Digital world is developing day by day and therefore, individuals and corporations trying to get a slice of the cake have a strong competition among them. Especially young and new entrepreneurs must work a lot and take the right steps in this competitive ambient.
Entrepreneurship requires learning continuously and being open to innovation. New comers in this sector may benefit from advices from consultants and successful entrepreneurs, and also take lessons from their experiences and avoid making the same mistakes.
The entrepreneur Kevin D. Jhonson gives advices in his book named “The Entrepreneur Mind” to business entrepreneurs.
Find new markets
Entrepreneurs should be a kind of discoverers, which means discovers what is new in the sector. Trying to have a business which is already popular and profitable doesn’t guarantee your success in the sector; contrarily, it forces you to manage a highly competitive business life.
So focus on the business markets which are really new to the potential customers and try to observe that what people need and cannot find in the market.
Do not try to be a Superman
It is a long and thorny road to have an entrepreneurship, and you cannot work alone to manage all the tasks to be done. I recommend you to admit cooperation with experts and learn working with people in a team.
You may hire qualified workers and assign the tasks to them considering their areas of expertise. This helps you to grow your business in a professional way.
Build a strong company structure
In business life, the first rule is you need to learn is anybody you trust may leave you alone some day. So you should be prepared for anything, which requires you to build a strong company structure. For example, Groupon had a 40% of increase on its stock values even after Andrew Mason, ex-CEO of Groupon, quit.
If you support not the people but the company in total, you will not have problems when people leave the company. But do not conclude that you cannot have good relations with your employees. Remember that happy employees mean happy customers.
Define your priorities
Priorities are to be defined for having a future plan. You should consider your priorities while taking decisions and necessary steps. Plan your actions and perform them by one by according to their priorities.
Hire critical employees
People who always say “yes” to your suggestions without any questioning do not contribute your business success. Criticism is the key supporting your development in the sector. You think you are an intellectual in the field you work but any different idea from any creative person may take your business to the top.
Mistakes are to be made
Do not avoid making mistakes since they are really effective to teach you the difference between the right and the wrong. The only step that you need to take is changing the way you are in when you notice your mistakes. Admit your mistakes and consult trusty people for their advices.
Spend time with intelligent people
If you prefer spending time with the people smarter than you, you may have the chance to get bright ideas from them and analyze their habits in business life.
Adapt to technology fast
Technology is an inevitable part of our daily lives and companies not following technologic innovations fast enough are doomed to failure. That’s why you should adapt your entrepreneurship to technology immediately. Make market research in the sector you work and perform necessary revisions.
The point is that you shouldn’t start applying innovations immediately after they came out. Take your customer shopping behaviors into consideration not to lose your loyal customers.
Be patient for MBA or master education
Young entrepreneurs having plan to build their own businesses also try to get a master degree in colleges; however, it is not a good idea due to time problem. You need to focus on only one issue and struggle within this aim.
In addition, it is much better to have an education on the subject, about which you have gained experience for a few years. So you can apply what you have learned during your studies to your business in a more effective way.
Consider customers as bosses
What you shouldn’t do in an entrepreneurship is behaving your customers unprofessionally, ignoring their needs, offering the products they won’t use and failing at a good after-sale service. You should always take customer requests seriously to be successful in business life.
Which one is your day: Friday or Monday?
The business owners should be deeply committed to their businesses. So the successful ones claim that they consider Mondays as a new opportunity compared to Fridays, the end of the week.
As an entrepreneur, you should know which problems you can handle and what your limit is. You should be aware of your skills and trust yourself. Do not underestimate your entrepreneurship and admit working under suitable conditions.
Admit that entrepreneurship is risky
Always remember that you are in a risky business which may cause you to lose what you have. Be prepared and focus on the solutions not on the problems. The person you can take an example by is Steve Jobs, who got success in business life even after being fired from Apple the company he created himself.