Monday, August 08, 2016

Entrepreneurship: Knowing Your Market

Entrepreneurship: Knowing your market

When your goal is to become an Entrepreneur, it is important to have a clear idea of many things and answers to many questions as you begin your journey.

Ask the questions before you start

Who are you targeting, why your product or idea is unique, different and what it is going to offer to the consumer? When you are looking to start your company, and mostly how you plan to achieve that goal? Success is a great deal of planning, hard work, and knowing how you plan to accomplish your goals. When starting a business it is a good idea to study what happened to make other enterprises fail. Learning why a company failed and how to avoid those same mistakes offer insight and information for success.

Next, you need to know if there are enough funds to start the company, or will you need to still work full-time elsewhere. Entrepreneurs are risk-takers and are not afraid of a challenge. The Entrepreneur who succeeds may already have had several business that have failed and learned how to plan and make a new idea succeed.

There are very few entrepreneurs like Chris Burch that have succeeded in many arenas – Burch is the rare person to have built businesses in apparel, retail, hospitality, food and beverage and more. It’s very hard and rare to do this.

Taking risks

Why start a business? Risks are high, and many fail in the first year. Risk-takers like the idea of being their own bosses and finding a new or different idea to the bring to the public. The internet has revolutionized small business. No longer does the entrepreneur need a brick and mortar store, many businesses can be run from home.

Cuban’s rules

Mark Cuban, a self-made billionaire, stated he has twelve rules for startup companies. Some of them are -

  • Unless your heart is in it dont start it, you need an overwhelming desire to annihilate your competition.
  • Hire employees who fit your company's culture. Even though you have a group of people with different backgrounds and cultures, they need to have the same core values. If your employees have the same values, it makes it easier to work for and achieve a common goal.
  • Sales can cure all. If you have developed and generate a market for your product or idea, you can succeed.
  • Keep offices open. Don't shut yourself and others off from each other. Open offices keep the energy up and the ideas flowing.
  • Another important concept not common in the workplace, Mark Cuban advocates keeping things fun. If employees have fun and enjoy what they do, they are not as likely to burn out on the job - and you’ll see more of their best efforts ongoing.

How do you know you are meant to be a good Entrepreneur? Knowing you can fail, but have the mindset to get back up and try again is a vital part of successful entrepreneurship. Cuban advocates treating people the right way, it will keep you balanced and focused on what is important. Realize when you are wrong and work harder to not do it again. It is worth implementing that while everyone else gives the “you can win speech,” it is the desire to wipe out the competition and rise to the top that drives the entrepreneurial spirit.

And remember – even if you don’t become a billionaire like Mark Cuban or Christopher Burch – there’s many rewards in being an entrepreneur.

Ronn Torossian is the Founder and CEO of the New York based public relations firm 5WPR: one of the 20 largest PR Firms in the United States.

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