Hundreds of new companies come into existence across the globe every day. But, many of them shut down pretty soon.
Why is that some companies reach the horizon while others barely could take off?
Many factors make a company successful. But, most of the time all dreams and enthusiasm around the launch of a new venture conveniently ignore an important question – Does this venture has a market?
Learn more from the journey of successful entrepreneurs like Bardya Ziaian and Jon Lipinski.
The most important thing any aspiring entrepreneur should do is, perform thorough research to understand the potential of the new venture and possible ROIs.
Here are five steps that you need to take for successful entrepreneurship.
In-depth Research
To be a successful entrepreneur, you need to create a market for your product. Before moving ahead with your concept, learn about your target market and understand your product viability in that segment. Also, understand the demography of that particular geographical area.
Research about your possible competitors in that market. Understand what makes them attractive to your prospects, how they position themselves in the market and a lot more.
Test your product
Don’t reach out to everyone at once. Test with a small sample of your target market if your product is good enough or not. Do a survey and take honest feedback. It will help you to identify loopholes in your product and let you improvise before the big launch.
Determine your cashflows
New businesses get too excited about sales soon after the launch and overlook the cashflows. Determine the economic strength and purchasing power of your target market. Understand if you will be able to sell there for long or is it going to end after an initial sales boom. Sustainability is the key to success as an entrepreneur.
Consult an expert
You may be well educated and have good knowledge of business and economy. Yet, you would need an industry expert for practical advice. Consult someone who has already walked your path, someone who can guide you and give you tips on Dos and Don’ts of entrepreneurship. Expert advice can help you avoid many problems and make your entrepreneurial journey a lot easier and profitable.
Bardya Ziaian is an experienced entrepreneur and financial asset manager with a proven track record of launching successful companies.
Evaluate your capabilities
In a rush to compete and succeed, we often ignore our financial and mental health. It takes time for a new venture to turn profitable. You must evaluate yourself and understand your strengths and weaknesses.
Are you willing to wait until you taste profits? Can you afford the costs without suffocating under huge debts? Can you handle the pressure? Are you ready to fail?
You can succeed as an entrepreneur only if you have a thorough understanding of your product, target market, and yourself. Any weak link here can adversely affect your growth and sustainability. Ensure that you are ready and resourceful to build your dream business and take it far.
