It’s a great time to be an entrepreneur— technology has evened the playing field and prompted an entrepreneurial boom. As an entrepreneur, you now have limitless access to information that enables you to search for the best tools to succeed. With that said, there still some things to consider when breaking out on your own. A new entrepreneur will experience some trips, mini-pit falls, and setbacks. There is really no way to avoid it. You can only prepare for it. Being a successful entrepreneur requires that you view the bigger picture and consider 4 rules:
Rule #1 Don’t Quit Your Day Job- yet
Starting your business part-time is important. Going in without a safety net or a stop loss is not a smart way to success. It usually takes time to get a business going and you don’t want the constant worry of having to pay bills. Start with what you can manage, financially and time-wise, and scale up as your business develops.
Rule #2 Find Your Niche.
The days of "get everything in one place" are gone. Even Wal Mart doesn't have everything. They try to though. Consumers are now are looking for businesses that specialize. You have to find a specific need. It's difficult to start out by competing with the big boys. As a new entrepreneur you have to find where the big boys aren’t and go from there.
Rule #3 Have an Online Presence.
Even if you’re not planning to start an online business, the internet plays a valuable role in your business. Yelp.com, for example helped facilitate more sales for small businesses like local restaurants. Having an online presence is a marketing must. Bring in more money by promoting your product/service and letting people, even in your own area, know that you’re there, and what you’re doing.
Rule #4 Don't Give Up
Successful entrepreneurship requires creativity, unstoppable energy, and a drive to keep going when obstacles starts to rear its ugly head. Few people know that successful real estate entrepreneur Donald Trump had some huge bumps and nearly lost all of his fortune. The real estate market crashed and almost all of his properties were losing money. Fortunately for him and his employees’ sake, he was able to come out of the real estate recession alive, of course without a few bruises and scratches. He lost billions and made them back and then some. Don't give up.