The dream of many is to start their own business and be their own boss; however, this desire is endangered when the low success rate for entrepreneurs of small and medium-sized companies is known. The key to counteract the risk of failure and not let go of that dream, is to be clear about certain elements when establishing the business idea and launching the project.
Here are some tips so that you do not lose faith and establish a business idea that you can be passionate about and that above all is feasible and productive over time.
- Make a business plan: this means that you must first establish a business idea with arguments; proposing a product or service that you not only like but that people want to buy. You should conduct a market study, analyze the competition, define the value proposition as well as the resources you will need in the monetary, human capital, legal, fiscal and other areas. This will prevent you from getting lost along the way, as it will be a guide to establish clear needs, objectives and projections.
- Think outside the box: your business proposal must be innovative and generate unconventional proposals to reach customers or the target audience. This must be taken into account so that the product or service you offer is attractive; so that they choose you instead of the competition. Get to know your competitors’ offerings so that yours has a genuinely novel differentiating element.
- Be a leader and act like a leader: as an entrepreneur you must be an example of how you want your business to perform both logistically and operationally, but also in terms of working environment. You must be responsible and communicative, and through your actions demonstrate the seriousness demanded by what you are starting. All this so that in the long term these practices become part of the organizational culture.
- Stand firm and persevere: as obvious as it may seem, it is always important to remember that when starting your own business it is necessary to be perseverant and resilient in the face of difficulties and challenges along the way. Be patient, be involved in all areas, work with excellence and you will see results.