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Humble Beginnings – 5 Strategies for Aspiring Entrepreneurs

Humble Beginnings – 5 Strategies for Aspiring Entrepreneurs

If you believe it’s time to try and make it on your own, you should know that it’s not something you should delay. The primary ingredient necessary for success is hunger – if you have that covered, other qualities like persistence and discipline will develop themselves in time.

However, with so many startups arriving from every part of the world, you need to be very thorough about your research. Based on the facts you gather and discover, you can later develop smart strategies that you’ll find crucial for success.

Skipping steps will make things a lot more difficult for you and you’ll increase your chances for early bankruptcy. That being said, you need to be very efficient with your homework and learn about various ways to grow your business and enable it to flourish.

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Learn Everything about Your Competition

First thing’s first – you need to get to know your enemy. A lot of inexperienced entrepreneurs make the same mistakes of attacking a saturated market because they believe that constant demand will keep them in business.

Medium-sized companies attracted their (and your) target audience, so if you want to gain their loyalty, you need to fight for it – we won’t even mention the leading titans in the field.

On the other hand, going for a business field for which there’s a high demand but not enough providers is definitely a smart move – in order to gather your audience and make loyal customers out of them, you only need to be there for them.

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Be Frugal Whenever You Can

Many startups with a great team and a profitable idea fail because of one thing – the lack of properly developed money management skills. Not only during the first couple of months, but throughout the first year, it should be all about saving money and directing your funds cleverly.

If this isn’t your area of expertise, you should either take up a course and educate yourself so that you can handle money with confidence or hire someone to do this for you. Having someone to guide you is a smart investment that will pay off quite soon.

Establish Fluent Team Communication

Your first circle of employees should be aware of the amount of hard work that’s waiting for them in the future – building a company doesn’t happen overnight, and there should be a fair amount of team effort in terms of its foundation.

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The first thing you need to establish within your team is trust – the way you treat them will be the way they treat each other, so make sure to be a proper example and propagate moral and ethical values from the very beginning.

The second thing to work on is communication. Considering the fact that long work hours shouldn’t be a problem, you need to make availability constant, without exceptions. However, each piece of equipment needs to be absolutely necessary, so you should start by browsing for cheap SIM deals and do the same with every item you find essential.

Gather Precise Feedback

Developing a business is a game and it resembles chess a lot. Each move you make needs to be done according to an already developed strategy and you need to have not only plan B, but also C, D, E and F, just in case an unforeseen factor disturbs you.

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The business moves you make should be carefully calculated and all of them need to be based on the feedback you receive. Your only goal should be to make your target audience satisfied with your list of products or services, and in order to do so, you need to listen to their requirements.

Go with the Flow

As a young businessman, you’ll have a lot to learn and you need to face the fact that not everything will go according to your plans. You mustn’t be afraid of the changes, but what you must do is make a calculated selection here. Not all trends are here to stay and you should follow only those that can emphasize the idea behind your business and help you develop and grow.

Being a business leader is a challenging position and it will be required from you to not only develop your already existing skill set, but also to adopt new ones and enable the same professional growth to each member of your team, while you direct your efforts to projects vital for your business. Obviously, there’s much to learn and a lot to do, but once you reach a certain sense of stability, I assure you, you’ll find it to be more than worth your efforts.

More by this author

Tanvir Zafar

The founder of ISU Technologies, passionate in writing about entrepreneurship, work and technology.

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Last Updated on November 19, 2018

How to Find a Suitable Professional Mentor

How to Find a Suitable Professional Mentor

I went through a personal experience that acted as a catalyst for an epiphany. When I got fired from a job, I learned something important about myself and where I was headed with my freelance career. I realized that the most important aspect of that one rather small job was the influence of the company owner. I realized that I wasn’t hurt that the company and I weren’t a perfect match; I was devastated by the stark fact that I needed a mentor and I had almost found one but lost her.

Suddenly, I felt like J.D., the main character in “Scrubs,” chasing Dr. Cox and trying to rip insight and wisdom from someone I respect. The realization that a recognized thought-leader and experienced entrepreneur severed ties with me felt crushing. But, I picked myself back up and thought about five ways to acquire a mentor without having the awkwardness of outright asking.

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1. Remember, a professional mentorship must be mutual.

A professional mentor must agree to engage in a mutual relationship because, as the comedy T.V. series showed us, one simply cannot force someone to tutor us. We have to prove that we are worth the time investment through persistence and dedication to the craft.

2. You have to have common interests with your mentor.

Even if a professional mentor appears at your job or school, realize that unless you and this person have common interests, you won’t find the relationship successful. I’ve been in situations where someone I respected had vastly different ideas about what was important in life or what one should spend his or her free time doing. If these things don’t line up, you may find the relationship won’t be as fruitful, even when the mentor knows a great deal about one industry.

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3. Thought-leaders will respect your passion.

One of the ways you can prove yourself worthy to a professional mentor is through your passion and your dedication. No one wants to spend time grooming and teaching another who will not take advice or put the effort in to improve. When following thought-leaders on Twitter and trying to engage with higher-ups in a work setting, realize that your actions most often speak louder than your words.

4. Before worrying if he respects you, ask if you respect him.

On the other side of the coin, you should seriously reflect on those common interests and make sure you respect your professional mentor. Just because someone holds a title, degree or office does not mean that person is trustworthy or honest. Don’t be swayed by appearances and take the time to find a suitable professional mentor.

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5. Failure is often the best way to learn

I honestly have made more mistakes than I can count. I know I’ve learned a great deal from poorly organized businesses and my own poor choices. The most important quality I’ve developed is an ability to swallow my pride and learn from my mistakes. If life knocks me down nine times, I get back up 10 times. One of the songs Megadeth wrote, “Of Mice and Men,” resonates in my mind when I pull myself up by my bootstraps and try again for a goal I’ve set: “So live your life and live it well. There’s not much left of me to tell. I just got back up each time I fell.” Hopefully, this brief post can act as a professional mentor to you in your quest to find not only a brave leader but also a trusted adviser.

Featured photo credit: morguefile via mrg.bz

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