Steps To Entrepreneurial Success (Without The Cliches)

More and more people are choosing to dip a toe into the world of entrepreneurialism. As launching businesses and self-employment have become more popular, there has been an influx of content related to how to make it and how to avoid committing the cardinal sins that will send you crashing into a proverbial iceberg. There’s a lot to be said for reading articles and gathering information when you go it alone, but clichés don’t always help. If you’re on the brink of setting up your own venture, or you’re in the fledgeling stages, here’s a cliché-free guide that might just come in handy.

Realising the limit of your own talents

If you’re at the stage when you’re about to launch a brand new business, it’s highly likely that you’ve got a lot of talent. Being an entrepreneur isn’t for everyone, and it requires a diverse skill set. The trouble is that managing any company in the 21st century is a feat that demands a plethora of skills, teamed with time, energy and commitment. You might be a creative thinker, an inventor or a coding or development genius, but your bow probably doesn’t possess every string needed to achieve success. Be confident in your abilities, but recognise that you’ll need others to help. Don’t be afraid to seek advice from experts in sectors like accounting, retail and marketing like those at Retail Solutions and to weigh up the pros and cons of different staffing solutions to make sure you have access to the skills you need. Outsourcing can be hugely beneficial for new businesses looking to save on hiring. 

Preparing for the setbacks

Most guides will tell you that every knock makes you stronger. There may be an element of truth in this statement, but at the time, you might not feel that way. It’s perfectly normal to feel rubbish and disheartened when a buyer dismisses your product or a focus group doesn’t get your brand message or like your packaging. Before you go full throttle into the process of getting a business off the ground or launching a product or service, prepare for the lows, as well as the highs. Being optimistic is beneficial, but it’s usually more advantageous to be realistic in business. 

Promoting value

One of the most critical lessons entrepreneurs can learn is to promote the value of their product or service. Too often, we go chasing after customers waving metaphorical for sale signs and shouting about discounts and once-in-a-lifetime offers. The truth is that most customers are looking for value for money, rather than the lowest price. It’s your job to convince them that they are getting a bargain and that the product is going to improve their life, no matter what you’re selling. Focus your marketing and sales strategies on enhancing the value of the product, and you should notice positive changes. Most of your competitors will be able to match you for price, but competing on value is much more difficult. 

Programmes like Dragon’s Den and The Apprentice have got many of us dreaming about the day we turn a Eureka moment into a money-spinning venture. The reality is that it’s not as simple as having a groundbreaking idea, but there are ways to beat the odds and achieve success.