If you are thinking of founding a startup, it’s important to note that it’s far from easy. So, we decided to write this blog post to be used as a tool to analyze your situation before you make the big jump. entrepreneurship
Then, what is the difference between an entrepreneur and a startup founder? On one hand, an entrepreneur is an individual that looks for business opportunities and creates ways to make those businesses become profitable. On the other hand, a startup founder is different because they are also the ones founding the company. They try to create a business that will someday become successful.
Differences in Goals
While they sound similar, their goal is slightly different. Unlike an entrepreneur, a startup CEO is not only after the financial benefit. They want to create a product or a service that might change the world. Moreover, they might try to become famous or role models to future business risk-takers.
You will eventually fail. Unfortunately this is part of the process. But you need to believe that these failures are most likely to lead to success. That is why you need to get involve with something you believe in. Starting a business just because will not work. You need to choose an interest that you can be passionate about.
Furthermore, you never know what can happen when starting a business, so it is best to prepare yourself for the worst possible situation. So, don’t quit your job and eliminate your main source of income until your business can replace that income. Also try to create an emergency savings account. You can never be too prepared for bad situations.
In addition, look for mentors. No one is born knowing how to walk. So don’t be afraid to have doubts and to look for alternatives and solutions. Remember, there are still basic principles that can only be learned from experience.
You need to define your market. It will be the foundation for your business. Go with something that makes sense for you. The Internet gives us the feeling that we can reach everyone at once, but it’s vital to narrow your market down to what is realistic. Hence, a niche can be born from everyday problems and not from unoriginal ideas.
Do you know which your focus market is? What you can offer to them? What makes you better or different from others in the same market?
You must primarily think about problems and how to solve them, and not about ideas that perhaps do not solve any specific problem. If you find a problem and a solution then there is a greater chance of your success!
Try to always be honest. This advice applies to yourself, your employees and your customers. And a good way to do it is through social media. Use, but don’t over-use, social media. It is important to think carefully plan out a whole digital strategy. Social media is obviously a powerful tool.
But don’t forget PR. Traditional press relations can give you great coverage. Think about what makes your product unique, interesting, and modern. Then, talk to the media about it. You might get great reviews and mentions on blogs.
Without doubt, make sure you pay yourself. After all, your hard work and dedication aren’t enough to sustain you. So, give yourself enough to live comfortably and focus on building your business. When you eliminate personal financial stress, it allows you to stay focused on your business. You can also establish some financial goals. This might give you a different perspective and a little bit of control. A good way to do it is to break financial goals down into reachable and measurable ones. They can be either monthly, weekly or even daily revenue goals. And knocking out little goals can give you the confidence needed to keep on going.