Startup Survival Guide: 6 Tips For New Entrepreneurs
Today’s world is a competitive world and everyone is looking for quick success. We normally look towards people who have achieved the certain milestone or are successful and try to follow their footstep. It has become a sort of fashion to read about successful people, adopt their principles and go as per to their opinion. It is always good to learn from others but your individual idea, vision, business goal, and principle are equally important. There are quite a good number of people out there in the world who can give you advice, teach you about business but until and unless you have a vision and ideas of your own, you will be lost in the mob.
Here are a few steps that every new entrepreneur should keep in mind in order to survive in this highly competitive world.
Give your own meaning to success
It is important to get guidelines and inspiration from those who have achieved success, but it is not advisable to follow them blindly. It is not a good idea to spend much of your time in reading about successful people rather that time can be utilized in making plans and implementing them practically. Every entrepreneur has his own vision (where you want to see your High Risk business), goals and principles (which he/she has set for his/her business) and most importantly the reason and motive behind the business, and these are the foundations of any business…Your idea, your success, your way.
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Unique value/selling proposition (USP)
Due to intense competition in the market, it is important to set your business or product, unlike the rest.
To get a competitive advantage, you must have a unique selling proposition, which will boost your business and help you achieve your goal. You must keep in mind that your USP can be anything but price. It can be your location, time taken for delivery, the vast range of products, etc. As a business owner, you would not like the label cheap or low quality, because to which your USP should not be a price. Despite the bad reputation, pricing will also decrease your profit. Apart from being affordable, you should provide a good reason to the customers to return to you.
Your target market
Before setting up a new business, it is very important for every new entrepreneur to study the market. It is important to know the demand, advantage and disadvantage, and most importantly the buyer and their expectation from the product or business you want to start. Complete knowledge about the market will help you a lot to make plans and any necessary changes if required. That is why most of the entrepreneurs- new or old, like to conduct market research. Market research is not an expensive technique and it gives a broader picture of the market and will help in finding the real problem if any.
LLC or corporation
It is advisable to be a sole proprietor and use DBA (Doing Business As) name; this will make your business official. The extra step which is worth taking is to form an LLC or corporation because when you opt for DBA and you have a small business, a big portion of your profit will go into taxation. Instead, that amount can be used for expansion of your business or product range. So LLC is a great option, of course, it will be a little expensive as well as complicated but will help save much more in near future.
Mentor and advice
When you talk to others about your idea, you will get mixed opinions, but it is always good to listen to others. Share your ideas with friends and family, see if they can guide you or make you meet with a person who can be your mentor and help you in starting your business. Value every single piece of advice/opinion, no matter from whom it is coming. You should always be open to feedback and advice when you are planning to undertake a new project. Connect to mentor programs, join any social group, which is relevant to your business idea, and interact with them. You never know you might get lucky on funding
Make a Team
It is next to impossible to do everything on your own and start a business. You need a team to support you, implement plans and help you in starting up the new venture. Opening a new business is not a piece of cake. And, it is not possible to have knowledge of everything and manage it all single-handedly. It is important to have a team. A team to whom you can trust. Experienced people who have the knowledge and can help you in the areas where you don’t have an expertise. Also, a team that can focus on different areas/departments and can resolve issues if any.
These are few simple survival guidelines for the new entrepreneur. These should be kept in mind before starting up a new business, and to have a great startup.