Being young is not a curse in today’s world if you want to build something on your own—your experience, though small but significant, will have a say and earn the respect of older professionals if it puts through insights and information that can be validated and proved. Haven’t you seen teenagers excelling at creating new technology applications and registering companies while they sit for school exams?
Well, all it takes to be a successful millennial entrepreneur is to be focused, have consistency and being informational. There is no stopping you if you really want to achieve it. Here are some points that can be helpful for your entrepreneurial journey:
- Start small; grow big
Don’t worry about infrastructure and going big in the first instance. Start with a smaller audience or a contract that will get you going. Don’t wait for bigger deals to happen at the beginning. Cash flow is always good for the growth of the business.
- Respond to change
Don’t be stuck with assumptions, hypotheses and observations made maybe five years ago. Stay agile and open to change. Your customers are your best validations points: be observant of their behavior and feedback. Never ignore it!
- Be consistent
There is no other way to put or stress on their point: be consistent. Don’t leave an idea mid-way and jump on to another fancy that you think has potential and can be pursued as a business idea. Stick with your original idea and make it happen.
- Know your numbers and the industry
Keep an eye on what’s going on in the industry that your idea belongs to, and also know the numbers—while pitching for investment or getting people on board, these numbers will come handy.
Summing it up
There is always a chance of failing at something but if you fail fast and learn your shortcomings and also notice the flaws that your idea might have had. Improve upon it but lose faith. Keep going and you will achieve what you desire.
A profitable business is not built in a day—in fact, turning any startup into a profitable business is one of the main challenges that majority of entrepreneurs across the globe are facing. Launching an idea; running it for few years without any meaningful income is another thing, but what takes to convert a great idea to profit so that the business could sustain the changes and demands of operations.
Here are 5 tips that will come handy:
- Your business plan is not the final roadmap
A business plan is built on assumptions, projections, and ideas that haven’t been tested in the real market. There is a healthy chance that many of these will be proven incorrect; fall short of expectations; and will miss the target. However, as an entrepreneur, you should be ready for such moments.
- Team in indispensable
Yes, there are successful solopreneurs but as you grow, you will need a great team that could complement the skills that you have to run your business. Doing everything all the time is simply not possible, and is a huge hindrance to scaling.
- Be ready to hustle
When you start a business, you have lots of energy and enthusiasm. Never let it wane away because it will help you to be ready for challenges and setbacks. Keep learning new things that could support your business. Innovate and apply.
- Focus on repeat customers
Don’t focus exclusively on acquiring new customers. A business having a pool of repeat customers is always a profitable business. Further, if you keep your present clients happy, they will always be your voice of marketing in their own networks.
- Keep improving
Right from the first day of your business, you should have ears and eyes for feedback and suggestions. Get to know the main pain-points of your customers and whether your product or service addresses these concerns comprehensively. If not, build add-ons and integrate them into your offering. Always keep improving because your customers are your best mentors.