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5 Smart Ways to Become a Successful Entrepreneur
|5 Smart Ways to Become a Successful Entrepreneur by Editor: 12:00 am On March 20, 2017|
There are more than 1 million startup businesses in Africa and they are responsible for Africa’s major market growth.
According to the Small Business Administration, small-scale companies added 500 thousand new jobs in the year 2014 and 39% of those jobs were added by very small firms.
Despite such impressive statistics, a large number of small businesses are destined for failure. Experts believe as many as 96% startups will fail within first 10 years. A smart entrepreneur is one who fights against all odds and becomes successful.
How do they succeed? They follow the below-listed smart tips on how to become a successful entrepreneur:
Social Media for Networking:
The best way to create a network is attending industry meetings, tradeshows and business summits. However, small businesses lack the privilege of sitting next to the big guys in business summits. Hence, they have to depend on referrals and testimonials from previous clients.
Besides LinkedIn, Twitter also helps. Visit the Twitter profile of successful entrepreneurs, comb through their followers list and notice how they interact with them. Someone said it right, to become wealthy you need to connect to wealthy people. Social media does this for you.
Discover Wealth-building Secrets:
Sam is not alone. The promised boat came for all those who patiently waited, faced their fears, had a vision, had realistic goals and relied on teamwork. Yes, there have been entrepreneurs who failed despite ticking all these checkboxes. They failed because they couldn’t build their brand.
Arrange VC Funding:
The 2015 Product Hunt Singapore Meetup produced some innovative strategies for startup firms. One of these strategies was deliberately letting a product fail, only to identify its shortcomings. Small businesses can adopt the same approach when they seek VC funding.
Don’t expect the first VC firm to usher in all the money your business needs. Expect refusal instead. When your business’s candidacy is refused, identify the reasons that led to the candidacy being declined. Uniqueness is an important requirement. Make sure the product/service you are offering is not a copycat and a degree of innovation is involved.
Automation fast tracks your marketing efforts. Despite a surge in adblocker usage, Ads are still the marketing driver. Automation brings entrepreneurs programmatic advertising, letting them zero in on the most targeted demographics and impress them with customized action statements.
‘Put simply, not embracing automation is a grave mistake for aspiring entrepreneur.’
Automation falsifies the adage that lowering cost and innovation don’t go hand in hand, ultimately benefiting startups.
Overcoming Mobility Challenges:
Harnessing automation helps in these areas, but here are two things that are even more important:
You can adopt a mobile-first approach just in case you prioritize enterprise mobility.
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