Entrepreneurship

5 Practical Tips of Entrepreneurship

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How great is it to be an entrepreneur in today’s society? I mean just in the last 20 years technology has advanced far beyond the expectations of many people. The rise of the internet has allowed professionals to reach greater audiences not previously attainable. Unlimited amounts of resources are virtually at your fingertips, giving the new generation the ability to compete head-on with some of the top incumbents in the industry. Technology has afforded new-comers the ability to make better business decisions quicker, more efficient and more effectively.

Entrepreneurship requires that you have an end goal in mind and that you consistently follow whichever strategy that you may have while accomplishing all your goals. Here are a few tips to consider as you begin your journey.

  1. Hold on to that day job…for now: Don’t let go of that day job just yet! Rule of thumb is to continue in your current job for at least a year before running your business full-time. You should even consider running your business part-time so that important financial obligations don’t suffer. If your current job won’t allow you to juggle both, you may have to find a job that will allow for more flexibility (check out our Side Hustles page https://themillennipreneur.com/side-hustle/).
  2. Pick a niche: Remember when we said earlier that the internet can allow for the opportunity to compete with some top incumbents? While that much is true unless you have deep pockets to go toe-to-toe, pick a niche as a way to better understand the desired audience’s needs. Large companies are typically trying to appeal to the masses and may overlook some important details that will retain certain audiences. Incorporate those needs into your services and/or products and continuously seek ways to improve (see “If You Know What I Know, You’d Choose A Niche“).
  3. Establish an online presence: Social Media has been a Godsend to virtually every business today. This allows for anyone to reach a wider audience than the physical limitations of any brick and mortar store. Professionals can increase their demographic reach by literally millions of people. It is also a great tool to bring awareness about your company and promote what you are selling at no cost.
  4. Don’t give up: As with any new business, you can expect your share of obstacles as well as resistance by others to accept your idea. DO NOT LET THIS DETER YOU. It’s okay to make mistakes, however, it is a mistake not to learn from them. This is what separates the successful entrepreneurs from the unsuccessful ones is when you can encounter failure and wake up the next day and try it again.
  5. Give back: You’ve finally made it! But, don’t forget about those that helped you through along the way. Try to help those new-combers from making some of your mistakes. The last thing that you’d want is to do is burn any of your bridges especially if it was the only one that would allow you to cross at the time. I’m a person that believes that if you put good karma into the universe, you can expect some back and we all could use some good karma when running our businesses.

 

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