“The best way to predict the future is to create it.” – Peter Drucker
When you ask entrepreneurs what made them go out on their own, many would tell you that they were driven to do things their own way and were tired of following someone else’s mission. They might also say that they wanted more excitement and the ups and downs of starting a new business brought some thrill and renewed purpose into their lives. The truth about being an entrepreneur is that you fully embrace ambiguity and are comfortable with being challenged regularly. The odds of success are low, but many succeed because of their persistence, resilience, laser focused drive on delivering and their unwavering belief in their business offering. The secret to speeding up a start up includes a combination of personality traits and strategies that lead to success.
Successful entrepreneurs share these tactics
1. Meet the needs of prospective customers: Entrepreneurs are geniuses at identifying market needs. They don’t go out and invent things just for their own kicks. They invent things that the world wants. They do laser focused market research to discern who wants what and if there’s enough demand to make it worth their while, they create a business around it.
2. Don’t get flustered or discouraged by constant challenges and setbacks: Entrepreneurs deal well with the rollercoaster of starting a new business. They perceive setbacks as obstacles to overcome rather than as failures or excuses to halt their project.
3. Astute at identifying a competitor’s weakness and filling in that gap
4. Co-Promote with a brand that enhances company’s prestige: piggy back with a big name who can promote your business and make it a win win for them.
5. Find amazing interns who can add value at little or no cost to the firm
6. Get the news out through connections in social media: Twitter, LinkedIn, Blogging, Ezline newsletters, business associations via LinkedIn, networking organizations, volunteer connections.
7. Analyze big data and use it to make smart decisions
Although many entrepreneurs pay lip service to planning strategies on how to get noticed and how to monetize their business, the truth is that most of them don’t invest the time or resources to implement these measures. Following these guidelines can fast forward the process of monetizing your business and moving your start-up from ideas with potential to becoming a fully actualized, profitable enterprise.