Last updated on June 14th, 2019
There is no dearth of ideas for the best business to start. However, competition is fierce. Successful entrepreneurs are those who take the right approach and have an adaptive mindset. But the way to entrepreneurial success isn’t easy. We dived various business articles and created a list of 6 proven ways to taste entrepreneurial success and speed it up. Keep reading to know what ways we are talking about.
Over the years, the barriers to entrepreneurial success have dropped. However, competition has shot up. The number of people running for entrepreneurship is increasing day by day. The digital innovation has speeded up the process. The required capital is a click away from crowdfunding and angels. There are numerous means available for even small enterprises to go international.
Still, success doesn’t come to all. Only those entrepreneurs who are visionary, energetic, optimistic, persuasive, and risk-taking can attain entrepreneurial success. Here, success doesn’t only mean by money. If you shift your focus only on the money part, it will kill your entrepreneurial mission.
Remember, Richard Branson’s quote — “It’s a common misconception that money is every entrepreneur’s metric for success. It’s not, and nor should it be.”
A business is thriving in the real sense only if it has provided a valuable solution to consumers’ problem exceeded their expectations, building a long-lasting relationship, and so forth. You need to ask yourself what success means to you.
Those who are pondering upon how to become an entrepreneur only need to work on their ideas. But those focusing on becoming successful have a long way to go. So, to help them out, we have gathered a list of pointers worth considering.
Here Are The Top 6 Ways For Successful Entrepreneurship
01. Investigate And Prepare For Cross-Industry Implementation
Even before and after your startup’s launch, you need to keep an eye on consumer behavior, influencers’ roles, distribution patterns, and cross-industry use for your products. As an entrepreneur, you should focus on risk minimization. Don’t get fooled by your original idea. Be ready to tweak it if needed.
The best way is to go in front of your audience and understand their experience with your products or services. Remember! In the olden days, the king disguised as a civilian used to roam around his empire and get involved with the residents? It was a common practice among emperors to know if everything was going well in his empire or was he a good king. As an entrepreneur, you need to follow the same pattern.
Ask your sales team to provide you with the available sources for correct insights. Based on the insight, you can identify gaps and create new roadmaps for success.
Take an example of the famous businessman — Howard Schultz. He created a third place for people after home and work — Starbucks. Before stepping into the athleisure sector, Hylete went on testing its products with the CrossFit community first.
02. Specialization — Focus On Your Strength, Outsource What You Can
Nowadays, business articles have started telling startup owners about the specialty. They don’t mind highlighting the idea that entrepreneurs should focus on their key strengths; everything else can be outsourced. The objective behind it is to create minimum infrastructure.
For example, Amazon that chose USPS (United States Postal Service) for logistics instead of partnering with various logistics partners. Designhill, instead of creating a dedicated in-house team of designers for its graphic design services, partnered with freelance designers from all around the world.
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03. Create And Achieve Milestones For Operational Efficiency
Startup owners should create a roadmap based on relevant and measurable milestones. You cannot change time-based targets, but milestones help you keep your focus on accomplishments and progress.
Milestones can be — achieving a certain target set for CAC (Customer Acquisition Cost), hiring right employees, number of customers per day, repeat customers, and reaching a certain CLV (customer lifetime value) threshold. At times, milestones meant for growth model, others for a stable state.
Funding is a method to reach milestones. However, many entrepreneurs believe that funding concoction itself is a milestone.
Business owners need to be transparent and honest while sharing the milestone details with investors. They should prioritize the milestones and share it across their board so that everyone could be on the same page. It should practice the best use of time and resources.
04. Focus On Your Niche Before Scaling Up Your Business
You cannot speed up your success rate if you try to expand too fast or hop on any partnership offer you get.
Once you have found PMF (Product-market Fit) at a reasonable consumer acquisition cost, you can scale up your working model. Any consumer life value to consumer acquisition cost ratio, which is above four, is said ‘positive.’ Market experts suggest setting aside twenty percent of your marketing budget to experiment with the channels, media presence, price points, and campaigns.
Amazon is one of the best examples of entrepreneurship where the owner in its initial state focused only on selling books. Later on, it scaled up and became a global brand. Amazon Prime is yet another expansion plan which turned out best for the brand in online streaming services.
So, those who keep thinking about how to be successful in the business sphere should learn from Amazon. They should focus on their niche first, and then create an expansion plan.
05. Keep Learning, Keep Improving At Every Stage
There are no shortcuts in entrepreneurial success. Founders should adopt a persistent, incremental improvement approach. It’s an era of compounding as well as inter-related effects. Every percentage point has a huge difference to make. Even the percentage of mistakes compounds.
The enterprise should build a practice of paying every bit of attention to detail with regular testing to discover new opportunities and avoid mistakes. The learning process in every startup keeps running; it never stops. Every startup should perform strategic experiments regularly to build and test propositions proactively.
The attention to detail and testing covers everything from email subject line to cart checkout, landing page, and creative visuals for brand identity.
Walmart testes its own products before putting it on the shelf for sale, Warby Parker — the e-tailer, analyzed its brick-and-mortar model well before scaling up to various locations.
This growth mindset shouldn’t be just limited to products and services. It should be implemented at each hiring stage too. The team members should adopt a builder’s mindset, not an employee’s. The entrepreneurs should strive for personal and professional learning and influence. Follow monitoring and reverse monitoring to excel.
06. Tap Into Emotional Touch-Point With Great Storytelling
Amid various keys to success, storytelling is of great importance. Today’s consumers don’t only want to purchase a product, but they also wish to know a brand from inside out. They want to know your purpose, your pro-environment action, CSR activities, and your stand on political issues.
Brands need to focus on brand, mind, and heart share to attract audience towards their business.
You can create a meaningful relationship with your audience by purpose, authenticity, positive business culture, and storytelling.
For example, TOMS Shoes of Blake Mycoskie follows the “buy 1, give 1” model. For every pair of shoes it sells, it donates a pair of shoes to an unprivileged child.
Represent these stories in a way that attracts people towards your brand. If you succeed in this, you will have a lasting relationship with your audience.
These are the top 6 ways to speed up your entrepreneurial success.
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Starting a company is not as easy as it sounds. A lot goes into entrepreneurship. If you focus on your strengths and keep learning and improving your offerings throughout the entrepreneurial journey with great storytelling, success isn’t far behind. If you connect with your audience on every touch point and showcase a flexible and positive approach, you are sure to become a unicorn in a world full of startups.