In most possible ways, entrepreneurship can be defined as starting a business for profit. It looks pretty simple, right? It is not when considered in different cases.
In fact, according to the Small Business Administration (SBA), only a mere 39.2% of Business owners have a Bachelor’s Degree or Higher.
Starting a business is not everyone’s cup of tea, especially those who take risks as a disclaimer rather than take it as an exciting challenge.
The above sentence says it all and acts as a filter for the one reading this. If you are willing to take risks, make an effort, and put in plenty of hard work as an exciting challenge, then you should read this article until the end. I assure you you’ll be 90% satisfied with what I share today.
Business-idea
How can I say this, you may ask?
Let’s look at some statistics that will make you sure about how and on what difficulty scale starting a business lies.
According to The Alternative Board, almost 66% of Entrepreneurs work 40-59 hours per week, while only 5% work less than 30 weekly.
On the other hand, when discussing the essential requirements or skills vital for starting a business, a survey was conducted to learn how to reduce your workload.
5 Things To Put Your Eyes On For Every Small Entrepreneur Brain To Think Creatively About Their Business
Entrepreneurs were given the freedom to select multiple choices at the Global Entrepreneurship Monitor survey, and the results were that
42% of Entrepreneurs responded with essential business skills like Computer Applications and Marketing.
37% responded with leadership and management skills and rhetorical abilities.
Again, around 37% responded with Entrepreneur in practice, such as Business plans.
Other 31% responded with innovation, like finding creative approaches to problems. (Source: FitSmallBusiness)
Startups are pretty popular among new budding Entrepreneurs, and it is no fact that they want to grow into millions. Every Entrepreneur does it. When an idea is stuck in their mind, they assume it to be profitable yet are not even given a chance to validate their ideas instead of trusting themselves and their ability to do it.
Regarding startup or small business statistics, hardly 3% of such small businesses reached the fifth year.
Do you know what’s the leading cause of failing businesses or startups?
It’s the inability to do something successfully or say “Incompetence.”
Note: Don’t let yourself down by looking at those statistics. The point here is that it makes you aware of what you should avoid and how planning a business entirely and validating it to a greater extent before starting it makes much greater sense than putting it up by trusting your guts and leading to a failing startup.
Let’s get more into it. I will tell you those golden things you should focus on before starting a business and think creatively to kickstart your business immediately like a Ninja!
“Business is the thing which requires modification in priorities of your own. Starting a business needs real work, efforts and great minds. Sometimes, business is not everyone’s cup of tea. You need to bear the loss and many such upcoming challenges and you need to accept them as you would do for any job terms and conditions.”
Everything we do in our daily lives has a routine. We know what we are going to do next. We plan it and make it a habit. This is called a process.
What process?
For example, you wake up at 6 am, then jog for 6:30 am, and then finally make your way to shower.
This is all planned. You planned it last night before sleeping. This is a process.
Similarly, when it comes to starting a business, it should be with a process.
Likewise, a business plan is born. This process will help you decide how your business will perform in the market.
Remember, business is something that sucks your Time, Money & Mind at a vital moment. No one ever wanted that. Therefore, planning a business is essential before starting.
If you’re unsure which business to opt for, you can check out the four fantastic business ideas that require less effort and money.
Research There are no limits on this. Research on Market Value, analyze your products, etc. Spend time twice on research while writing your business plan.
Make a traditional businessplan or Lean Startup Plan If you’re a newbie, I recommend you stick with the Traditional Business Plan. It is more detailed and takes more time to come up with. When it comes to funding, lenders and investors might commonly ask this plan. To develop a perfect plan, you should know your company, product, competition, and market.
Make A Company Profile It should list the main aspects of your business, like the resources, what services your business offers, how you solve a problem, and what makes your business outstanding.
Revolutionary Marketing Plan Every masterpiece of the business plan includes an aggressive marketing plan. A strategic marketing plan includes,
And that’s the end of business planning. When you realize you’re done with business planning, there is a list of things you should always keep in mind when starting a business.
Ego!
Ego? Why are we talking about it in a business-related subject? The founder of a small business or startup often thinks that everything has settled out, yet they don’t.
This is a mistake; you should avoid it at all costs. It would be best if you admitted when you’re wrong. It’s okay, as everyone makes mistakes. You should always be able to open yourself to learning like a student instead of acting like the most intelligent person in the room.
Listen to the advice, act on it, and think about it. The ego happens mainly with the founder, who has never led a team before. If you’re one of those, stop the Ego thing. Start to accept your mistakes and rectify them, and I’m sure your startup will skyrocket within years.
Make Sure You’re Not Hiring The Wrong People For The Job
It would be best if you were taking great care while hiring people. Look for those who can bring unique zing ideas to life. Most probably, it’s even better when you hire someone with different soft skills than you. It will help in balancing things out much better.
Never Ignore Customer Response
Have you ever seen Amazon denying requests made by customers? Not Customers are their priority, and so is your business. If there are no customers, there isn’t your business.
You shouldn’t only focus on serving; you should look into where customers share their opinions, whether negative or positive. It helps improve the business and create better customer relations.
No to Marketing means No to Business.
It is as simple as the title. In this modern era, every company should establish solid online marketing efforts.
Your business can generate thousands of leads with consistent time and effort given to marketing, and if you’re based online, do search engine optimization so you can be easily found online.
Every Entrepreneur requires good marketing tactics to enhance their business growth. Many young and new entrepreneurs assume that once the business is started, it will skyrocket and fetch them customers automatically but unfortunately, it’s false.
Improper Decisions When It Comes To Fundraising
No money is directly proportional to No Business. It’s obvious & straightforward. But what’s not simple is knowing how much you need it and where you can get it. That’s a real deal.
No matter how you choose to raise the fund, either crowdfunding or raising the venture capital, you break down the funding strategy and go through it.
To wrap all of it up, let me feature some golden points you grabbed in my article.
The article helped you understand the risks involved in starting a business.
Based on the statistics in my article, you get an idea of How and why Startups and Small Businesses Fail.
It helped you understand the process involved in Business planning. You get to learn why vital planning for a business is essential.
You learned five mistakes every budding Entrepreneur makes, and you shouldn’t repeat them for a successful business or startup.
If you have any questions, drop in the comments below, and I’ll contact you ASAP.
Summary
The article explains five creative entrepreneur business ideas and provides valuable guidance for aspiring entrepreneurs. It covers:
The statistics on entrepreneurship, startups, and business failure, and how to avoid them by validating ideas and planning well.
The process of business planning and how to create a traditional or lean startup plan, a company profile, and a marketing plan.
The mistakes to avoid, such as ego, lack of learning, and poor hiring, and how to hire people with different skills and customer focus.
The funding strategies, how to raise money from crowdfunding, venture capital, or other sources, and how to plan for it.
The marketing tactics and how to establish online presence, SEO, and customer feedback.
The article aims to help budding entrepreneurs understand the risks, challenges, and opportunities of starting a business and how to overcome them with creativity and planning.
