With nine out of ten startups today failing within the first year of business, it’s natural for entrepreneurs to feel a little bit terrified as they start off down the route of setting up their first company. If you have decided that being your own boss and running your own business is the perfect career option for you, then you’ll likely also be aware of the very big risks that this choice of career path holds. However, the good news is that there are plenty of smart steps to take to improve your chances of success as a business owner. These include:
Business Owner Responsibilities
1. Increase Your Knowledge:
When it comes to startups that fail quickly, it’s often down to a lack of knowledge and experience on the part of the business owner. Whilst anybody can start a business and many people with little business knowledge have gone on to become successful, learning by trial and error can be a very risky process and one small mistake could quickly lead to business failure. Because of this, investing in yourself, for example by taking a masters in business administration online or other business program is certainly worthwhile doing to improve your business know-how.
2. Seek Advice:
One of the best things about business is that there’s always going to be somebody who’s been doing it for longer than you have and is willing to share their advice to help you out. Whether you simply make friends in your industry to turn to or pay money to attend conferences and talks from some of the big names in business, seeking advice from those with more knowledge and experience is key to finding success as a business owner. Never be afraid to ask for help!
3. Hire Smart:
If you’ve studied for or are currently completing an AACSB online MBA from Northeastern University, then you’ll probably have learned a lot about the importance of getting the right people on your team. When it comes to business success, it’s important to make sure that you’re getting the right people on your side. A team that doesn’t work well together and is half-hearted in their efforts will quickly bring your company down, no matter how hard you’re trying as an individual.
4. Get to Know Your Market:
Lastly, it’s important to get to know your target market like they are the back of your hand. If you don’t know your target market very well, then you have no idea what they’re going to respond well to and this could lead to huge investments in products and services that doesn’t elicit a good response. Take the time to conduct extensive market research through surveys, monitoring social media, and even holding face-to-face focus groups with members of your audience to help you determine the best things to offer them from your brand.
In today’s day and age, it’s easier to fail at business than it is to succeed. But, your company doesn’t have to be in the nine out of ten!