How to Start Your Own Business: 3 Tips from a Successful Entrepreneur Who Overcame the Status Quo to Consider
Read this article and discover 3 tips from a successful entrepreneur who overcame the status quo on how to start a business! Get all information here!
Let’s face it – regardless of how great the business idea is, it requires a raising capital in order to become a viable business. In today’s world where venture capitalists are becoming risk hesitant and progressively behaving like private equity companies, it should come as no surprise that there has been a huge decline in seed funding.
In this article we are going to share with you some great tips from a successful entrepreneur who overcame the status quo on how to start your own business:
Determining the Need – According to Sarabjot Kaur, the successful entrepreneur who overcome the status quo and start her own business, the first thing you need to do is to determine the need. Sarabjot began her career a few years ago when they founded a digital marketing agency in Boston. In that time, the company relied on talent working entirely online and that helped them serve customers from all over the world. However, they weren’t alone. The technological advances, the breakthrough, the cost pressures, the changing mindsets, the globalization, and the 24/7 business cycles continued to fuel the rise of freelance marketplaces such as Elance and Odesk. However, these marketplaces have failed to meet the needs of the larger companies. On the side, we were able to find consultants who can meet the needs of these companies in no time. So, we’ve determined the need and we created a big data marketplace that easily connects consultants with companies.
Do Your Research – You should know that research lays the foundation for your business company. Whatever you do, make sure you are thorough enough and always think of a scenario that could possibly happen and then think more. Sarabjot validated her idea once they ran a survey of more than 150 organizations asking them about a specific need for consultants. They were thorough enough and they spoke to business executives in various industry sectors – healthcare, high tech, finances, consumer goods, and retail, and more. After they spent months researching, they realized that there were an enormous supply and demand in analytics big data, and market intelligence sectors. At this point, they worked even harder to find a solution. So, make your research, be thorough and patient, and find a solution that works.
Know When to Say No – We all know it is hard to say NO sometimes but if the investor does not have your business’s best interests you have to say NO and turn down the money. After launching the company in the first 3 months, Sarabjot received a generous offer of $1M from an investor. At this point, their company and their resources were exhausted and the company practically lived on maxed out credit cards. Can you imagine the stress? We spent some time into analyzing this investor and analyzing his needs and we’ve discovered that another entrepreneur had been burned by this exact same investor who managed to take control of the entrepreneur’s company. Even though they were unstable, Sarabjot decided to refuse this offer and to say NO to the investor.
Everything depends on you! You are the one who brings all the decision and you are the one that is going to decide whether or not you are going be successful! You only need one person to believe in you and that is YOU! Be persistent, be patient, and work hard enough until you are a successful entrepreneur.
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