You’re planning an escape of 9-to-5 work life and ready to take a risk to become an entrepreneur, but again, what does it feel like for being an entrepreneur for the first time?
It’s time to rekindle that dream and make your mark into the world. Here are seven things you’ll learn in becoming a first-time entrepreneur.
- Do your market research
The first thing is to do a thorough research on what product that you will be selling. Thanks to the power of Internet, you can browse through a variety of websites (both local and international) and visit the manufacturer’s website.
Internet helps, but you can ask advices from people who knows about the product well and look into the feedbacks regarding the ideal product. Moreover, ask more details about the product to the manufacturers if you’re interested.
Besides researching about the product, conduct a detailed research on customers’ demand.
If there is a high demand on the product but limited supply, you can grab the opportunity to start the business provided that you have found the right way to get the product on-time for the customers.
- Believe in your product
Before anything else, put a wholesome trust on your product. Why? Let’s say I sell cryptocurrency hardware wallet.
All those in-depth research about cryptocurrency hardware wallet help to answer and convince customers of any inquiries or doubts they have.
It’s a win-win situation which you’re being an honest businessperson while making profit on the side.
- Have strong partners; define their roles
Doing a solo business can be difficult, so why not having one support or two that can help to carry the business?
Find the right partner who can understand their role in your venture and acknowledge the risk as well as make the effective decisions for the business.
Two heads are better than one, right?
- Play according to your strengths and weakness
It’s important to consider your own strength to propel the business forward and find someone who will be able to complement you.
As I have mentioned before, a good partner who can help you carry the weight of the business. For example, a logistic partner can handle with packaging, logistics and customer queries.
Through this way, you can focus on what you do best while having other experts in certain perspective of the business that can significantly boost your startup.
- Launch with faith, then learn as you go
Launching a business doesn’t land you straight into the ranks of the richest people. Instead, it boils down to slow, hard sales process at first.
You can boost your sale through the use of Google AdWords and advertise it through Facebook or any social media websites. Once you get enough attention from the people, sales start to roll in and the next challenge awaits which is to fulfill every customers’ needs.
What I learn is be prepared for everything that’s coming and all you can do is to plan the best as well as for contingencies ahead.
- Everything changes
I learn that anything can happen in business transactions. Sometimes you’re on the top and sometimes you’re on the bottom.
Competition is inevitable with other resellers also attempted to beat our prices but we manage to bounce through it.
Then, I found that the manufacturer was starting to ship items directly to the consumers and stopping bulk orders for resellers. This was unexpected for me, not only you have to compete with other resellers but also with the manufacturer.
- It’s never too late or early to start
When you start too young, you may have no money but you have undying passion, no ego or reputation to protect and have the optimism of youth.
When you’re older, you may be scared of failure but you’re wiser, financially stable and have influential friends.
All in all, life is a journey not a destination. You never know what could unfold in the current direction you take or the next step ahead. Once you feel ready to be an entrepreneur and willing to learn as well as take the risk, maybe it’s time.
