While starting a business sounds exciting and carries the possibility of success, it is not a guarantee. In fact, according to smallbusinessesplanned.com, about 50 percent of businesses survive the first five years and just a third survive a decade. There are a number of reasons businesses fail (or don’t succeed, depending on your classification) but to the new generation of entrepreneurs, here are five tips that will help you start off on the right foot.
5) Don’t Spread Yourself Too Thin
Like the saying goes, you can’t please everyone. Finding your niche begins with a focused business plan and targeting a market in need of disruption. A common mistake is to try to reach everyone. Don’t overextend your business just to get noticed. Hone your craft and develop a product based on a sturdy business strategy that is better than your competitors.
4) Learn From Your Mistakes
You’re going to make mistakes. Plenty of them. But making mistakes can be beneficial to the growth of your business, as long as you learn from them. Don’t waste time sulking over a mistake; figure out where you went wrong, change course and move forward.
3) Quality Over Quantity
In the early stages of development, many young entrepreneurs make the mistake of focusing on quantity over quality. Don’t sacrifice quality to achieve “most-in-class” status. Rather, take your time in developing a “best-in class,” product you can proudly stand behind. In time, you can be sure that consumers will find their way to you.
2) Believe In Yourself
Often, we fail to distinguish between confidence and arrogance. One is of the mindset that they’re better than everyone else. The other believes that they’re as good as everyone else. Half the battle of running a successful company is believing you can do it. If you don’t, who will?
1) Take A Shot At It
You might never know what your career as an entrepreneur could have been unless you give it a go. The path to starting a successful business is long, unpredictable and full of roadblocks but not impossible. All you have to do is figure out you’re passionate about and pursue it, not matter what anyone says.