Nowadays, there are more and more young people who want to get into the field of entrepreneurship. But before you invest, there are things to know. According to entrepreneurs Monique Powell, Eldon Marks, and Kyle Maloney, there are six key points any entrepreneur should remember to successfully transform their ideas into sustainable businesses.
- Do your market researchIt’s
In many cases, the first product or service of a startup does not always meet an existing need. Powell notes that entrepreneurs often get so wrapped up in their ideas that they forget to consider whether or not there is real demand. “You might be in love with an idea, but you’re the only one To be in love with it, ”she said. With that in mind, she strongly recommends that founders do their research by talking to potential clients to “make sure that what you think is a good thing to bring to market is, in fact, something others would appreciate.” .
- Be comfortable with failure
In the entrepreneurial world, failure is a common thing and Maloney sees no shame in it. Indeed, he believes that failure promotes growth. Quoting the advice he received from his father, he says, “When you’re at the bottom of your life, sometimes you’re about to land an opportunity. Indeed, even with good planning and a viable business idea, obstacles are to be expected. The key is to capitalize on these missteps by using the lessons learned to improve your business model.
- Prepare yourself financially
One of the first things to do is prepare financially. Calculate what you need to support yourself and your family, then commit to saving to create that financial cushion.
- Accept that the timing is never “perfect”
That’s okay, according to these entrepreneurs. You may still feel pressured to save more money, do more research, or attract more investors, but at the end of the day, you can’t let these things stop you from taking the plunge. For Powell, being “80% ready” is a strong indicator that you are in a good place to start, while Marks believes the signs are more focused on your ability. To connect your vision to action. “It’s about understanding où you are what you are able to offer and hold on to your passion for delivery, ”he says.
- Start with strong core values
It is a well-known fact that corporate culture has a direct impact on productivity and profitability. To this end, Marks encourages founders to start with a good collection of “core values” that are ingrained in your employees. The end result will be a cohesive unit that fully embraces your vision and embodies the true spirit of your organization.
- Take care of your mental health
Reality: Starting a business is not easy. However, you never really know how difficult the process is until you actually do. While nothing can fully prepare you for the negative consequences entrepreneurship will have on your life, it is imperative that entrepreneurs do whatever it takes to prepare mentally and emotionally.
“It will be one of the hardest things you’ve ever done,” says Powell, encouraging the founders to tap into family, friends, and even the community at large for support.
Entrepreneurship is a long and tiring road, but for Maloney, Powell and Marks the sacrifices were worth it and today they are reaping the rewards.
Justin gilles
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