Entrepreneurship is not dead. Just consider the continuously growing number of self-employed people. Consider the booming online businesses, the new cafe in your favorite mall, and all other sources of things and information that you consume.
We can’t deny that many people prefer the security that job employment offers. Still startup businesses are still always in. According to the Global Entrepreneurship Monitor, over 100 million startup companies are launched each year. Furthermore, studies on the Total Early-Stage Entrepreneurial Activity or TEA reveal that the number of people engaged in some kind of entrepreneurial endeavor is continuously on the rise.
Starting a business from scratch has its share of exciting and dreadful. In this article, we will cover three important things. These can spark a business person’s enthusiasm, fear, or both. We will also go through a few tips. These can potentially help you strive and thrive as your own company’s CEO. Here we go:
1. Building brand awareness and marketing
Lets assume that you have actually planned out your business and your value proposition. It is now time to reach your target audience and make your business known.
This is one of the most exciting parts. Mainly because it entails high dosages of brainstorming, creativity, and opportunities to express what your biz stands for. It’s also the perfect time to delve deeper into the clients or customers you wish to attract. It is time to understand their pain points, their needs. Also and how your business can fill that need.
If you enjoy creative thinking, this is also the time to squeeze out some juicy creative ideas–which is enjoyable to do.
But while all these can be fun, they can also easily become overwhelming. Marketing and risks are a conjoined pair and when the risks seem too high, things can get a little too frightening. Plus, the results of brand awareness and marketing campaigns usually take a frustratingly long time, which adds to the overwhelm.
When faced with this kind of experience, it can help to keep in mind that businesses always work around risks, especially startups. However, with persistent actions towards a clear direction, results will inevitably show themselves. Also, you can always get professional help.
2. People management
It’s exciting to meet people who believe in the work that you do. Even more exciting to have them in your team.
But while having the right people is essential to achieve your business goals, leading and managing them require special skills that not all business owners have. Plus, actually finding these right people will no doubt take time, some trial and error, a few disappointments, and a few other investments from your end.
Depending on what business your startup does, you can start with a small team and invite them to collaborate with you, not just in business matters but also in making the team a great one.
If your business is new, you will most probably be working with Millennials, which is something you ought to prepare for. It’s important to have at least a little understanding of how your team members think, what their motivations are, what they aspire to become, and how to best lead and mentor them.
3. Money management
Regardless of the size of your startup, it will involve money. As such, you should have an understanding of how to handle money and how to handle it wisely.
It’s nice investing in the materials you need for your business. If a workspace is needed, you are in for an exciting time to buy some office equipment and all other supplies that you and your team will need. But before you do these things, careful planning is a necessary prerequisite. Otherwise, you may be spending beyond your means and, consequently, putting your business in a very dangerous place early on.
If you’re doubtful about your money management skills, it would be best to work with an accountant or anyone you’re sure is reliable in money matters. In making necessary purchases, be sure to check for quality so as to make the best of every amount you spend.
Every business has its highs and lows. But the good news is that you don’t need to face everything alone. When needed, you can ask help or hire a professional to do the job you are challenged with.