5 Steps to Becoming a Better Entrepreneur
In this day and age the wave of the entrepreneur, "becoming your own boss" has taken over. Everywhere you look individuals are finding ways to break away from day in and day monotony of a job they hardly enjoy. With the increasing number of society members trading in their 9 to 5 for the entrepreneurship route, it seems there is no better time to dive into whatever it is you are passionate about and turn that into a profitable business.
Finding where your passion lies is typically not too difficult, but how do you market to the world the things you find exciting? This article will discuss 5 concepts to help get your entrepreneurial enterprise on the right track.
DISCOVER YOUR PASSION
To really market your passion you will need to decipher what niche it falls in. The niche is the lane for your passions. For example, novelty socks. Within the novelty socks niche there are various styles, characters, themes, brands, designs, sizes, all falling under the novelty sock umbrella. The company , founded by Jeff Kearl, Rick Alden, Jeremy Andrus, and Hoby Darling, has become huge in this space by understanding how they could provide value to people already in the 'novelty sock' niche. This formula goes for any niche. Within that lane are aspects that make up the reasons why people are so passionate. The first step to entrepreneurship is finding the niche for your passion.
OCCUPY THE NICHE
Once you know the lane the next step is to dive head first into it. Gary Vaynerchuk (@garyvee), entrepreneur, author, and professional spokesperson, discussed the importance of recognizing the "broad and narrow" in terms of marketing. This covers all the peaks and valleys of the when it comes to your audience or target market. For example, if you are one of the millions of people who love cats, a broad approach is to know about the funny cat videos, or maybe grumpy cat, just so you are not completely thoughtless in common conversation. To get more into the narrow, you could focus specifically on the Savannah hybrid domestic cat and become knowledgeable on why people are willing to pay north of twenty grand to own one.
The best way to get this information is to study and live in the space where people of similar interests are. Instagram now gives you the capability to follow hashtags and engage with the community. Like, follow, comment, and repeat. Engagement is the best way to understand the public viewpoint. Facebook has 'community' pages that put you right in the middle of the conversation on whatever topic you choose. Within these communities are videos, advice, events and many other forms of conversation taking place. Take advantage of that availability by engaging in the right communities. Lastly, Twitter may be the best option for conversation because there is not as much visual media there like Instagram and Facebook. Utilize that as another outlet for gaining more insight on a topic.
LOVE THE GRIND
This next part goes hand in hand with the thought of diving into the niche. With that comes the hustle and grind it takes to truly understand enough about a given topic. Essentially, it depends on how much time you're willing to spend engaging, but the more you are able to genuinely engage and go beyond surface likes, the better chance you give yourself at developing meaningful penetration within a given niche. This is a more difficult aspect because it sincerely is a grind, and a lot of people are not prepared for the amount of countless hours preforming similar repetitious actions or parts of your life you will need to cut in order to focus more on the market.
An article from Forbes.com, written by Elaine Pofeldt, explains briefly the story of Tim Reiss. Reiss, a 27 year old entrepreneur, founded myonlinefitnesscenter which made over 1 million in revenue in 8 months time. Although he was able to reach 1 million in this short amount of time, it did not come without Reiss giving up a certain lifestyle to focus his time and energy into his business. He understood that his passion was something that other people were interested in as well and found the best way to get his products in front of as many of them as possible. It takes this commitment to understanding your product and product market to become successful in that space.
After feeling you've grasped the concepts, the meme and the inside jokes of your passion, the next step is to provide value to potential partners and associates. Providing value is the only way anyone in the business world will take you seriously. Having that behaviorism will allow you the confidence to approach any influencer and inform them how you can help increase their viewership, followers, or clicks with what you are willing to provide. Another route is possibly explaining how you see opportunities to re-modify their current business model to reach a higher audience count. There are numerous ways that you can find to provide value to someone. From an from The Huffington Post, they outline specific ways for employees to administer value.
If there’s a challenge that needs an answer, going for the generic solution won’t get you noticed, and it may not be the best resolution. Instead, always consider what the company/user/problem requires, and try to deliver a solution that is tailored to that requirement.
The section above details how to provide value by 'thinking outside the box'. The key is having recognition of what ways you can provide value. Develop clear, define strengths you feel you can bring to a company, potential investor, or collaborator.
Lastly, which may be the underdog of all this, would be to remain passionate. Whatever passion you choose to develop into a potential business, you will find greater success by continuing to chase your passions rather than the dollar signs. We all know that to be successful you need to have money, but that cannot be the source of your passion. The market can smell a phony faster than you would expect. If you are fake with with people and chasing dollar bills you will be snuffed out. Establishing and expanding your passions will prove vital for any growing business model.
The entrepreneurship road is not for everyone. Be prepared for the bumps and bruises, but persistence is key.