Anybody can start a business provided they have the resources. In fact, lately, youth are being encouraged to shun the job search mentality and embrace the job creation mentality. In other words, they are being encouraged to explore self employment by starting their own businesses.
Unfortunately, many businesses built on the desperation to make ends meet rarely live to celebrate their second birthday. This is majorly because the founders of such businesses often think that all you need to start and grow a successful business is capital.
There is more to a successful business than just capital. We have compiled 5 habits of successful entrepreneurs. They might not be a magic bullet to success but they will definitely put you on the right track.
1. Identify a need: You can come up with a brilliant product but, if it meets no need then, you might be its only consumer. Successful entrepreneurs identify a need before they even start coming up with ideas. Remember, need for your product means that you have the market and it is this market that will give your business the much needed boost.
When they identify a need, successful entrepreneurs focus their energies on understanding the need. As a result, when they are designing the product/service, they are in position to provide something that will address the need. They do not rest until they have found the perfect solution to the need.
2. Learn from their failures: Successful entrepreneurs learn from their failures. Consequently, they emerge from these failures with a deeper understanding of what they should do differently.
During the start up phase, entrepreneurs are often faced with a myriad challenges. Some of these can be daunting to the extent that some entrepreneurs might be forced into quitting. Successful entrepreneurs see challenges as an opportunity to learn, to grow and to be better. They pick up the broken pieces and push on.
3. Start small: There is a common misconception that you need hundreds of thousands of dollars to start a business. Whereas this might be partly true, if you wait to accumulate this amount of money, you might never start. Therefore, start where you are with what you have and if there is a need for your product, it is only a matter of time before investors seek you out.
You probably know of billion dollar empires that were started in garages. How small you start does not determine how high you will rise. What is important is to learn form every small step you take. After all, every journey begins with one single step.
Moreover, starting small means that if you make a mistake and go down, you will not lose so much.
4. Believe in what they have and are not scared to let it shine: When you are starting out, not everybody will believe in you. In fact you might get ridiculed by people with the ‘pull him down mentality’. Successful entrepreneurs do not stop believing in their ideas. This is the only motivation that will keep you going when there is nobody to cheer you on.
Importantly, tell others about what it is you have to offer and how different it is from everything else on the market. This is part of marketing. For confidence building, start with people close to you such as friends and family.
By Namwiza Ritah: youth programming enthusiast, entrepreneur and communication guru.