For all you future entrepreneurs out there there you went to school you got a great education your ready to go right? Not so fast, There's a saying that sometimes life and experience is the best teacher. That is very true especially to being an entrepreneur. So here is some advice a tips to being an entrepreneur from both my personal experience and advice I've also received that you won't learn in any classroom.
1.) HAVE A LEGIT NICHE- Everybody has an idea that they think or fully confident will work and make money. But unless your creating a brand new market someone has already thought of that idea or that market has already been established. So you have to have a legit niche that will separate you from your competitors. Example would be like you want to open up a restaurant that serves burger and fries. That market has already been established so you have to ask yourself, What is my niche? Why should people come to my restaurant and eat my burgers over Mcdonalds, Whataburer, or Wendy's? What separates me from them but will also be highly enticing and marketable? That's what having a legit nice is.
2.) EXECUTION- When starting your business you have to be able to execute your strategy and infrastructure. Just like in sports when the game is on the line you have to execute your game plan. No different in business you have to develop a great game plan (Strategy and infrastructure) and you have to be able to execute it flawlessly, especially if you want your business to potentially be a franchise.
3.) KNOW YOUR BUSINESS- Know your business inside and out better than anyone else. This is your baby there shouldn't be one aspect of your business that you do not know 100%. If you are partners with someone else and one person is handling the operations and the other person is handling the business aspect you both should be working just as hard learning the other aspects of your business, not just what your bringing to the business. KNOW EVERY ASPECT OF EVERYTHING.
4.) KNOW YOUR COMPETITION- You should know your competitors just as well as you know your own business. Every aspect of their operations from their marketing strategy, infrastructure, how they execute, you should even have your own projections of what you think they will do. Competition is key. If your competitor is making a mistake and you know it use that to your advantage to make your business or product better. You have to not only keep up with your competitors but also try and be one step ahead of them. One thing you'll learn in business its always easier just to be first.
5.) ADJUST TO YOUR MARKET- Whatever business sector your in, over time whether it's small or big your market will likely change to some degree. This is crucial when it comes to marketing your business the right way effectively. So whatever trend is currently happening in your business sector understand the changes in the market and adjust your marketing accordingly
6.) NEVER GET COMFORTABLE- This is one major mistake so many entrepreneurs and companies make. They get to a point where their successful and they get comfortable. When you get comfortable you end up like Blockbuster a billion dollar company that fell behind the competition and is now out of business. Everyday you walk into your business your mindset should be what can I do to make my business better. There are always many different ways to improve your business. The hard work and grind never stops. You have to work hard to make your business highly successful and than once you get there you have to work even twice as hard to stay there. "Get Comfortable Being Uncomfortable."
7.) WHAT IS YOUR PLAN B- This is too me the most crucial tip and advice I give to everyone I talk too. When your developing your business treat your business like you would treat your financial portfolio. Don't over expose yourself by investing in one thing. What I mean by that is if and when your business starts to fail or struggle what is your plan B to hedge that situation. The truth is 75% of new and small business fail within 3-5 years. Your taking a big risk being an entrepreneur so you must mitigate that risk as much as possible. For instance your opening up a bar your regular business hours numbers are not going so well. It's not putting you in the black just yet. So this is when plan B comes into play which could be something like I have guaranteed contracts to use my bar as a venue which will bring me guaranteed cash flow that will offset my losses for my regular business hours. Not only will that give you much needed cash flow but it will keep you afloat while you try to bring in more customers for your regular hours. This is what the smart entrepreneurs do.
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