Small Business Tips
An entrepreneur is a business owner that’s known for doing things their way and taking big risks. Entrepreneurs succeed because they are fearless in their approach to business
Entrepreneur tips and ideas for your business
Find an idea you are passionate about
Passion drives entrepreneurs. They don’t want a run-of-the-mill business, even if it makes them money. They focus on something that inspires them.
Bring something new to the market
Entrepreneurs focus on creating new goods and services or transform old business models. Sir James Dyson revolutionized the vacuum-cleaner business. It wasn’t considered an exciting category. Dyson was passionate about improving it.
He did.
Be willing to risk
Entrepreneurs push forward with their ideas and are often willing to risk everything to make them happen. It’s not necessary to gamble everything. Incorporate the entrepreneurial spirit to push yourself beyond your comfort zone.
Accept losses to your social life
Entrepreneurs are willing to sacrifice time with friends and family to achieve their goals. Don’t lose touch with everyone you care for. Understand that you will need to make some hard choices to advance your business.
Put your health first
The science is clear. High performance requires a healthy lifestyle.
Some advice for entrepreneurs recommends limiting sleep to four hours and trying fad diets and cleanses. Get your health advice from experts in health with appropriate medical qualifications.
A handful of people can thrive with 4 hours of sleep, but most need at least seven hours.
Don’t look for approval
Entrepreneurs move forward based on their belief in their own ideas and products.
They know they are right.
Other people may not understand or grasp your vision. Be selective when asking for input.
Research your product idea
It’s not unusual to think that you have a revolutionary idea, and then find out the product already exists.
Other entrepreneurs may have previously tried and failed to bring the product to market. They may already know it won’t work.
Research patents and intellectual property
Find out if you can patent your idea or protect it legally. If your idea will not be easy to protect, consider its long-term potential. Could a competitor steal your idea and incorporate it into their existing established product?
This phenomenon has occurred recently with various mobile applications. Their creators have solved problems in innovative ways. However, larger competitors have incorporated their ideas into existing products.
Their ideas did not fall under any legal protections to prevent it.
Know your competitors
Some products are hard to bring to market because of existing competitors. Will you be able to carve out a niche? Is there any way to distribute it?
For instance, what if you developed a new soft drink, that was like Coca-Cola or Pepsi, but even better? Coca-Cola and Pepsi are so large and popular that Microsoft Word corrects the spelling of their brand names.
They have multi-billion dollar revenues; they own their own bottling plants, distributors and have major contracts with companies like McDonald’s and KFC.
Is your product special enough to take on competitors at this level?
Use other people’s money
Entrepreneurs and other business leaders always share this classic advice. Whenever possible, find investors to fund your ideas.
A truly great idea will attract investors. Using other people’s investment capital lowers your personal risk.
