So, you have a great idea. Are you ready to take your career by the reins and embark on a life-changing adventure? It's risky and challenging, exhilarating and rewarding. Welcome to entrepreneurship.
It's becoming an increasingly popular career choice for individuals — 582 million, to be accurate. That's the number of entrepreneurs on the planet, according to the Global Entrepreneurship Monitor. While there's no straightforward formula for success, The Social Sharks share some advice on three important cornerstones of your entrepreneurial venture.
Personal Assessment
New entrepreneurs too often underestimate the amount of time, energy, and resources
required to start and grow a business. There are two certain attributes found in every
successful entrepreneur: commitment and passion.
When you envision your ideal future, does your new business fit in? Is your idea compatible with your life goals? When you pursue something you truly love that is in alignment with other areas of your life, you are far more likely to succeed.
If you don't possess them already, cultivate the characteristics of a great entrepreneur.
Entrepreneurs need to be self-motivated, decisive, and confident in taking risks. Being a
team player should come in hand with being a great leader, as well as having an open mind and a willingness to learn.
If you’ve got the drive but feel like you need to bolster your business acumen, consider
signing up for online courses in business management to help you get a better grasp of
operations, marketing, accounting, leadership and communication. Online programs allow you to pace your studies so you are able to both expand your knowledge and focus on your business in a way that fits your schedule.
Strategic Planning
So you have the vision and drive, but how do you turn your idea into a reality? Developing a strategy is a practical and systematic approach that makes the path to achieving your goals crystal-clear to all the stakeholders.
To begin with, understand your external environment. Identify your target customer and
their needs using market research. Conduct a competitor analysis, determine your strengths and weaknesses as a company, and pinpoint your unique selling point. Make sure you create a strong brand identity that your target audience will remember and come to love.
The best way to do this? Work with a dedicated digital marketing agency like The Social
Sharks. From website development to social media management to content development to videography to SEO and more, we can help position your brand and online presence to generate the interest and leads you need.
Business Tools
When starting out as a business owner, it’s important to find tools and technologies that
make your operation run smoothly. A good place to start is with an invoice generator for
billing clients. With custom digital invoices, your clients can be notified of their bill almost
instantly, which is more convenient to them and means you can get paid faster. You can
even customize your invoices with your logo and color scheme.
Business Legalities
Choosing the best legal structure for your business will depend on your company goals and three main factors: liability, taxation, and record-keeping.
A sole proprietorship or partnership is easy to set up and suitable for small, low-risk
businesses, but you will be personally liable for any debts incurred by the business.
Instead, consider a separate legal entity, such as an S or C corporation or a limited liability
company. While corporations enjoy greater flexibility with their excess profits,
disadvantages include double taxation and more complex paperwork and proceedings. For the best of both worlds, opt for an LLC. This hybrid model benefits from simpler paperwork and setup, limited liability, and a choice of how you will be taxed.
A Final Note
One of the best things you can do as an entrepreneur is to learn from others, so you can
avoid making the same mistakes. Read industry-specific resources, ask questions to
business leaders, and network to expand your business circle.