3 Tips for the Aspiring Entrepreneur
If you’re good at spotting business opportunities, and ready to make the most of them, you’re probably made of the same stuff that successful entrepreneurs are.
The Daring Risk-taker or the Cold Calculator?
There’s a lot of advice for entrepreneurs both online and in print, with quite a few practical bestselling books coming from some of the most successful entrepreneurs in the world. Much of this advice is contradictory. Some stress the importance of being a risk taker, undaunted, and courageous, whereas others claim that attention to data and calculation are far more important.
It’s up to you to decide what to be: the risk-taker or the calculator. But that’s a long-term goal. Back to the present, you’re probably much more interested in ensuring that your startup is a success. And to this end, here are three useful tips, some of them inspired by the findings of studies carried out by entrepreneurial studies professor Scott Shane.
It’s easier to get a good start in certain industries than in others.
The education and health services sectors present better chances of survival for a new venture than the information sector, where the competition seems to be getting tougher.
Sometimes it’s more effective to outsource work than do it yourself.
It’s better to use professionals for web design, graphic design, as well as Internet marketing, especially if you wouldn’t consider yourself an expert in any of these fields. All these are crucial for how your brand is perceived online, which can make the difference between success or failure.
Competing on quality may make your business more likely to survive than offering low prices.
Quality is much desired in all industries, and those companies that can offer it, especially if they are startups, benefit. Cheap solutions are readily available, unlike high-quality yet affordable ones.
In conclusion, choose your industry and niche with care, aim for quality, and get help from professionals when you need it. Do all this and your startup will have a greater chance of survival, as will your career as an entrepreneur.
