3 Smart Tips For First-Time Entrepreneurs

Entrepreneurship is not for the faint-hearted. There is little room for error in business and all the room in the world for error at the same time.


Entrepreneurship is not for the faint-hearted. Being an entrepreneur is one of the toughest careers there is, while there is little room for error and all the room in the world for error. It is quite a confusing position and one that is a challenge to adjust to.

Yet, as an entrepreneur, it’s exciting to know you are in creative control of your success. But perhaps the most thrilling part of all is surpassing the learning curve. There will always be challenges as an entrepreneur, although, like many situations in life, it is not about the challenges themselves but how you overcome them.

The smartest outset of a business venture is a small one. The power of small business lies within its inherent nature, where you have more control over every aspect of the company than you would if the company was much larger. The smaller the business, the less human power you need to focus in all directions.

As a startup, what seems to work against you can, instead, work in your favor. You have more resources to focus on the growth of your business, without having to cater to the additional bells and whistles that inevitably come with running a larger company from the onset.

As you build your small business, here are three wise tips to keep in mind.

 

1. Always have a plan

More than anything else, it is crucial to plan throughout your journey of owning and operating your business – especially in those crucial startup stages. Without a plan and actionable steps, even the most exciting business concept can fall flat. Having a plan not only puts you in more control but also ensures you have an understanding of how best to approach challenges when they arise (and before they get out of hand).

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2. Stay focused on your business

Focusing too much on the competition and not enough on your company is a big (and common) mistake. Focus and improve your own business through initiatives that support your systems and processes. 

Photo: Canva Studio, Pexels
Photo: Canva Studio, YFS Magazine

For example, utilize business texting software to send updates, schedule appointments, and build customer relationships and massively improve productivity. Focus on what you do best because focusing on what your competition is doing can negatively impact your own business.

 

3. Know your target market

Who are your ideal customers? How old are they? Where do they live? What level of education have they completed? What is their gender, employment status, annual household income, marital, and family status? 

Getting a strong handle on the demographic your company wants to attract is key. When you know the market you want to appeal to, you gain a better idea of how to focus on that market, create the right messages, and bring the most value to them. 

When you know your target market (i.e., ideal customers), you take control of your trajectory and can effectively speak to them in a way that is relevant and engaging.

 

Craig Lebrau is the CMO of Media Insider, a Wyoming-based PR company that aims to disrupt the way companies communicate their brand in the digital era.

 

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Photo: Canva Studio, Pexels
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