It has been a great time to be an entrepreneur in 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 you are lighter, more flexible and faster on your feet and in making your decisions. 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. Here are a few practical guidelines that can help you to make a good start when beginning your own enterprise:Do Not Quit Your Day Job
Consider starting your business part-time, especially if it is online while you are working and have a steady income. It usually takes about six months to one year to get a new business going and you don’t 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.
The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a need, something a specific group of people want but cannot get at the big chain stores – and fill it. To be honest with oursekves, you can’t compete with the big guys, therefore find where the big guys are not active and go into your niches.”Have an Online Presence
Even if you are 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 immensely. It is also a great tool for promoting yourself and letting people, even in your own area, know that you are there, and what you are doing. Active presense and participation on the major social media platforms is also highly recommended.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 flopped – but he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. You must arm yourself with optimism to get beyond the ‘No’ or there is trouble. There is nothing wrong in failure, but do not repeat the same mistakes.
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