How to Become a Successful Entrepreneur

How to Become a Successful Entrepreneur: 

Tips and Strategies

Entrepreneurship is broad; you can be an entrepreneur in almost any field. However, you must choose a niche to work in and a business to start. 

Entrepreneurship is challenging, so you should devote your efforts to something you truly believe in so not to burn out in a year.
Anyone interested in starting their own business should make a plan that includes the following steps:

Find ideas for profitable startups.
Choose a growing industry and concentrate on it (or categories).
Fill an unmet need.
Create something superior to or more affordable than currently available.
Use research on buyer personas to verify your startup idea.
Create a minimum viable product first (MVP).
Plan your business.
Iterate further based on feedback.

1. Identify ideas for profitable startups
Every successful business starts with an idea. How is a product or service made profitable? It offers a solution to an issue or annoyance that people are ready to pay to resolve.
Start by finding out what annoys you and your friends. For example, Travis Kalanick and Garrett Camp founded Uber because they had difficulty finding a taxi. Similarly, after issues with check payments, Andrew Kortina and Iqram Magdon-Ismail founded Venmo (later acquired by PayPal).
Ask your friends to keep a running list of the everyday things that irritate them. After that, scan their lists for issues you might be able to resolve.

Get inspired by other new businesses
Looking at other people’s ideas can be a great way to get your own creative juices flowing. For digital inspiration, visit Product Hunt, a frequently updated collection of the newest websites, apps, and games. In the meantime, Kickstarter is fantastic for physical goods.
There are tons of product review websites like Wirecutter, Werd, and Uncrate that could also inspire your imagination.
The needs of people are changing as the world does. For instance, the popularity of ride-sharing apps like Uber, Lyft, and others led to a demand for a third-party app that would display the current lowest fares.

2. Select and concentrate on a developing category (or categories)
Experts advise choosing a market that fascinates you but isn’t overly crowded. Stay away from fields like the toy industry that are known to be difficult: so many large companies are creating in that area. You’ll find it simpler to get your ideas licensed if you concentrate on expanding product categories.
After choosing a category, study every item in that category.
What are the advantages of each product, and how do they differ?
What is their marketing and packaging plan?
Reviews: what do they say?
What potential upgrades are there?
After choosing a product/service, think about issues like
What could be done to make it better?
Can I add a fresh feature?
How about a different substance?
Can I alter it in any way?

3. Satisfy an unmet demand
Knowing your customer’s needs in detail is essential to developing a product, service, or even a whole niche that produces results. And it is even more crucial to offer a high-quality product or service that gains the proper traction when competition is frantic and brutal.
Let’s be honest. Any customer won’t consider a product or service from you unless they need it or believe they need it. Therefore, you must clearly understand what your customer wants and figure out how to satisfy their unmet needs.
Sometimes, there are thousands of businesses like yours, but it’s you who pick the acme of interest. Like in this case study of a sports blogger from Pakistan, who makes good cash daily running a cricket blog. Another way is to satisfy users’ craving for shocking and unusual things. Like this lifestyle blogger does. His Facebook posts on facial health create a huge stir and help make $2,000 monthly.

4. Create something better or more affordable than the competition
You don’t always have to create something entirely original. There will be plenty of buyers if you can offer an existing product at a lower price, better quality, or both.

5. Conduct buyer persona research to support your business idea
You have a great idea. But don’t quit your job just yet. It would help if you were sure that other people would want your product before investing everything you have. Start by understanding your customer persona, or the actual people you intend to sell to, to assess your product’s marketability accurately.
buyer persona researchThePowerMBA
Interviewing candidates for your ideal client once you’ve determined who they are should be a significant part of your research. Ask them about their likes and dislikes, how much they’d be willing to pay for it, how frequently they’d use it, etc., then give them a working demonstration of your product.
Before creating any product/service:
Create a landing page that briefly summarizes your product or service to gauge interest in the market.
Ask people to provide their email addresses in exchange for early access, a free subscription, membership, or product, a discount, product updates, or some other alluring offer.
Promote your video using paid search, social media, and other channels, and track the number of visitors who sign up.

6. Start with a minimum viable product (MVP)
An MVP is your tool or service’s simplest, most basic version. It works well enough to please early adopters and helps you determine what needs to be improved.
minimum viable product Clever Tap
Imagine you want to create a mobile app that will link college students with online tutors. You could make a basic version, manually invite 150 tutors you located online, and then publish a link to the app on the Facebook page of the nearby university. If you receive a good number of registrations, you should proceed. If you only get a tiny bit, you should start over or reconsider your original plan.
By starting small with an MVP, you can keep your initial costs low while leaving room for expansion as your product continues to receive validation. 

Source: Business School Lectureship Seminar

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