Thinking of quitting your job and starting your own business? You may want to think again. Statistics show that 80 percent of businesses fail within the first year, and another 50 percent of those businesses will fail within the next 5 years.
With all of these scary statistics, it can turn anyone away from following their dreams and launching their own business or product idea, and yet so many are still willing to risk it all.
Perhaps the reward is really worth the risk?
If you have decided to take up the challenge to start your own business or if you want to invent your own product then you are already miles ahead of the rest. So many people have great ideas and never see them through, so even taking one step is truly something to celebrate.
Make no mistake, the road ahead is often long and arduous, but all you need is some safeguards to help you along the way.
As an entrepreneur myself, I started my first business at 15. Since then I have learned many (hard) lessons, tips, and tricks along the way.
Here are some of my most valuable pearls of wisdom for any entrepreneur looking to start a business or launch a product-
1. Don't Listen to People Who Have No Experience
Most people that want to start their own business share their plans and ideas with their friends and family. While this is great, problems often occur when you start sharing your ideas with people who have never stood where you currently stand.
People who are not in the entrepreneurial world or people who have never had experience running their own business, are most likely going to talk you down or talk you out of your idea. While there may be exceptions to this rule, in most cases this is what happens.
There are countless stories out there of people who have had great dreams and plans to start something new, only to be talked out of it by family members who perhaps were well-intentioned, but just had no clue about starting a business.
Most people want to take the safe route, which means that you if you do have a business idea or product you want to start, talk to other entrepreneurs and business owners who have been where you are. Talk to people and seek advice from those who have actually been there.
2. Never Stop Learning
If you want to make your dream a reality you need to have a plan, and that plan needs to include learning.
If you want to launch a business or create a new product, you need to do your research and you need to understand your industry inside out and upside down.
Many wannabe-entrepreneurs see businesses go from zero to a million overnight but in reality, it never actually happens like this.
On the outside, it may look like an overnight success but dig a little deeper and guaranteed you will find plenty of trials and tribulations along the way.
If you want to be in your industry for the long term and you want to really see your business grow, you have to keep learning and sharpening your skills.
Especially in the technology age where change is rapid, you have to keep up to date and never get complacent.
3. It's Okay To Copy Your Competitors
One of the easiest ways to find success is to copy what your competitors have done, at least in the beginning.
Of course, you don't want to plagiarize or be in breach of a patent, but following what your competition has done is a great way to fast track your success.
If your competition is successful and has been around for a while, you can save yourself time and money by taking pointers from what they do or don't do. You can even improve on what they are are doing by researching how their customers respond to their product or service.
Even though imitating your competitors is a great way to start, you also want to make sure that you are bringing your own flavor and unique vision to your business as well. After all, one of the perks of starting your own company is being able to bring your unique vision to life.
4. Trust your Instincts
One of the best tools we have to use in business is our instincts. You can look through all the facts and figures and research all you want, but at the end of the day, if something feels right or if something feels off, it does pay to listen.
Learning to trust your instincts is really about learning how to trust yourself. If you don't believe and trust in yourself, it is going to be really, really challenging to get your business idea off the ground.
In fact, the most important thing when it comes to pursuing entrepreneurship is that you believe in yourself. This is the only thing that will keep you going when times get tough and the road ahead seems bleak.
Learning to trust your instincts can also be one of the most valuable tools you can use when you have to make both big and small decisions.
These tips may seem simple, but they are definitely ones that you will want to put in your toolbelt as you set off on the journey of becoming an entrepreneur.