4 Rules For New Entrepreneurs – Practical Tips For Starting Right
Its a great time to be an entrepreneurin the last decade, technology has leveled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that enables you to make more intelligent choices more quickly. You have an advantage over big businesses in that youre lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime.
But being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end. Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine gives some practical guidelines that can help you when beginning your own enterprise:
1.Dont Quit Your Day Job.
Consider starting your business part-time, especially if its online, while youre working and have a steady income. It usually takes six months to a year to get a business going and you dont want your ability to make your house payment to hinge upon your company being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.
2.Find Your Niche.
The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a needsomething a specific group of people want, but cant get at the big chain storesand fill it. Advises Lesonsky, You cant compete with the big guys, so you have to find where the big guys arent and go into your niches.
3.Have an Online Presence.
Even if youre not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base by, literally, millions. Its also a great tool for promoting yourself and letting people, even in your own area, know that youre there, and what youre doing.
4.Refuse to Quit.
Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which floppedbut he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. Says Lesonsky, Arm yourself with optimism to get beyond the No or the trouble. Theres nothing wrong in failurejust dont repeat the same mistake!