What Makes an Entrepreneur in 2022

Entrepreneurs shape our business landscape, break barriers and create new business opportunities. But what does it take to be an entrepreneur in 2022? Under the current circumstances a strong work ethic, perseverance and an ok idea simply won’t cut it. Let’s look at a few questions young entrepreneurs need to ask themselves before starting out a venture of their very own.

What’s your niche?

Remember there are conglomerates currently dominating the general products and service market sphere. Selecting a niche is the first step in choosing a solid foundation for your young business. If you go too general, you will struggle in identifying your target audience and will spend your initial capital in just trying to find the right consumer. But if your niche is too narrow your consumer pool will be too small to keep your business a float in the long run. Your selection has to be careful and well thought out, reaching a balance that is not too wide and not too narrow.

What's the Burning Problem??

If you’re planning on being a market leader and exploring a blue ocean strategy your goal will be to address a problem that consumers need, but do not yet know they want. Imagine hailing a taxi without our smartphones!? Our lives have been changed with simple solutions for issues we never really knew we had. You need to break barriers, disrupt the current business norm and explore what could make your business unique. ?

Build Relationships?

Treat each customer like royalty, they are the lifeblood of your business. Good customer feedback and positive reviews can make or break a business during its initial days. Always make sure your customers' needs and expectations are met with each product sold or service rendered. Building long-term relationships will be the backbone of your constant cash flow.

Should I Take a Break?

As hard as you need to work in making sure your business is a success, make sure to take some time off as well. Never underestimate your ability to crash and burn, this will eventually affect the entire business along with your employee morale. Your attitude will overall be positive by taking time for yourself for some R&R, give your mind sometime to rejuvenate and think of your next business goal.