Successful entrepreneurs have an approximately 30% chance of succeeding in their next business venture, according to a Harvard Business School paper. While this pointedly shows that achieving in business can lead to more success, it isn’t complete doom and gloom for those who have had setbacks.
The same report showed that approximately 20% of entrepreneurs that previously failed will succeed on their next venture-backed attempt. While the numbers are not overwhelming, it shows that understanding how things can go wrong — and how to avoid it — can be all an entrepreneur needs to make it in business.
So what should you keep in mind? Here are some of the most important things entrepreneurs need to be doing differently today in order to achieve success in the modern business world, according to seven members of Young Entrepreneur Council, ranging from constant learning to delivering real value and problem-oriented solutions to your customers.
1. Always Be Learning
Be a perpetual student. By always learning about things you are unfamiliar with, you will grow your bank of data to draw from, be creative and relatable to the changing world. It primes you to have the right mindset to seize new opportunities. - Paul Ford, Orchestra Rx LLC
2. Embrace Social Media
Embrace social media and the opportunity to get your name, brand and message to the entire world. Create content consistently and utilize social media to spread your message at an inexpensive rate. Marketing your business is easier today than any other time in the history of the world! - RJ Bates III, Titanium Investments, LLC
3. Avoid Outside Capital
Do not fall for the allure of outside capital and investors without thinking through the implications of what that capital costs. It's not just dilution: It will cost you some control of your business and it will raise the risk profile. It may very well be the rocket fuel to drive your growth, but it could also be the reason your business fails. - Eddie Le, Lumos Partners
4. Put Customers and Your Product First
The amount of runway needed today to start and sustain most early-stage ventures is incredibly low (if you're smart), yet the amount of distractions and noise is incredibly high. I see so many entrepreneurs get too caught up with seeking funding and overnetworking that they become the product in and of themselves. My advice is to keep it old-school, and focus on your product and customers first. - Ron Justin, GroupGets LLC
5. Deliver Real Value To Stay In The Game
In order to stay competitive in today's modern business world, entrepreneurs need to deliver an insurmountable amount of value to the customer. This can come in many forms, including great customer service, tutorials and DIYs, just to name a few. With so many options available to consumers now, the value you bring to your customers will separate you from the pack. - Johnathan Solorzano, Solo Media Inc
6. Focus And Solve Real Problems
The most important thing entrepreneurs need to be doing is focusing. There are so many distractions out there right now, and most of them are touted as being helpful in the business context. But locking yourself in a room in order to focus and solve real problems will have direct effects on your success. - Adam Dailey, FunLy Events
7. Look to Freelancers for Help
With the rapid advancements of cloud-computing and the rise of the freelance economy, it has become easier than ever to turn an idea into a business. No longer does one need to make the heavy upfront investments in things like real-estate, infrastructure, and computing to get a business up and running, and the days of having to hire full-time employees to get your idea off the ground are behind us. Look for ways to leverage SaaS and cloud-delivered applications, as well as marketplaces like Fiverr and Upwork to offload certain aspects of your day-to-day operations, so you as an entrepreneur can focus on your core business. - Omar Zarabi, Port53 Technologies, Inc.
Posted By: Alexander Angeles
Tuesday, February 20th 2018 at 2:23PM
You can also
click
here to view all posts by this author...
