As a lawyer, I have seen the rise and fall of many businesses, I myself have developed a successful company before I became actively involved in law. In this article, we will look at practical tips on how to minimize the risk of failure in the early stages of your business development. Many entrepreneurs start their own business without being well prepared for what to expect and fail due to wrong management decisions taken in the early stages of development of their companies. I hope these tips from a practical point of view will help some of you avoid such a circumstances.
1. Skills and love for what you do
This is probably the most important of all the tips. Many entrepreneurs fail because they get involved in things they don’t understand, simply because they read or saw that what they were doing was profitable. Money should not be your only leading motivation. To be successful in the market, you have to “burn” in the business you have started, to constantly educate, reading about new trends and trying to apply them in your own style, or to put it simply, you have to love what you are doing. You still don’t know what you want to do, then I have an idea for you – pour your favorite beverage, take a sheet and a pen and start writing down the things you are good at and love to do, be it a hobby or something related to your current job. Now take the list and start thinking about which of these things has the potential to become a successful business because of the love and energy you would put into developing it.
2. Choosing a market niche
Nowadays, the market is crowded and the competition is fierce. Choosing a market niche is extremely important, these will actually be your entrepreneurial activities aimed at potential customers. The choice of activities or products that you can offer is not easy, many things must be taken into account, the most important being the needs of the market. I will give you an example with the organization of a big festival in your city, with many people from all over that will gather for it. The first thing you can think of is that there will be a need to feed all of these people, and lets say you are a person with excellent cooking skills, you can work fast and have an interesting idea for a street food meal. Here, your market niche is clearing up, you already have an idea of what your target audience will be. Examples in this direction can be given a lot, but I will leave them to your imagination.
3. Your own signature
In today’s market saturation, in order to reap success, you must also be imaginative of your business idea. You already have an idea of the activities of your business and your market niche, now it’s time to think about how to incorporate your own signature into this idea, namely to make it unique and recognizable. There are no exact guidelines here, it all depends on you and the limits of your imagination.
Part II is coming soon