Aspiring Entrepreneurs: Valuable Lessons for Success

Whether entrepreneurs are born or made is a matter that is up for debate. While the majority of entrepreneurs took a unique idea and ran with it to create their own business, there are no guarantees the business will survive the first year after inception. In fact, 90% of all new companies fail for one reason or another in the first five years. Even with its rewards, the road to entrepreneurship is complicated, so you will want to have a plan.

Here are some success tips for first-time entrepreneurs who want to start a business:

Start today

Every successful entrepreneur had to start somewhere. They didn’t sit around and wait for funding to come to them, or hoping someone else came along to help execute their idea. The only way to learn is by doing. Making excuses will only prevent you from moving forward.

Entrepreneur Derek Sivers says, “Start now, you don’t need funding. Watch out for when you want to do something big, but say you can’t until you raise money to fund the idea. It usually means you’re more in love with the idea of being big than with actually doing something useful.”

Think big, start small

Anyone who has ever started their own company knows it’s important to have a vision. Afterall, mapping out the blueprint of your idea is the first step of the journey. According to John Fielding, founder of Array Marketing, entrepreneur should start with a singular focus.

“Sure, big picture dreams are necessary to set long term goals, but starting small keeps you in the here and now. It won’t be long before new opportunities began to present themselves. Every opportunity, whether big or small, gives you a reason to learn, grow and build-upon to fulfill that big picture goal,” says Toronto’s John Fielding.

Create something you would use

It is counterintuitive to manufacture and sell an idea or product that you wouldn’t feel 100% confident to use yourself, so why even attempt it?

Author Nir Eyal gives his advice: “The other big mistake I see entrepreneurs make is building a product for a customer they don’t know well. That’s why I always advise entrepreneurs to build a product for themselves–at least that way you ensure you’ve built something for a user you know intimately. All of the great tech companies of the past decade–Facebook, Twitter, Slack, Snapchat–were built by founders who were making products they wanted to use.”

Research your competitors

Instead of seeing competitors as a threat, entrepreneurs must view them as opportunities to learn more about their industry and target audience. Take a closer look at what they are selling, their customer base, and business models; you can learn what might make your business stand out. Researching your competitors can provide you with understanding you may never have had if you were the first to launch.

Playing a leadership role in the decision-making process, seeing the outcomes of your ideas, and knowing that your dedication and passion can foster change can be one of the most rewarding feelings as a young entrepreneur. With the statistics stacked against you, this means entrepreneurs only need to work even harder and smarter to improve their chances of future success.

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