Entrepreneurship is a buzzword that has been around for quite some time now but the intricacies involved in becoming an entrepreneur has changed substantially in the past couple of years as things have sped up immensely and competition is now more fierce and complex than it was previously. If we could call it a hostile environment for any new aspiring entrant, it would not be far off from reality as finding a business idea might not be that difficult than knowing the tricks of the trade which are even more important than the business itself. The means to succeed have been revolutionized as now “hard work” won’t make the cut when we start talking about what is the essential ingredient for success as the ingredient has now diversified to cover the vast expanses of today’s modern technologically advanced world. It has transformed and become a recipe instead of an ingredient to cover all the bases involved. Here is a rundown on four great ways to succeed for aspiring millennial entrepreneurs because the opportunities need an attitude to take them towards fruition.
1# Build your reputation and credibility
In this world where we have a myriad of companies operating in every field, what will bring in business for your venture is the credibility you build for your organization and for your own self. Reputation is one of the most valuable intangible assets of a 21st century company and it is more important to clients than the rates you are offering to them.
Remember the fact that to go big and score a home run you would first need to garner the kind of trust that will make bigger companies wanting to do business with you and this will come from serving small companies and organizations in the best possible manner. Going out of the way to help a client and extending the best possible customer support will make customers coming back to you as service is the key to profitability in today’s world.
2# Strive to become a cash rich and sales oriented organization
The 2009 recession was testament to the fact that of how much value cash is to a modern day organization and it holds true even more for newer ventures that need to keep churning money to keep things going and making expansion possible. Most of aspiring entrepreneurs today focus on securing funding more than generating revenue on their own which is an intensely wrong approach. Funding is no doubt important but a sale is the fire you would need to keep your company alive and kicking without which any headway you make is bound to stagnate and become redundant as soon as possible. The best companies operating today have excellent revenue generation functions which are the biggest cue for all possible newer ventures that are propping up every now and then.
3# Value Personal Mobility and Building your own self as well
Gone are the days when you would stick to the only one company you happened to open and stay with it for the rest of your life. In our times, entrepreneurs have morphed into serial entrepreneurs like Elon Musk who didn’t stop his journey with Paypal, instead he strived to create even more innovative companies like Tesla Motors and SpaceX cementing his position as the best personification of the millennial entrepreneur even though he may be a bit old for the title! You need to realize that your talent is continuous and it would not be lost once you use a part of it in opening up your initial venture instead, delve into various things which intrigue you once you gain enough resources to do so, building a repertoire for yourself of being great.
Keep avenues of learning open for you and do not shy away from amassing a personal fortune for you and even if you are person who like to take it forward frugally then think enough for yourself to keep yourself free of debt whether be it finding ways to pay off your student debt before time or buying yourself a new house or even building something only you have interest in by using the amount generated from your initiatives. Your venture is not only an opportunity towards making your dreams comes true in terms of opening up a business, it is also an opportunity for personal development and indulgence, make it look like one.
4# Gain Publicity and Exposure
We buy only what is visible and differentiable and the onus nowadays has turned away from conventional marketing efforts that used to focus on the customer through advertisements towards making intended PR efforts to build a niche for your brand. Google’s Doodles might not acquire a large amount of cash but they sure garner a lot of eyeballs and is immensely successful in making Google stand out as the quintessential brand among search engines. As an entrepreneur you need to forge contacts and build relationships by being present at all events possible and by blogging or providing advice pieces for your audience and your market to make yourself knowable.
Your organization is also dependent on its PR activities to gain exposure which would generate clients further down the road by indulging in social responsibility initiatives or inviting industry experts and journalists to your launches and other similar acts. Your venture is as good as its knowable and distinguishable from others and probably this age old mantra still holds true but in its new and improved met-morphed form.
Ronald Mccarthy has been known to write regularly on the top trends in Finance and Marketing and takes particular interest in the Finance industry. His pieces are well-researched giving the reader a quick and comprehensive Knowledge. TW / FB