The Advice All Entrepreneurs Need

Becoming your own boss has gotten easier and easier to do, whether you pick up a skill from a video online or study an art, there’s always an opportunity. Following this trend, the concepts of entrepreneurship and small business continue to flourish. However, being an entrepreneur is more than making a profit on a product or service, it requires knowledge of your markets, legal systems, and the audience. If you’re looking to begin your quest as an entrepreneur, here are some helpful questions and advice to consider when starting out.

The “Need to Know” of Entrepreneurs

If you’re looking to become the next Steve Jobs or own a side hustle, the most important questions you need to ask yourself are “What?? Who? How?”. Most people would agree that making money is always a reason for providing a service, but that motivation will only get you so far. Knowing these 3 things will build you up to be a better entrepreneur:

What are you providing?

As a business owner you need to know what it is that you are offering? What is your product? What does it do? What benefits come from it? If you don’t know this, chances are you won’t be in business too long.

Who am I providing it for?

You need to know your audience. Why does this audience need your product/service? How does this benefit them??

How is this product/service different?

Finally you need to know how you stand out. What makes you special? Is your hospitality? Do you have an entertaining element? What makes you different from your competitors?

Knowing the answers to these questions allows you as the entrepreneur to know what direction you are heading in your startup.?

Understand Your Market

Another “Need to Know” when starting a business is your knowledge of competition. Do you have any? Do you have too much??

According to this chart from Lendingtree.com, the number 1 reason the business startups fail is due to “no market need”, this means that a market is already oversaturated or has no need at all. Having this knowledge not only helps you understand your market but also see your room for growth.?

However, out of all of the information that’s been shared this next piece of advice is the most useful to your business.?

Take Your Time

In 23 Things Every Entrepreneur Must Know, an article by Forbes, small steps must be taken towards your business. “Contrary to the popular press, the most successful entrepreneurs… pause to see what they have learned from taking that small step and build that learning into the next small step.”

“Rome was not built in a day”.

Take the time to cast your vision, make your networks, and have fun in your startup. In time the foundation will be laid and construction will begin. Time will tell!