4 Rules for Practical Entrepreneurship

It’s an excellent time to be an entrepreneur. In the last decade or so technology has leveled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that permits you to form more intelligent choices more quickly. You have got an advantage over big businesses therein you’re gentle, more flexible, and faster on your feet. You will target new markets more quickly, and you’ll activate a dime.

But being a successful entrepreneur requires that you simply check out the larger picture and follow an idea through from start to end. I want to share some practical points to help you understand what you need to do when you are starting your entrepreneurial journey.

1. Don’t Quit Your Day Job

Consider starting your business part-time, especially if it’s online, while you’re working and have a steady income. It always takes six months to a year to get a business going and you don’t want your ability to form your house payment to depend on your company being an overnight success. Start with what you will manage, financially and time-wise, and proportion as your business grows.

2. Identify Your Niche

The days of general stores are over. Particularly online, consumers are trying to find stores that specialize. You have got to seek out a need – something a selected group of individuals want, but can’t get at the large chain stores and fill it. You cannot compete with the large players like Amazon, Flipkart etc in the beginning, it would be good that you identify something new that others are not doing.

3. Have an Online Presence

Even if you are not getting to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the restrictions of physical location and broadens your customer base by, literally, millions. It’s also an excellent tool for promoting yourself and letting people, even in your own area, know that you are there, and what you are doing. Build your online brand and grow it.

4. Don’t Give Up

Successful entrepreneurship requires creativity, energy, and a drive to stay going once you fail. A few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which flopped—but he kept going, the determination and refusal to give up is what going to separate successful entrepreneurs from unsuccessful ones.  You will make a mistake, just learn from it and don’t make it twice.

I want to help you in your entrepreneurial journey by offering a FREE video course on Entrepreneurial Essentials. Click here to view the course.

For Your Success, Always!!

Ashish Parnani

Founder & Principal Consultant

SkillUVA