The period
of this COVID-19 pandemic is one the best time to be an entrepreneur—in the
last decades; 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 choice more quickly. You
have an advantage over big businesses in that you’re lighter, more flexible,
and faster on your feet. 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 the end. Rieva Lesonsky, editor-in-chief of
Entrepreneur Magazine also gives some practical guidelines that can help you
when beginning your own enterprise:
1. Don’t
Quit Your Day Job. (Avoid Jumping The Ship)
Consider
starting your business part-time, especially if it’s online, while you’re
working and have a steady income. It usually takes six months to a year to get
a 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.
2. Find Your
Niche.(Discover And Identify Your Area Of Specialization)
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 can’t get at the big chain stores—and fill it.
“You can’t
compete with the big guys, so you have to find where the big guys aren’t and go
into your niches.”
3. Start
Small To Grow Big
A little
beginning is sometime needed to build a bigger brand, many of the world’s
foremost companies started from the garage, library or micro cubicle. You do
not need to overstretch your resources to start a business of your own, Rome
was never built in a single day. Many humble beginners have risen to become multinational
corporations, e.g, General Electric, Amazon, Dangote, Ford Foundation, Alibaba,
Kentucky Fried Chicken, etc.
4. Have an
Online Presence. (Build An Online Brand For Easy Access)
Even if
you’re 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 by, literally, millions. It’s also a great tool for promoting
yourself and letting people, even in your own area, know that you’re there, and
what you’re doing.
5. Build
Trust And Be Consistent.
The first
and most important tool you need in building your client’s confidence is Trust,
never compromise your trust and integrity for profit. The more people have
trust in what you do, the more attractive your product and services to
multitude of potential customers.
6. 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.
“Arm
yourself with optimism to get beyond the ‘No’ or the trouble. There’s nothing
wrong in failure—just don’t repeat the same mistake!”
7. Separate
Business From Pleasure
This is not
the best time to plan on holidays and vacations, the current reality does not
give room for frivolities and arbitrary spending in the name of tours and
philandering. Concentrate more on sustaining the growth of your business and
making it to be a standard brand that will stand the test of time. Whenever the
coast is clear for vacations and shopping spree, it will naturally come without
much ado.
Credit…
Contributor....Olanite Olalekan
lekanolanite@gmail.com
+2348034201291.
