Entrepreneurship is booming! With 27 million working-age Americans starting or running new businesses, the art of business ownership is changing and adapting to the needs of the 21st century. Experienced entrepreneurs have spent years hashing out the secret dos and don’ts of the business industry so that you can start your business on the path to success from day 1.
Do something you’re passionate about and never lack for motivation. Choose a business model with a product and mission that aligns with your personal interests and skills. You will naturally feel driven to succeed when you’re doing something in which you believe.
Don’t expect desire to come later. If you start a business thinking you’ll learn to love and be passionate about it later, chances are it will never grow on you and customers will see right through your disinterest.
Do your research. A poor fit in the current market is the number one reason that startups fail. Know your customer base and hone in on how you can provide exactly what they need. For example, Dallin Larsen knew that millions of lives across the globe are hindered by nutrient malabsorption and launched his Vasayo brainchild into success by providing the solution through advanced delivery technology.
Don’t be afraid to adapt your plan. Identify ever-changing needs and predict shifts in the economy to take advantage of burgeoning markets.
Do expect your venture to cost twice the amount of money and take twice as long than anticipated. Raise enough money from the very start so that you’re financially prepared to deal with any unexpected turns the market may take.
Don’t ignore your own finances. Successful small business owners focus on eliminating their own personal debts and preparing an emergency fund first before investing in their new trade.
Do know when to accept defeat. When your original idea ends up being too costly to produce or a competitor has you beat, know when to stop siphoning funds into a lost cause.
Don’t give up on a good idea. Don’t let poorly planned development ruin a spectacular product. Stop investing in the current process and re-route your plan to find a better, more effective way to see your solid idea to fruition.
Do strive to provide ultimate customer service. Put as much emphasis into providing excellent customer service as you do in providing a quality product. That one extra star on your customer service rating can be the deciding factor for a customer looking for a product.
Don’t forget online communities. Online sales and ecommerce are vital to the success of any business so don’t forget the power of advertising and promotion through all online sources and social media outlets.
Take advantage of the secrets discovered through the triumphs and failures of many entrepreneurs before you and start your business off on the path to success with ample research, fundraising, and passion for your product.