We all want to be our own bosses. Most of us may have been at a point where we grew tired working eight-straight-hours a day and had fantasized escaping the toxic working environment we have today. A survey conducted by Randstad US shows that on top of problematic working conditions, 57% of employees quit their to take their careers to the next level and that includes putting up their own business.
For some, venturing on their own business is the key to escaping the dire situation of being a regular employee. It’s as if, to be the boss is to live well. Little did they know that starting up a business is not as easy as a stroll in a park, let alone maintaining one.
We know of a lot of successful entrepreneurs but not their journey of becoming one. Bill Gates did not build Microsoft overnight. Neither did Mark Zuckerberg or Elon Musk put up Facebook and Tesla in an instant, respectively. It doesn’t take a single shot for these entrepreneurs to hit big. For most, it takes trial-and-error or even failure. In fact, a survey shows that 44% of startups fail within 4 years of being in the business. Hence, it takes a lot of resources to be able to put up such successful businesses.
Either you are planning to engage in a technology startup or just a small cafe at the corner of the street, you need to be equipped with the necessary knowledge and values to be a successful business owner. There’s a lot to learn to be able to build a business that would last and here are some.
- Know What You Are Passionate About
What’s good in putting up a business you are not passionate about? For a business to be successful, you have to be fired up about it, or else the boat you are building will be sinking in no time. You don’t necessarily have to love every aspect of your business, but you should enjoy what you do. If you don’t feel thrilled in what you do and if it’s not worth your effort and money, then you are embarking at the wrong enterprise.
- Identify People’s Pain and Be the Solution
Before boarding into an enterprise, you need first to identify what the people need and come up with the service or product to offer. Not the other way around. It is a common mistake of starting entrepreneurs to venture with the business that they think they want without taking into consideration what the people need. A successful business owner is the one who understands the pain of its clients and presents himself as the solution.
- Set Goals and Business Plans
An entrepreneur should always know where he is heading. Setting clear and achievable goals is a crucial part of setting up and in the success of a business. A clear business plan would help an enterprise set out its way in terms of financial and marketing success. The main goal of coming up with a business plan is to see whether a business is feasible and worth the money and time that will be poured in.
- Build Your Network and Partnerships
You don’t need to be an island man. That’s the last thing you would want to do if you want to build a successful startup. Building a network and partnerships is ideal for starting entrepreneurs to have a hand in carrying the operational challenges of starting up a business.
Aside from looking for possible investors, entrepreneurs should also look for clients and customers even before they start their business. They could spend time in commonplaces of their potential market and build a network for future leads.
- Seek For Advice
You don’t need to be an expert in everything, after all, you are taking baby steps in the world of business. Find the value in seeking advice about the business aspects that you don’t understand well. You can also hire professionals to lend you a hand. If you’re not good with numbers, then hire an accountant. If you need someone with legal expertise in writing contacts, then have a lawyer.
- Make Everything Legal
Your effort of putting up your business is of no value if one day you’ll be busted for not complying with all the legal prerequisites. Aside from the headache that you may get, settling legal issues and sanctions is far more expensive than actually getting the needed papers before you start operating your business.
- Start Your Business While You are Employed
People aspiring to build their own enterprise thinks that they have to leave their day jobs to start their business. This is not necessarily right. A starting entrepreneur needs a fall back in case his venture did not go well. Starting up a business is pointless if you cannot afford the things you need in the end. Although entrepreneurship is a calculated risk, you’ll never know when will you go broke.
- Learn How to Properly Market Your Business
Good marketing strategy also plays a vital role in the success of a business. Knowing your niche would help you build your brand and place it well in the market. Most businesses today are into social media marketing which is easier to maintain than the traditional way of advertising. Above all, most of the time it’s free.