Eight tips for entrepreneurs

It is obvious that young professionals are looking more at entrepreneurship than at being employed. This is good news!

It is exciting to see so many optimistic, energized entrepreneurs, eager to bring their products to market. All too often in many parts of the world, skepticism is what dominates. A tendency to find reasons why something won’t work – rather than reasons why it will – spells death to creativity and innovation.

Having instead a positive mindset – a passion for your product – is critical for entrepreneurs to succeed. Passion is about having a belief in your product, that it can change lives and that it is the best it can be. Equally important is the personality to convey that passion to others, to those who can help bring the dreams to reality. But passion and personality alone are not enough.

Dreams, however, big and potentially world-changing, can quickly fade or run out of steam, and too often great ideas die because the entrepreneurs behind them are dazzled by short-term success. Almost always this comes to the simple reason of failing to set out a viable business plan.

A willingness to take risks goes with the territory of being an entrepreneur. But youthful ambitions must be tempered and risks must be calculated, aligned with a strategy, and drafted into a comprehensive plan. To experienced business leaders, this might seem obvious. For headstrong and ambitious young entrepreneurs, however, this can often be ignored in an overconfident rush to get their product to market.

 Let’s look at some tips for entrepreneurs:

1. Focus on the customer: every decision and every feature of your product should be assessed and framed according to how it improves the customer experience.

2. Target the small but significant: many big successes come from making small changes, reinventing something used every day.

3. Soak up advice: networking is crucial; absorb as much knowledge as you can from others. Learn to process and sort through that advice and to apply it to your business.

4. Practice and practice your pitch: there is no set format to a successful pitch, but learn to tell your story in 10 seconds or less. It helps focus your mind.

5. Have a plan: do thorough market research, build a plan with short-term and mid-term projections. Put down on paper a process that shows your concept works.

6. Trust your instincts: if something doesn’t feel right, it probably isn’t. This is especially true when choosing a business partner, mentor or investor.

7. Avoid talk of failure: the start-up industry is driven by results and track record. Mistakes happen but failures – especially avoidable ones – will be held against you.

8. Don’t be discouraged: knock-backs are inevitable; some people will underestimate or look down on you. Take this as a challenge!

Remember, in Silicon Valley, companies are born and die every day.

I wish you luck at this exciting time where so many new ideas a born daily. Feedback is welcome; email me at [email protected]