One of the great things about technology is the way in which it has made the world of entrepreneurship increasingly accessible. After all, there were an estimated 5.6 million small businesses active in the UK at the beginning of 2018, with many of these having been launched by everyday citizens and working moms nationwide.
While the technology available to aspiring entrepreneurs may be more empowering than ever before, however, launching a new business remains an extremely challenging pastime. This is borne out by the fact that around 80% of startups will have ceased trading within 18 months, due to factors such as competition, cash flow and a lack of demand.
In this article, we’ll offer some actionable tips for aspiring entrepreneurs who want to make their mark on the business world.
Consider your Motivation for Becoming an Entrepreneur
Before you take the plunge and launch your startup idea, you’ll need to consider the factors that have motivated you to become an entrepreneur in the first place.
While you may be primarily motivated by money, this is not enough by itself to guarantee your success or inspire you to cope with the trials and tribulations associated with running a small businesses.
In fact, most entrepreneurs are sustained in their darkest moments by an underlying passion and burning desire to succeed, which also enables them to meet challenges head-on and in a positive frame of mind.
Without this, it can be extremely difficult to bring your business vision to life and remain committed to realising your objectives.
Consider Building on an Existing Brand and Infrastructure
Most aspiring entrepreneurs are committed to creating something entirely new, both in terms of their core business idea and the overarching brand.
However, this can prove to intimidating and extremely difficult for novices, who may be better served by building on existing infrastructures and a proven support network.
This is why franchise opportunities are so popular, as they allow entrepreneurs to take their first steps in the world of business and gain invaluable experience for the future.
This builds a foundation of knowledge that can underpin your own business ideas and ventures over time.
Consider the Importance of Building a Team
There are numerous skills required by aspiring entrepreneurs, with one of the most important being the ability to build a team and delegate tasks to trusted employees.
After all, you cannot launch a successful business without help or collaboration, and building a trusted team will make your venture more efficient while also enabling you to focus on your core strategic vision.
As part of this process, you’ll also need to understand your employees’ motivations and create rewards packages that satisfy these. This means thinking beyond base salaries and bonuses, with companies like the UK based company reward system Perkbox enabling you to augment pay cheques with exclusive discounts and incentives.
With this type of outlook, you can build a skilled and motivated team that can drive your business forward in the future.
This feature was created in collaboration with Perkbox