Taking a leap into the entrepreneurial world can be a little intimidating at first, especially if you follow the age-old belief that a majority of startups fail.
But the truth is, startup failure rates aren’t really that high, provided the right set of tactics are used to start off strong. So, what is it that young entrepreneurs can do to improve their chances of success? Mervik Haums shares a few proven tips for up-and-coming entrepreneurs that will get them going on the right path.
1. Understand your market
In the view of Haums, a failure to know one’s market is one of the topmost reasons why new ventures fail. He says, in order to gain any chance of success, it is critical to thoroughly research the target market prior to launching the business. This, he believes, helps in identifying important attributes like the marketing messages and price points that will appeal to the potential target consumers.
2. Find a mentor
Running a business demands a wide range of skills that one may or may not have mastered yet, says Haums. And thus, he adds, the challenging business decisions must not be taken individually, without the guidance and consent of a mentor. “Someone who has taken this path before brings better knowledge and experience to the table, which helps in taking better business decisions and moving forward,” according to Haums.
3. Become a planner
As someone who juggles multiple roles everywhere, every day, be it as an entrepreneur, author, or mentor, planning ahead of time and setting realistic milestones for growth and development is what helps Haums. He shares, the “tell us your five-year plan” in an interview may seem uncomfortable to many, but in order to be successful, developing the ability to plan systematically is of utmost importance.
4. Build a reliable team
Once the business passes through the concept clearance phase, what’s important is to build a strong team that believes in the same idea too, says Haums. He also further adds, new entrepreneurs often want to tackle every hurdle on their own, which may seem laudable, but isn’t practical. “Having a solid, closely-knitted team can help you focus on the areas of business that need more attention while other aspects are being taken care of,” he comments.
Stepping into the world of entrepreneurship can be exciting as well as challenging, but following these tips will help clear many obstacles on the path to success.