Some people yearn to be their bosses; not everybody wants to be stuck in a 9 to 5 job. The feeling of hustling for your own company and hitting the set targets provides immense pleasure.
Being your boss means you are the one in charge, and you call the shots. You can become an independent person, But the journey of becoming a successful entrepreneur is not as easy as it sounds. Statistically, 90% of the start-ups fail; most people do not know what it takes to be successful entrepreneurs. Aspiring entrepreneurs either lack experience or have no money, to begin with.
In this post, we are going to touch on a few ideas that you should consider if you want to be a successful entrepreneur with no experience.
1.Pin down some ideas
2.Focus on emerging and growing industries
3.Provide something cheaper than what’s out there
4.Begin with a minimum viable product
5.Focus on creating a business plan
6.Find a partner
7.Give importance to customers’ feedbacks
Pin down some ideas
There’s a saying, “For starting a business you need an idea not money,” this saying is true to some extent and applies to start-ups as well. Down below are some methods to find out new ideas.
Have a conversation with your close friends and ask what bothers them
The primary purpose of a product or a service is to provide solutions, and nobody wants to pay for a service or product that cannot solve problems.
Many successful entrepreneurs got their ideas because of some problem they or their close ones were facing. For example, Travis kalanick and Garret Camp started uber (online cab service) after they had a hard time getting a taxi.
Chris Riccobono started UNTUCKit (untucked shirts) after he was infuriated by how wrinkly untucked shirts looked.
As you keep searching for ideas, ask your close ones to record the daily things that bother them. Look through their lists and see if you can find a problem that you might be able to provide solutions for and start MVP development process.
Read success stories of entrepreneurs that have made it big.
To keep yourself motivated and inspired, keep reading the success stories of well-known entrepreneurs who have made it big, be it from any industry. For example, take a look at the journey of airbnb, LinkedIn, Uber, WhatsApp, etc. Also, keep a check on emerging start-ups; see, doing so will provide a kick start to your thinking process
Focus on emerging and growing industries
According to licensing expert Stephen Key, he avoids industries that are notoriously challenging, and he likes sectors that are growing and open to innovation. After choosing your industry, make sure you go through all the products and services in that industry. According to Key, there are a few things that need to be looked after.
What are the benefits of the services or products, and how do they differ?
Please take a look at their marketing strategies.
How do the customers feel about it?
Provide something better and cheaper than what’s out there.
It is not always wise to develop a brand new product or service; if you can provide an existing product or service at a cheaper rate and, your product or service is bound to be a success in the market. Try making a list of all the products and services you use in your daily life and then thinking about what you feel needs improvement.
Begin with an MVP
An MVP is the most basic and lite version of your product or service. For instance, you want to build an app that connects office goers and lunch delivery systems, and you can invite 50 of your friends or relatives who are office goers and make them post the link to the app on their Facebook pages or blogging site. If you get a decent response, that means you should consider the idea of the app. If you barely get any response, it’s better to drop the idea.
Focus on creating a business plan
A business plan is a clear and concise chart of the goals you are setting to hit and the steps you will take to achieve the goals. A business plan may include budgets, business strategies, and business milestones.
As an aspiring entrepreneur, you should focus on setting your company’s objectives both for the short term and long run. become an entrepreneur with no money As you keep sorting things out, your business plan will help you grow your business and thus make you a successful entrepreneur.
Find a partner
Finding a partner for your start-up can help you out in a lot of ways. Funding becomes easier. Investors are eager to fund projects with multiple partners; going solo is not the way to go if you want to become a successful entrepreneur. Solo founders are often frowned down upon by potential investors.
You find psychological support.
Doing something on your own and doing it with someone you know and trust creates a lot of difference. Running a start-up can be stressful, as most start-ups are not successful. If you have a partner, he can support you during the times you feel stressed out and down.
They bring new connections, skills, and knowledge.
If you are good at marketing, your partner could look after the technical aspect and bring in new contacts and potential investors.
Give importance to the feedback.
When you launch a product or service at the most initial level, it is essential to take note of how the customers are reacting to and their valuable feedback; not only will it help you better your product or service, but you can quit the idea and start thinking of new ideas.
Starting your own company can be one of the most rewarding experiences in life. If you have that risk-taking ability and if you are hell bent on becoming an entrepreneur, follow the tips given above to become a successful entrepreneur with no experience.