Starting a business begins with an idea, followed by hours of research and reaching out to people that can help. Having a solid concept, well-researched information and a strong network will set your future business up for success. In this article, we draw from the experiences of the Young Entrepreneur Council members who have shared their invaluable advice on starting a business.
1. Be Your Own Biggest Critic
Ashley Merrill of Lunya suggests that entrepreneurs should take their time and challenge their assumptions to ensure they have a rock-solid idea before fully committing to it. A source advises aspiring business owners to be realistic and cautious about their ventures.
2. Learn How To Market Your Business
Andrew Schrage of Money Crashers Personal Finance emphasizes the importance of marketing skills for entrepreneurs. Beyond social media, it is crucial to learn how to engage face-to-face with potential clients. Forbes highlights the ongoing relevance of in-person networking in the digital age.
3. Be Ready To Pivot
Rahul Varshneya of CurveBreak stresses the need for entrepreneurs to adapt to changing market conditions and incorporate feedback from beta users. Constant innovation is key to achieving a product-market fit. Harvard Business Review explains the importance of pivoting in the startup world.
4. Don’t Expect Good Results Overnight
Chelsea Rivera of Honest Paws reminds entrepreneurs to be patient and persistent, as most successful businesses and brands are not created overnight. Inc. lists determination as a vital trait for entrepreneurs.
5. Focus On The MVP
Rachel Beider from PRESS Modern Massage advises businesses to start with a minimum viable product (MVP) before investing significant resources. This allows for quicker feedback and learning. Business News Daily discusses the benefits of the MVP approach.
6. Fail Fast And Often
Blair Thomas of eMerchantBroker encourages entrepreneurs to embrace failure as a valuable lesson, learn from it and move on. Many successful business ideas and companies were built on lessons learned from previous missteps.
