There is a charismatic entrepreneur for every successful start-up who is idea-driven and can explain their ideas however complicated they may seem. This success does not come cheap, and most entrepreneurs sacrifice so much but this fact is unknown to many.

Entrepreneurship is a rewarding venture but one that requires more than what meets the eye. Little wonder statistics show that many businesses fail in their first years of operation.

Here we are with a few ideas, that can help you on this entrepreneurial journey for success.

What is extraordinary about your business?

Entrepreneurship is about ideas. Ideas are a resource, almost functioning as a currency. Whether in Africa or Europe, the better your ideas, the better you’ll fare in business. This means that you should invest more in coming up with sellable ideas that are unique and will result in marketable products and services.

For a business to succeed, it is mostly dependant on what you are selling in the market

Know your competitors.

The days where an entrepreneur enjoyed monopoly over a specific product, service or innovation are over. Before you open that business, be prepared to face competition at every stage or will soon be pushed out. This competition could be either direct or indirect

The idea you are seeking to sell to the customer is already in the market. To help set your company apart, seek to create a niche in which you can offer improvements while easing customers’ pains and stressful points.

Start-ups with a foundation to succeed must understand the major players in their sector or industry and what their competitive advantage is; could it be price, accessibility, customer care or delivery time?

Start today, not tomorrow. 

Many entrepreneurs with promising start-ups delay reaching the market at the right time by over-indulgence in analysis paralysis by focusing on functionality, perfection or defining the target market. Although these issues are crucial for your business to prosper, make your idea simpler and launch out with the core idea. Perfection will automatically develop later as you grow and are able to master the pulse of your particular industry.

Know the processes.

Before you invest your fortune in the business, ensure that you know what your target business entails. You should know your supply channels, market competition and the market value of your industry. Fishermen will know which sections of the lake have crocodiles and therefore avoid them or navigate such areas with care. Same must be the case in business; you must be able to estimate the viability of the product or service you want to launch and the potential risks.

Why invest in an area where you have no idea? Why begin fishing in waters that are full of crocodiles?

Have plan B always 

If we take a flashback for the past two trying years brought about by COVID-19, then we can be sure there is no better way for start-ups to set a foundation of success than by having a plan B.

Employees will abandon you, incomes at some point will dwindle, and you could live a stressful life for most of the early years of your business. Have you planned for any such eventualities? If you need to invest a little more than anticipated, are you able to? Or are you able to change your business strategy to suit the current demands and prevailing conditions?

Remember that entrepreneurship these days requires a lot more than just having a fine idea or adequate resources. Therefore, before you launch out the idea, ponder on these few pointers and adopt the appropriate strategies for your business.

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