When it comes to finding success, there's no better place to start than by taking advice from professionals in your field.
Successful entrepreneurs should be your role models, as they have years of knowledge to share. Some lessons can only be learned with time; however, taking advice from successful individuals in your field can give you a leg up on avoiding potential problems while simultaneously keeping you on the right track to achieve your dream.
Popular business blog Hackernoon.com spoke to over 100 business founders to discover their top tips for finding success as an entrepreneur. Many founders shared similar ideas, giving us a list of about 20 excellent pieces of advice explicitly curated for newcomers to eCommerce. Here's what Hackermoon came up with after their time spent with these successful business founders:
- Do It! – As with any goal, the most essential part of the process is doing it. All too often, we come up with great ideas and then never act upon them. Combat this by continually working towards your goal. Never stop doing things that bring you one step closer to finding success.
- Make the Right Calls – Being actionable is excellent but does little good if you aren't doing the right things. When starting a business, quality comes before quantity. It's more important that you take time and get the right things done rather than rush and get things done poorly.
- Look for Criticism – Businesses rely on constructive criticism, like the arts. Speak to individuals who will show you no mercy when discussing the validity of your business idea, as brutal honesty is vital to your idea's success.
- Enjoy It – Starting a business can be stressful, but it can also be one of the most enjoyable experiences of your life. Be sure to take time and enjoy the journey every once in a while!
- Follow Your Heart – Business may be about making money and bringing new ideas to the public, but pursuing a field you are passionate about is also important. Your company will take many years to grow into a large empire, so you'll want to have a vested interest in whatever field of business you choose.
- Measure and Adapt – You won't constantly develop a stellar marketing or product idea, and that's okay. Take the time to measure the success of your products and marketing endeavors to see which resonate well with your customers and which don't. This will allow you to focus on what works and leave behind the tactics that don't.
- Competition is Valuable – In the beginning, you may despise that other companies have the same idea as you, but over time, you'll realize competition is excellent for business. When you have competition, you strive harder to be the very best in your field. This drives you to improve your product, company, and products, allowing you to improve yourself.
- Have Confidence – Uncertainty is dangerous to an entrepreneur, as it allows the slightest doubt about your success to cross your mind. If you want to make it in eCommerce, you'll need the confidence to do so. Without faith, you risk giving up, which is the fastest way to fail at anything – particularly business.
- Be Prepared for Failure – Part of starting a company is facing failure. You must remember that failure is not the end but a learning opportunity. When you've failed, learn why, and start again – this time, fixing the issue that caused your initial failure. Remember: it's not an actual failure until you give up trying.
- Investigate the Market – Good ideas are easy to come by, but not all good ideas are profitable. You'll want to know the market for your opinion before investing your time and money into centering a business around it. If it's not marketable, some minor tweaks to the concept may make it more beneficial, so keep this in mind as you create your business plan.
- Create a game plan – Business is unpredictable, and there is no way to tell exactly what your future holds accurately. That being said, you should create some plan as to how you expect to run your business. Ensuring your company is covered legally, all documents are filed if you plan on completing a company registration in Thailand, and all employees have proper contracts are just some of the important tasks that should be at the top of your gameplan.It may not be accurate, but it will give you a timeline to work with.
- Be Careful with Other Founders – If you're solo-founding your company, you'll have no worries about “founder drama.” But if you're working in a team, some issues could be later. The key here is to play it safe. Surround yourself with people already where they want to be to minimize the risk of founder drama.
- Ask questions – It's okay not to know everything. It's not okay to stay silent instead of asking questions so that you can move past your hurdles. Seek mentors and role models, and be prepared to ask them many questions. Having a mentor is one of the best ways to improve as a person and businessman.
- Don't Chase Funding – Seeking investors is a standard part of starting a business, but getting carried away is easy. Getting too much funding too early can harm you in the long run, so keep this in mind as you search for investors. Remember that you'll have to pay them back, so you'll want to know that your company is off the ground before you seek funding from others.
- Understanding Hiring and Firing – You'll want as few people on payroll as possible as you begin your company. Hire only the best, and hire only for positions you need to be filled. Alternatively, don't be afraid to fire anyone who doesn't work well with the team. This will save you some grief in the long run.
- Don't Play by the Rules – Realistically, the most successful businesses of our age did not follow any rulebooks when doing business. Thinking outside the box leads to success in today's economy, so try to find a creative idea that will sell.
- Focus on Sales – Making sales is your company's ultimate goal. Once you start making sales, you'll see things falling into place more quickly. Many of your problems will disappear once you begin making regular sales, so make this your primary focus.
As an entrepreneur, are there any tips you would like to add to this list? Are there any essential tips we forgot? Which tips were your favorite, and which did you find most helpful? Let us know in the comments below!