Entrepreneurship

12 powerful lessons for new entrepreneurs

March 2, 2019

Entrepreneurship is one field which has grown leaps and bounds over the last few months. However, becoming an entrepreneur isn’t an easy task. One needs to keep various factors in mind while aspiring to become an entrepreneur.

Here are few powerful tips for first-time entrepreneurs:

1. Build a great team

Entrepreneurship isnt a one man show; it is a collaborative team effort which is why it is important for you to choose a kick ass team who you can trust with your vision and the future of your company.

2. Have a clear vision

It is important for an entrepreneur to have a clear vision about his company and its future because without a final goal, no one would know what they’re trying to achieve. This would lead to chaos and eventually to the downfall of the company.

Related Post: 12 Ways to avoid startup mistakes

3. Is it solving a problem?

Is the product/service you are offering to people solving a problem in the society? Because, if it’s not solving a problem, no one would buy it. Hence, it is absolutely important to find a problem or create it and then introduce your product accordingly.

4. Sometimes less is more

An entrepreneur wants to achieve everything in the beginning: offer a good quality product with extraordinary features and make profits. However, it is important for a new entrepreneur to deal with one issue at a time and focus on solving it rather than jumping in between 100 issues. Also, initially, offer a simple and nice product to attract your customers and then bother with the modifications.

5. Don’t price your product low for the sake of it

Sometimes just to enter the market, people price their products very low and later when they increase the prices, they have no customers. That’s why initially the prices must be sustainable and viable even if it means some less customers.

6. Your USP is your selling point

If you do not have a USP; you are doing something wrong because then your product is no different from your competitors. It is necessary to listen to the customer feedback and strengthen your USP and focus further marketing around it.

7. Be a great leader

There’s no point in being a leader everyone fears; instead, become a leader who is fair, just and approachable. The leader needs to make sure that the team works as one and everyone’s ideas are taken into consideration before formulating a strategy.

8. Keep learning

A new entrepreneur needs to keep learning: sometimes it’s the tricks of the trade and sometimes it is simply life lessons. There are people who’ve been in this field longer than you have and it is always better to learn from those people. Also, reading books, watching videos and movies and hiring a coach can help you learn better.

9. Your business isn’t your life; it’s only a part of it

A lot of entreprenuers make the mistake of making their business a part of their soul and start getting defensive with their ideas and operations. It is good to be serious but needs to know where to draw the line. Focus on the more important things in life as well: family, hobbies, health etc.

10. Public speaking will get you places

As an entrepreneur one needs to be confident about their public speaking skills because pitching to VCs or giving a speech or a talk to the team isn’t an easy task. You need to be impactful and reasonable. Also, for the right ideas and words to come to you at a particular time, it is important to practice this art.

11. Don’t take failure too seriously

Failure and successes are a part of the job that you’ve chosen and the worst thing you can do is be hard on yourself because of a setback you’ve faced. After the setback, identify the mistakes and make sure you don’t repeat them again.

12. Try changing the current scenario

You should be focused on changing the world with your idea and inspire people to buy your product for the same reason. Money, success and other materialistic aspects are momentary and will come with time.