5 tips for the new generation of brave entrepreneurs
This feisty new group of innovators – sometimes dubbed ‘generation hustle’ – have already started twice as many businesses as the baby boomer generation, according to BNP Paribas’ recent edition?of the?Global Entrepreneur Report, a survey that maps trends in entrepreneurial activity and attitudes.
However, the road to entrepreneurial success isn’t easy and more people fail than succeed.
To get the best chance of turning a brilliant idea into a lucrative venture, here are five tips to remember.
Do something you have genuine passion for
It may sound simple but going into any business field without a passion for your product or service – or knowing your chosen area inside out – is a huge mistake. Passion and belief sell better than anything else and customers smell fakery a mile off.
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Always stay objective
Although passion is essential, you also need to remain objective. The problem many entrepreneurs face is they get obsessed with their ‘baby’ and lose the ability to step back and assess situations with a critical eye. Rather than ploughing ahead with ideas, focus on the realities of running your business and take a hard look at profit and loss forecasts, current market trends, and resources such as funding all the while continuing to innovate and develop your business.
Surround yourself with experts
No one is an island, and every brilliant entrepreneur needs equally brilliant experts around them to succeed. While it can be tempting to maintain a tight grip on every aspect of your new enterprise, being able to let other talents lead and thrive is a precious skill. Take every opportunity to learn – whether it’s from industry veterans or technology whizzes.
Look for a great mentor
According to a recent market report by global analysts?Jupiter Business Mentors, 93% of young entrepreneurs want the support of a mentor who has been there, done that, and seen it all. Meanwhile, 80% of mentored businesses have witnessed long term success, growth, and business revenues – doubling their survival rate as compared to non-mentored businesses. If you’re not convinced, remember that Facebook’s Mark Zuckerberg and Google’s Larry Page both received mentoring by Steve Jobs and Eric Schmidt respectively at the early stages of their businesses.
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2 年Murtaza Hashwani Sir, your vision is genuinely rooted in your values. I just had a chance to read your philosophy of doing business mentioned on your cover image. That depicts the essence of running a business in the most comforting form, like playing a mesmerizing symphony to its finest peak. The majority of the world doesn't even know the real meaning of the word 'Business' ????????