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Entrepreneurship is not for the faint of heart. There are many sacrifices, learning, commitment, consistency and realizing when you need to change things to make a startup work. There are many people who are not prepared for this and do not realize it until after they have started and faced the reality of being an entrepreneur. When I started a business, I, like many others, wanted things to start right away. We want to receive our ROI sooner rather than later, and this is the main focus for some of us. However, this is not the case for most startups. According to the Bureau of Labor Statistics, approximately 20% of new companies fail during the first two years of opening, 45% during the first five years and 65% during the first 10 years. Only 25% of new businesses are 15 years old or older.
When I launched my startup in 2020, I knew I hadn’t figured it all out, but I thought I had figured it out more than I really did. Boy, was I in a rude awakening? But I learned to appreciate the challenges I faced, trying to reach my target audience with this new product that I created that few people knew, and trying to stay within my initial budget. I’ve always been practical with everything I’m personally involved with. That said, I tried to do everything. But trying to do it all made me less productive than I expected.
It can be a lot. And some people give up because they don’t have the knowledge, the confidence, the resources, and in some cases the passion for what they are doing. If you really want to get involved in entrepreneurship, then you know it’s not easy. Keep in mind these five tips, which we hope will keep you engaged:
1. Realize that nothing happens overnight
Understand that when you see a successful person, most of them take years to reach their current state. Yes, it’s great to be inspired by them, but don’t compare or try to follow them. Continue your journey and be consistent and open to learning in areas where you are missing out. Show yourself grace too.
Related: why some startups are successful (and why most fail)
2. Believe in the product or service you are offering
Do something you are passionate about and / or have knowledge and experience. If you do something just because someone else does it and you feel like you can do it too, but it’s not your passion, it will. you will find it in your marketing and it can lead to failure. That would be a huge waste of time and finances. Once you’ve found your niche, do your due diligence, starting with a thorough investigation of your competency. What can you offer that is different or better than what they offer?
3. Marketing is the meat of your business
I’m great at business, but I struggled with marketing. At first, I figured I needed great ways to market my business, and since I was running on a tight budget, I couldn’t afford what I thought I needed to market my business. This left me frustrated at times. Email marketing to attract customers to your startup for little or no cost, posting on social media and starting a blog are some of the strategies that startups can use for marketing, to begin with. Depending on your budget, paid search advertising is also an option. In addition, Upwork is an organization that connects companies with professionals and independent agencies around the world. Companies and freelancers work together through Upwork to achieve the goals of this company. They have freelancers for anything you need. I have been working with them for the last few years. This is a great resource for startups.
Related: The 7 Biggest Marketing Mistakes Every Startup Makes
4. Rebranding work
After failing to achieve the small, realistic goals I set for my startup, I had to consider making changes. The brand change has been my current saving grace. I thought, “My product is great, and I know people are facing the same problem as my product. Why don’t more people buy it?” Well, it was limiting me. When I first launched myself, I only targeted women who needed a brush bag to store their brushes to protect the inside of their bags from lost hair and hair products. In fact, it was not only a very small part of my target audience, but my product also offers organization for travel luggage, gym bags and wallets. Once I expanded my target audience and perfected more of the benefits my product offers, I began to see an increase in sales. It’s nothing from the lists, but it’s much better than when I started.
5. Find tutorials help
A mentor can help you meet many of the challenges you face as an entrepreneur. They have years of experience and knowledge, and having their guidance and support can give you confidence to continue your journey. Another thing to keep in mind, once you’ve got it, is that you can become a mentor yourself and pass on your knowledge to someone who is currently in the position you were before.
Finally, first and foremost, think about what your ultimate game is for your customers. How can your product or service help them? Approach it before you think about how much money you would like to make. Trust me, when you lead with what you can offer instead of what you will receive, you will be on the right track. Sales will come.
Related: 5 Ways a Mentor Helps Your Business Climb Up