Patrick Scherzinger is the general shareholder of Scherzinger Holding GmbH and considered one of the youngest entrepreneurs in Germany.
The life of an entrepreneur is an attractive prospect for many. If you pass, you get to choose the work you love, set your own hours, and reap the full value of what you sow – plus, you’ll never be forced to do anything you don’t want to just so you don’t get fired .
That said, many aspiring young entrepreneurs fail to take their first steps in the business world, which prevents many from taking that first leap.
With this in mind, here are seven tips to maximize your chances of entrepreneurial success.
1. Choose a project you are passionate about.
Doing business for yourself is not something to be taken lightly. In the beginning, you’ll probably work a lot harder than you would in a traditional position — and you’ll need more than the prospect of money and the novelty of being a CEO to get you through it.
In particular, Steve Jobs said:“Work will fill a big part of your life, and the only way to be truly satisfied is to do what you think is great work — and the only way to do great work is to love what you do. “
This is why choosing a company you believe in – and are passionate about – is critical for any entrepreneur taking their first step into the business world.
2. Surround yourself with the right people.
From the team you assemble to form your start-up to the business you hold in your personal life, your success is greatly influenced by the people you surround yourself with.
As a motivational speaker and entrepreneur Jim Rohn famous claim: “You are the average of the five people you spend the most time with.”
However, we are influenced by many more people than just these five, so prioritizing networking with experts in your chosen field or industry — and, even better, finding a mentor who has already succeeded in a similar endeavor — is a great way to learn more, stay motivated and increase your chances of success.
3. Know your customer inside out.
When you first develop your idea as a new entrepreneur, the best thing you can do to prepare yourself for success is to know your target demographic inside out. A common mistake inexperienced entrepreneurs make is trying to appeal to everyone, with the result that they often don’t appeal to anyone.
So young entrepreneurs need to find out who exactly their product/service/brand is targeting – aka whose problem the product or service solves – and research them thoroughly until you know them like the back of your hand. This way you can address them directly with both your product and marketing strategy.
4. Be financially prepared.
Young entrepreneurs often do not have the capital that older entrepreneurs have saved by working and saving for years. However, this shouldn’t stop you from succeeding.
Sure, it’s a good idea to save up before you take the plunge – especially if you have a few months of expenses to fall back on – but a third of small businesses in the US starts with a reserve of less than $5,000.
The key is to have plans to make your money go as far as possible. Keep your overheads as low as possible – don’t bother renting an office space if you can keep operations remote/home in the beginning – and come up with a plan to get the extra financing you need.
5. Have a vision and set goals.
Having an idea is great, but you need to know where you envision your business in one, five, and ten years, and set your goals accordingly.
This way, you can make sure every day that what you’re working on is aligned with — and moving you closer to your goals.
6. Embark on lifelong learning.
To succeed as a new entrepreneur, you need to learn everything you can: not just when you start your entrepreneurial journey, but constantly because your industry will constantly change.
In addition to reading and listening to content about your field, products similar to yours, and even new marketing strategies, reading case studies about those who have gone before you — and who have succeeded in the field you want to succeed in — can help you to replicate their success and avoid their mistakes.
7. Get started.
According to the majority of Small Business Trends survey participants—and countless entrepreneurship leaders—the best way to learn about entrepreneurship is simple: Start a business.
You can do all the reading, preparing, and planning in the world, but the only way to learn how to succeed in entrepreneurship is to take the plunge and start your entrepreneurial journey.
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