There is currently a false narrative about entrepreneurship going around. This narrative inspires us to put our money in businesses without enough knowledge to see it through. There is nothing noble in pumping money in a venture you absolutely know nothing about. It is like throwing money in the air, and that is even a bummer, since the air won’t spend your money.
So, we are going to outline some things you should know about entrepreneurship to ease your journey a little more. We are not assuring you of a smooth road, infact… anybody that assures you of bountiful returns is probably scamming you and you should report to the authorities.
It is basically intellectual yahoo-yahoo at this point. (shrugs)
- Document Everything
Making a duplicate and storing everything away should be second nature to you. Apart from vital business documents, your communication must also be documented officially. Yes, you might think E-mails are a bother but when it’s time to trace progress, account for tasks and review agreements, verbal communications don’t do much. It is advisable to have all your information in a cloud, free from physical damage and misuse.
- Partnerships are the Spice of Life
Consumerism is a chain, there are over a thousand things involved. Even a product as simple as ‘gala’ (Pastry sausage) cannot stand alone in the market. It is quite necessary to look at your customer journey and see the other products involved with it. Like gala, which commuters usually buy in traffic on hot days, soft drink companies are a good choice to partner with. Or the current Spotify + Hulu partnership ongoing, which is a way to compete with Apple Music and Netflix at the same time. Collaborations push businesses in different lights.
- Offer Value, Like… Real Value
What are you really doing as a company? What problem are you willing solve? If you can answer that question and be satisfied, at least half of your non marketing problems are solved and that way, you can pinpoint your consumer base. Plunging into a business is dependent on how well you can observe your environment and then filling the gap you see. A realistic and needed solution sells itself when deployed in the right place. Sometimes, your idea might be awesome and your execution, superb… but you might not be in the right market. So, offer value exclusive to your locality and then, scale from there.
- Learn on the Job
No matter the number of books you read, and believe me, there are a LOT of them out there just waiting to be picked up. Experience is the best teacher. Nothing reinforces insisting on e-mails as a communication channel after having a vendor go back on a verbal agreement. Nothing teaches you the nuances specific to a particular sector more than the experiencing of it. Failing is not a bad thing, when you fail and don’t learn anything… then it is bad thing. Do not be afraid of taking chances.
- Stay with Trends and Evolve with the Times
Nothing kills a corporation faster than being stuck in its ways. Trends are the surest and cheapest ways to gain and keep attention. Staying current and creatively capitalizing on the latest happenings will keep your idea appealing to the relevant demographic. You need to know however, that trends differ according to the demographic, so that means you cannot just jump on anyone you see. You have to select, as peculiar to your customer base. Your idea needs to grow with your people.
Keeping a business alive is not a day’s job. Five years down the line, it is still a work in progress. What you need to do is take it one day at a time and you’ll be fine.