Often times we hear or see successful entrepreneurs that are millionaires but what about others? Not everyone is fortunate enough to become the next big company or earn a positive ROI. Do you dream of becoming an entrepreneur and live in a big mansion? Well before your imagination continues to take off, ask yourself these 4 questions to get a better understanding to take the next steps.
1. Do I Have An Idea?
Overnight success stories simply don’t happen. The fantasy of people just waking up and think of a million dollar idea that instantly takes off. Plenty of planning goes into become your own boss. Take your time and understand your strength and weaknesses. Are you more tech savvy, more analytical, or even more athletic? Play to your strengths as you will have much more success and simply will enjoy it more. Bounce ideas off your mentors and friends to get a grasp of what they think.
There’s an old saying, “Do what you love and you’ll never have to work a day in your life.” Well it’s true. If you’re going to become an entrepreneur, enjoy it. Don’t just do it because you think it will make you a millionaire or it’s the easy way out. Lots of dedication and hard work will have to be put in for your company to succeed.
2. Can I Do It On My Own?
Are you finanical capable or quitting your day job and becoming an entrepreneur? It gets expensive, especially if you are looking to locate in the Silicon Valley or San Francisco Bay Area. Don’t be discouraged if you can’t afford it. Many entrepreneurs can’t to be honest. That is where finding the right investors or business partners comes into play. Do you know any previous colleagues or friends that have the same interests as you? Let’s face it, funding your own company will be very difficult. If you are serious enough to go through with your business but do not have the funds, partners or investors will be the way to go.
This is where having a strong business plan comes into play. Practice your pitch over and over to perfection. Know the ins and outs of your plan, and practice counter arguments or questions that may come to mind. More than likely you will need to pitch it multiple times before someone bites. Don’t be discouraged after a few rejections. Get feedback and learn from those instances to make your business plan stronger.
3. Who Will My Competition Be?
Research, research, research! This is KEY to your success. If you don’t know and understand the current market, then you will not be able to fill in those gaps. Are you current competitors missing a specific market or not able to keep up with the demand? As you learn more about your niche, ideas will start to come to mind. The beauty of conducting research is it will help stimulate your ideas and you may think of things you never have before.
Start with simple google searches to uncover the basics and then dive deeper to understand their strategies, tendencies, and all the little things. Look through their social media pages on what they are posting. Are they running promotions, doing contests, writing blogs, and even their page designs. You don’t want to run into issues with having similar color schemes or the same content.
4. How Can I Improve?
As you have completed your research on your competitors, ask how can I improve? While you have not necessarily started yet, you can make any changes you need to before launching your business. What are the weaknesses of my competitors and what can I do to capitalize on them? Once you have launched, you will be the new guy on the block so it will take time to establish yourself with the others. If you are able to solve the solutions other marketplace are struggling with, then you will quickly earn credibility within your niche.
It may be as simple as customer service. Many marketplaces struggle with the day-to-day and that is what can set your apart from your competition. Are you being responsive when potential customers reach out? It can be from emails, social media, blog comments, or whatever it may be. That small interaction can be the make or break decision for your customers.
As you have thoroughly took the time to think about these questions, are you sure you are ready to become an entrepreneur? No doubt it will be challenging and be some of the hardest work you have ever done before. If you are up the challenge, let us know! We are more than happy to assist with any questions you may have.