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3 Lessons Every Entrepreneur Should Learn Before Jumping Into Business

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Getting a head start in business may seem like a daunting task. However, in the world of business, it is a dog eat dog world where only the fittest survive. Here are a few tips on how you could get a leg up on the competition and ensure your business not only survives the first year but flourishes in the market.

 

1.Entrepreneurs Are Problem Solvers First
Swimming against the current, that is what entrepreneurship often feels like, with grim odds of survival in the early stage. Improving your odds calls for a kind of business savvy. In whatever trade you ply, your innovation space has to be attached to a market pain point. This means you are solving a problem that people are willing to pay for. In the event that you are ahead of the market trends and you are coming up with a new solution, the said solution should hinge closely on people’s current realities.
If you are offering a solution to a market pain point and you are out in the market, keep a close eye on your early adopters. This is the surest way to grow your client base for there is a common attribute in all people who get attracted to your business. Identify this attribute, then ask yourself where you can find more people with that said attribute.

2.Patience And Feedback Are The Building Blocks To Your Brand
Nobody ever gets to see behind the scenes of most successful businesses. When it’s mentioned, we all can’t grasp the full intensity of the struggle during those points in time. Taking time here means, two or three years down the lane, you may need to re-invent yourself based on market realities. The most flexible and adaptable get through this stage.

How do you cultivate patience then? I would say a clear vision, determination and feedback are a great place to start.  To constantly improve, level up through looking for feedback on your product or service. Genuine feedback is your mirror. It shows you what you are doing right or wrong, what you can improve and gives a clear gauge of the potential for your product or service. It’s the only way to improve your quality.

3.A Brand’s Reputation Is Based On Quality
A great service or product speaks for itself. If you are dealing with products, it must live up to its promise: it must do what you said it will. This builds your credibility to your clientele. More often than not, when products live up to the promise, the business starts getting volumes in sales. The temptation to water down the brand for a quick score set in.
On this, Joram advises that an entrepreneur should never jeopardize their reputation for whatever reason. Integrity should be at the center of your business, taking the easiest way to exponential growth will hurt the brand eventually.

Do you have a great idea? Have you sketched it somewhere? It’s time to put it out there, see what comes of it!

 

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‘A lot of people fantasize about sky diving but never get on a plane, if they do, they are too scared to jump’ — Unknown.

 

This article was written by Isaac Maritim, a finalist student of MultiMedia University.

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