An entrepreneur is one who develops ideas, merchandise, or services to solve global problems. Every individual’s path to entrepreneurship is unique, but all successful entrepreneurs must be prepared for failure and criticism, and they must constantly learn and improve themselves. If you want to be one, you must read this blog till the end.
Have a solid business plan
Planning is essential to the success of any business. A business plan is a good place to start, defining your strengths and weaknesses, what you offer, what makes it unique, and how you intend to expand your offering. Furthermore, try to mentally and practically prepare yourself for anything that could go wrong and how you would deal with it. For example, if you are injured? What if a client doesn’t pay you for a month? What if you are impacted by a natural disaster? Or what if a reliable supplier declares bankruptcy?
Be frugal – remember you’re a start-up
Resist the urge to spend money on flashy offices, expensive equipment, and over-the-top marketing. Your company’s survival is dependent on what you have in your wallet, so every rand and cent must be triple-checked. Maintain a low overhead and effectively manage your cash flow. For Jamie Pike, an entrepreneur, this meant initially foregoing a physical shop and selling his wares at a market; for another entrepreneur, it meant sharing their space with other small businesses.
Put your faith in a trusted mentor
It could be a family member, a former boss or coworker, or even a reliable online source or blog. A mentor is an invaluable sounding board – someone who has been where you are; someone with whom you can check in on a regular, nonjudgmental basis. 61.9 percent of respondents in a survey did not have mentors, but those who did said mentors had a significant positive impact on their businesses.
“My mentor pushed me past my biggest fears,” one female entrepreneur who participated in our survey said. “It’s not someone who will take over,” Cooked Inc’s Mariam Jakoet Harris agrees. “It’s someone who will nurture and assist you.”
Marketing on a shoestring budget
Marketing your new business is critical, but it does not have to be expensive. Social media is your best buddy – making a business page on Facebook is free and will improve your online search ranking. Submitting your website URL to search engines like Google and Bing is also free.
Keep an eye out for community Facebook groups as well – some will charge a small advertising fee, while others will allow you to advertise your business on specific days of the week. In marketing, the bottom line is to try anything and everything. You’ll never know what works for you unless you try it.
The biggest hurdle of being a female entrepreneur is the preset notion of patriarchy, that women can not lead. Once you break this and come out with your business you cannot look back. This is the most important tip.
Start Your Own Business Today!
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