Tuesday, December 30, 2014, AM | Leave Comment
The new year is upon us. Make it the year of entrepreneurs. However, you’ll come across many more folks who would somehow discourage you from starting your own business. Most entrepreneurs receive more discouraging criticism than approval and commendation when starting out.
Beginnings are fraught with many challenges. If it doesn’t kill you, it will make you stronger. Learn about the business as much as you can before starting.
Always allocate necessary money for operating the business. And just hang in there!
Remember also what Francis Bacon said: “If a man will begin with certainties, he shall end in doubts, but if he will be content to begin with doubts he shall end in certainties.”
All would appreciate some constructive criticism as how best to start a new business in a particular niche market.
Entrepreneurs with strong personalities seldom let detractors get them down and discourage them.
To begin with, the entrepreneur is out to disrupt, change the world order and do things no one else thought possible.
“First they ignore you. Then they laugh at you. Then they fight you. Then you win.” ~Mahatma Gandhi
Don’t let naysayers discourage you…
You will come across, at every step of the way, naysayers to stop you as an entrepreneur. It’s always good to hear others out but you always make your own decisions.
Don’t be arrogant but never listen to the doubters and there is an abundance of them all over. If starting a company were easy, everyone would do it.
On the contrary, use the negative criticism of the naysayers as your motivation to work harder to prove them wrong.
listen to market demands…
Do research before you start the business. Find out if the idea is financially feasible, i.e., you must have financial back up.
Also, you need to make sure someone will actually buy your products and services and that you position your brand properly.
To do this, you need to listen to the needs of the market. Have clear understanding of the market 4ps: Product, Price, Place (Distribution), and Promotion. Spell them out in detail so that there is no ambiguity in your mind.
Follow Ronald Reagan’s delegate strategy…
You can’t do everything yourself. Create an environment of trust so you can delegate tasks and functions about the work that is to be done.
You as an entrepreneur develop one uniform strategy for your business and let others follow it throughout the business.
Like Clint Eastwood in Magnum Force said “A good man [entrepreneur] always knows his limitations”. Delegate as much as possible. If you don’t, you will never be able to grow beyond a few person company.
In a Nutshell
These are three guidelines that entrepreneurs should follow to be successful in their start-ups.