To become an entrepreneur always begins with a struggle that is not easy. No one can fully prepare themselves to start their own business.
However, we should be able to learn from other people who are more experienced in doing business.
1. Entrepreneurship is a marathon
Many entrepreneurs focus on how they can achieve success from a business that was built within a period of only a few years. But things will always change from what was planned, that’s life.
Instead, focus on building a great company over the long term. Entrepreneurship is running a marathon, not a sprint.
2. Make sure there is a demand for the product or service
Entrepreneurship requires working harder and learning more about yourself in order to be rewarded lucratively later. When things get intense, it’s possible to run out of cash and cravings to quit may occur. Remember that selling may not solve all problems, but you can’t solve problems without selling.
Growing companies focus on consistent profits so they can withstand unexpected events such as economic downturns. Before starting a business, do your research and make sure there is a market and demand for your product or service. Every sale must be profitable. Document everything and build a good working system.
3. Be patient and make sure you have enough funds
Anyone starting a new business should fully understand the schedule and funding required to survive the startup phase. Understand how long it will take to reach the level of revenue that allows the business to thrive.
Nearly half of all small businesses that fail are underfunded. Plan to take longer than expected to turn a profit, and make sure you have a backup source of funding.
4. Forget about what you want to sell
Many entrepreneurs are so focused on marketing and sales that they neglect to really understand what their clients are trying to accomplish or accomplish. Profitable companies know their customers better than they know themselves. They sell the value, impact, and results that customers want to buy.
Listen to criticism and suggestions from target consumers. It’s never too late to expand or customize what you’re selling according to their wants and demands.
5. Failure is natural
Don’t just dwell in information gathering mode. The only way to progress is to actually practice and take action. Then have to quickly stand up, analyze the results, and make changes if needed. All business startups may not get it right the first time or even the second to third time.
Avoid heavy overhead. Find ways to make money fast. You can’t make a profit without a loss. When it fails, consider it as feedback. The only failure is if you give up.
6. Must be flexible and not rigid
Business schools don’t teach you how to set up a business. When it comes to people, ideas, and markets, everything has to be flexible no matter how good the business plan is.
The first lesson is to check your business partner. Make sure they have the right personality, are financially stable, and are available for a long time. Second, don’t complicate the business model or product line. A simple, well executed, and elegant plan is best. Third, be prepared to spin fast based on market changes and needs. Get to know customers well and listen to what they have to say.
7. Listen to customers
In building a business, customer feedback is the most important thing. To grow your business, it’s a good idea to hurry to find what your customers really need. Then offer and don’t need a high price first. Describe the details, proper layout that is important the customer enjoys the product or service.
After having a product market suitability, start to innovate to develop. Always remember, it is the customer who decides whether your business will succeed, not the business plan.
Always ask yourself what need or problem your product or service will answer. If there is no demand or interest from the market, immediately rethink the right idea.
In business, problems will definitely come, it’s just a matter of how we deal with these problems calmly, without haste, but must be in the right way.