There is no magic formula to building your empire and starting a business that works from day one, but it is true that many generous entrepreneurs, after many failures, have shared the formula of their company (including mine). Here are the 6 things all first-time business owners should know.
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1. Entrepreneurship is Not a Sprint
Entrepreneurship is not a sprint, it is a long-term marathon. It’s patience and having grit. Many people become obsessed with running and doing things fast, starting, growing at full speed and hitting the ball with great expectations. But things are always changing, and plans rarely come out as you’ve expected.
Instead, focus on building a company and a long-term brand. That is why it is important that, when you are going to undertake, you do it with financial support, because if you do have a cash flow problem, the urgency will kill you.
“We are what we repeatedly do. Excellence, then, is not an act, but a habit.” –Aristotle
2. First the Demand and Then the Supply
The companies that succeed focus more on meeting needs than on being visionary.
We do not want to discourage you if you feel the reincarnation of the next Steve Jobs, but we do advise you that before taking action, do some quick investigating, know your numbers, and make sure there is a market that demands what you want to sell. Sometimes, it’s a mistake to get ahead of trends.
“In business, growing fast is a pleasure; growing too fast can be a curse.” – Kevin Harrington
3. Don’t Give Everything Away (all at once)
Do not make romantic numbers giving free services so that they know you or fall into the temptation of Martian monetization based on advertising income or positive social impact.
Building your empire and showing your transformation will be the ultimate gift and will help with the final sale.
Each sale should be profitable, ideally at 50 percent. Then, you must build a team and a system as you grow.
“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” – Maya Angelou
4. Solve a Problem
Always ask yourself what need or problem your product or service solves.
If there is no demand or market interest, you must start over. Use tools like Google Trends or Quora to find out about current problems and trends.
But first, sell something that people are already looking for and learn to sell! If you create a business, and you explain it to your grandmother and she doesn’t understand it, you may have to consider redefining it.
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“People don’t buy what you do, they buy why you do it.” – Simon Sinek
5. Study Your Target Audience
Studying implies asking, talking, and surveying. Face reality as soon as possible.
Call a customer to see if he is interested in what you want to sell or make an online campaign to see if there is interest in your idea.
Expose yourself to rejection as soon as possible and analyze the answers.
A NO in time relieves much pain in the long term. For example, you can make meetups or a meeting with friends and present your idea as if it were already a reality and collect the feedback.
“Our jobs as marketers are to understand how the customer wants to buy and help them to do so.” –Bryan Eisenberg
6. Know Your Customers
Many entrepreneurs focus both their marketing and the benefits of what they sell, who refuse to know more about what their customers want to achieve or solve. Profitable and functioning companies know their customers.
They sell the value, the impact and the results that their clients look for. When you do that, you become those rare companies whose products do not need to be sold, they are simply bought.
The best marketing strategy ever: CARE.” —Gary Vaynerchuk
Are you ready to build your empire?
I’ve created a simple step-by-step process for helping you become the best at what you do.