people who’ve been there themselves.
“Entrepreneurship is about solving problems and learning anywhere,” wrote Andrew Medal for Entrepreneurs. “It’s exciting to learn new things and as entrepreneurs, we should learn something new every day.”
5. Do not worry about your wallet
If you are starting a business, you will take some financial hits. As they say, you cannot make money without spending money. But there is more than avoiding stinginess. The best entrepreneurs do not think in terms of how much they make, they consider how much value they can add. Values that may be financial, but maybe social, psychological, or other means.
6. But try not to go broke
With that said, you cannot add value if you cannot pay the rent or buy groceries. That’s when you have to determine what you should do to support yourself while you pursue your entrepreneurial dreams. Employers show that part-time jobs could be your saving grace — not only will provide financial assistance, but also can provide an excellent network outlet.
7. Be flexible and listen to the market
Even if you nail the perfect niche, it will not always remain the same forever. The market can be fickle and consumers want to be on the cutting edge. If you cannot pivot and react when the winds of change come, you will be enchanted.
“Resist fall in love with your original idea so you can find what the market really wants and is willing to pay — and then give it to them,” Cherylanne Skolnicki, career coach, told Forbes.
8. Take care of yourself
what good is a successful startup if you destroy yourself in the process? There is nothing noble as his health, which is why you do not have to sacrifice your well-being for the sake of your entrepreneurship said by Nirav B Patel. In fact, what may seem like hard work eventually could derail your career? Loss of sleep, eat healthily and do not allow yourself to be stressed is a surefire way to shorten your life expectancy. By taking care of your health, you will have the strength to carry out your goals.
There are always exceptions to the rule — anyone who has managed to retain a startup is one of the exceptions. But you can take the element of chance out of the equation by following these expert tips and let them guide your entrepreneurial spirit.