According to the BBC, one in five new businesses fail within their first year, so whilst the upsides of being an entrepreneur can be huge, so can the risks. Here are five top tips for success from people in the know:
1. Work smarter, not harder
Working smarter, not harder, is about managing your time effectively. Arianna Huffington, co-founder of Huffington Post, said, “we mistakenly think that success is the result of the amount of time we put into work, instead of the quality of that time we put in.” Consider Parkinson’s law; a tough graft doesn’t directly equate to how many hours you sit in front of your laptop each day.
The founder and CEO of Tumblr, David Karp, stresses the importance that “an entrepreneur is someone who has a vision for something and a desire to create it. Keep your vision clear at all times.” To help achieve this vision, learn how to prioritise your workload; you can even use productivity apps to help you set goals for task completion.
2. Do your research
It’s essential to prove that there is a market for your products or business. This research will not only help you define your marketing strategy and objectives but will also demonstrate to potential investors that you’re worth their time (and money).
3. Establish social network security
Put yourself and your brand out there, constantly and you’ll find that organic growth directly equates to building a solid foundation of loyal followers. Social media provides a cost-effective opportunity to reach out to a broad audience of potential customers. You can sell not just your brand but yourself as well. Be personable, sell your entrepreneurial spirit, not just your products.
4. Understand what it takes
There are currently 582 million entrepreneurs globally. Some have an exciting and innovative business idea but lack the required skills to carry on to fruition, whilst others have the necessary qualities but fail to deliver a compelling business idea. The perfect entrepreneur has a combination of the two. You’re unlikely to be doing the job you love every single day; you’ll need to master multiple roles as well as owning a business. Here are some secrets to success from ten of the world’s wealthiest entrepreneurs, for if you need a little inspiration.
5. Consider outsourcing
Suppose your business relies on packing and sending products to your customers. In that case, you might consider outsourcing to a fulfilment provider such as Huboo, who will take the weight off your shoulders and let you focus on what you do best, growing your business.
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