Tasnim Nazeer is an award-winning journalist, author, and Universal Peace Federation Ambassador. She has written for The Huffington Post, CNN, BBC, and others. She was awarded the FIPP global network of media Rising Stars in Media Award 2018 and the Ibn Battuta Award for Excellence in Media 2013 for writing on a range of topics from business and entrepreneurship to human rights and world news.
Many aspiring entrepreneurs that have started a business have faced challenges and rejections along the way. You may feel as though all your attempts to progress in your start-up or venture are closed, but you have to remember that even the most successful entrepreneurs of all time have faced challenges to get them to where they are today. They only make you stronger in the long run.
It can be difficult when challenges arise. Entrepreneurs often look for guidance on how best to succeed for the long haul. The following three key steps can help give you a better chance of success in your project, venture or startup, paving the way for a more lucrative future.
Step 1: Know your market
Knowing your target market is imperative if you want your business or venture to succeed. Many entrepreneurs make the mistake of not doing enough research into demand for their product or service and this is when issues begin to arise. If you do not do due diligence into the needs of your target audience, you may find that you are offering something that is already in the market or that hasn’t got enough of a competitive edge in comparison to other companies.
You need to invest time in looking into how your service, product or business can fill a gap in the market that you wish to tap into. Many startups send out market research questionnaires to prospective clients and make customer personas. Some key aspects to think about when compiling research is information on your competition, budget, geographical areas and your unique selling point for your product or service.
Detailed knowledge of your niche sector is key if you want to pitch your startup to investors. They will ask questions about your target market and expect you to know the industry well enough to be able to answer confidently. This is the first step that will ensure you have identified gaps that need to be filled and requirements that are needed in meeting the expectations of your future clients.
Step 2: Innovation and creativity
Innovation and creativity go hand in hand in order for your business, venture or project to prosper and grow. Ideas can be turned into assets, services and solutions that can help businesses offer something of value. Creativity is the ability to think up new ideas and innovation is the process of implementing those ideas and creating a product or service that is a cut above the rest.
All entrepreneurs need to consider ways that they can implement innovation and creativity into their marketing and organization as a whole. Meet with your team to bounce around ideas or network to gain more insight into ways that you could make your brand stand out from what is already on the market.
Step 3: Build team
Having the right team in work is just as important as having the right partner in life. You need a team that is reliable, trustworthy, efficient and that you work well with in order to succeed. Having a good work ethic and encouraging company bonding is critical for the success of businesses and as an entrepreneur.
Many entrepreneurs may not have been able to reach the level of growth that they have if not for the team around them. Make sure that you work with the right people that share your vision and drive you to succeed and prosper, and you will see doors begin to open.