It is a great time to be an entrepreneur the last decade, technology has leveled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that enables you to make more intelligent choices more quickly. You have an advantage over big businesses in that you're lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime.
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Here's 4 Rules for Entrepreneurs To Live By
1. Don't quit your job (yet)
Consider starting your business part-time, especially if it's online, while you're working and have a steady income. It usually takes six months to a year to get a business going and you don't want your ability to make your house payment to hinge upon your company being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.
2. Find your niche
The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a need something a specific group of people want, but can't get at the big chain stores and fill it. You can't compete with the big guys, so you have to find where the big guys aren't and go into your niches.
3. Have a strong online presence
Even if you're not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base by, literally, millions. It's also a great tool for promoting yourself and letting people, even in your own area, know that you're there, and what youíre doing.
4. Refuse to Quit.
Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which flopped, but he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. Arm yourself with optimism! There ís nothing wrong in failure, just don't keep repeating the same mistakes! Learn Quick & Fail Forward!
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Tony Williams is a lifestyle philosopher, influencer, personal development and business educator. He is also founder for The Lease Collection, which provides Professional Property Management and Tenant Placement Services for multi-unit and residential properties in Washington DC, Maryland and Virginia. His passion for personal development inspired him to create the Instagram, @Life.Algorithms, which has amassed over 30K followers. Along with his Blog, these platforms are his way of inspiring, motivating, educating and connecting with thoughtful, creative, like-minded and ambitious people just like you.
Contact Info: Awilliams@LeaseCollection.com