4 Simple and Effective Ways to Help Ensure Entrepreneurial SuccessAshwin Satyanarayana
Starting a business is both admirable and scary. There’s no better way to take control of your life and do something worth doing, but the risk doesn’t always gleam a reward. But what if there was a way to minimize your chances of failure and ensure success in entrepreneurship?
There is… and here’s how you do it.
Test and Validate Ideas
Entrepreneurs tend to be decisive – leading with the ability to take risks. They are visionaries and they put everything they’ve got into making their dreams come true.
But the reality is that your decisions and execution leads to success when backed by data, and not emotions. Testing and validating your ideas and opportunities is simple, but a step often overlooked.
Choosing to jump in both feet before testing a business idea, product or service can lead to disaster. You’ve been warned.
Hire Right and Pick the Right Team
While consulting clients on digital marketing all over the world, I see a recurring pattern: Entrepreneurs either want to do it all by themselves or they assemble teams in haste, picking up a completely wrong set of people.
Never underestimate the power of having the right people on your team.
If you underpay and undervalue great team members (or agencies, vendors, or freelancers that you work with), you could be heading for the lonely island of disaster. You’ve been warned…again!
Impatience is poison. Everything takes time — be it relationships, mastery of skills, or for magical things to happen in your business.
Impatience is a characteristic that’s guaranteed to lower your chances of success.
It’s understandable that you have the pressure to perform, pay returns to placate your funding sources, and go to market fast. Yet, impatience kills your business faster than it takes to sustain it. So… take a deep breath… plan smart and be patient.
Spend and Invest In What Really Matters
Ever see entrepreneurs spend endless dollars on things like logos, websites, branding, office space, and other such nitty-gritty? Have you seen teams huddled in useless meetings wasting tons of time – all of which equals money?
Stop it. While some of those items might seem essential as you start out, the reality is that all you should be doing is searching for your next customer or client.
If you have to spend, spend to put systems in place. Automate your processes and spend only when you see value on whatever-it-is-that-you-sold-your-shirt-to-spend-on.
If spending is for getting clients, do that first. You can do everything else later.
And more than anything, if you want to ensure success, you’ve got to just hustle. And not just hustle…but Smart Hustle!