Actualizing a business idea into a flourishing business is a feat few entrepreneurs succeed in achieving. Did you know that more than 20% of startups fail to survive in their very first year? That’s not all. Statistics reveal that 30% fail in their second year and 50% in their fifth year.
Did you know that your business could fail even after an entire decade of profitability and building a clientele? Business continuity and survival are challenges that evolve and grow alongside a business. However, as a startup, the survival struggle becomes much more profound and challenging due to limited resources.
Now, that’s one side of the story, for leaders can overcome impossible odds with pragmatism and strategy. Likewise, entrepreneurs can visualize, strategize and actualize that vision. Keep reading to learn how to sharpen your entrepreneurial acumen and cultivate leadership skills for a successful startup.
Master your Craft
Back in the old days, aspiring artists, craftsmen, and even soldiers pursued training and apprenticeship to learn from the best. It was natural for one to master their craft before venturing out and showcasing their talents and skills. Over the years, the evolution of education into a profitable industry gave rise to degrees and certifications.
However, many believe that basic business understanding and digital prowess are enough to launch a successful startup. Unfortunately, most e-commerce companies fail to survive the competition created by sustainable business models. So, before you embark on entrepreneurship, be sure to advance your skills and pursue higher education.
An MBA will equip you with advanced training in supply chain management, problem-solving, data-driven decision-making, and business leadership. However, an online program will make it even easier to learn. So, why not pursue an online MBA no GMAT requirements alongside managing their startup affairs. These skills are instrumental in developing and growing a sustainable business model with accurate legal compliance.
Understand & Value your Customers
Ace customer service expert Kate Zabriskie observes that the customer’s perception is the reality of a business. We couldn’t agree more, for customers empower startups with their trust, loyalty, buying decisions, and referrals. Companies that invest in understanding and connecting with their customers succeed in building a loyal clientele.
Before you launch your business idea, it’s crucial to understand consumer preferences and tailor your products to their ideals. Identify the demands, values, beliefs, preferences, and lifestyles of your consumers. But first, you must define your target audience and map out the various segments and their characteristics.
This valuable information will help you design personalized products or services and effective marketing campaigns. As a result, modern-day consumers connect with brands that deliver personalized experiences that align with their lifestyles and values. However, keep in mind that building and retaining a clientele is a continuous effort.
Your brand must uphold its values of quality, excellence, and courteous customer service. You know what they say, it takes months to make a customer and seconds to lose one.
Social Media Engagement
Social media marketing allows startups a dynamic fighting chance against their larger, more influential competitors. How does that work? It’s simple: social media will enable you to connect with your target audience with conversational marketing tactics.
Consumers want to interact with their favorite brands and map out their buying experiences on social media. Having an active and vibrantly engaging presence on Facebook, TikTok and Instagram make your brand credible and attractive. Consumers are more likely to trust brands they engage with on social media, flooding them with advertisements and content.
Social media is the ultimate platform to promote brand values and win over an audience connecting with your brand’s initiatives. Facebook, Instagram, Snapchat, and other social platforms empower entrepreneurs with multiple marketing tools for highly targeted promotions. Features such as stories and Live sessions allow entrepreneurs to engage their audience and humanize their brand.
In a world of hashtags and trends, consumers are buying a lot more than just products and services. You see, consumers invest in brands that promote lifestyles, values, and ideals they connect and relate with deeply. Modern-day consumers are conscious about spending their money and their impact on their environments.
Launching a startup and winning over attention, even from a location-specific audience, is a challenge. However, you can tilt the odds in your favor with a trendy campaign facilitated by popular social media influencers. It’s a tried and tested idea for influencer recommendations, and reviews build trust and credibility.
Influencer marketing will allow your startup to tap into the influencer’s target audience, generating scores of leads. Targeting multiple influencers will quickly turn your products/services into a trend everyone must try. However, it’s not that simple as this endeavor requires a comprehensive strategy.
It’s wise to target multiple platforms and create a campaign consisting of influential personalities in your niche. Rolling out your product reviews and influencer campaigns on Instagram, Facebook groups, YouTube and TikTok will bring splendid results. It will prove a fabulous launch, but you will have to keep up the content quality and digital vibe.
Setting a stunning first impression comes with the heavy burden of maintaining your brand of excellence or risk losing the spotlight.
Do it with passion
Many will deter and discourage you from launching a startup and clinging to the security of a profession you detest. But, while pragmatism, planning, and preparation are necessary to succeed, passion is an essential ingredient. Without passion, your business will fail to impress its audience with uniqueness, creativity, and originality.
It’s wise to pursue your passions as long as you learn the art of transforming your passion project into a profitable entity. With savvy financial management, risk-gearing strategies, and a solid business plan, you can actualize your vision. Investing in your passion will create a lifelong love affair of challenging yourself, refining your talents, and outdoing your performance.
Launching a startup isn’t as challenging as it seems; however, timing can prove a crucial gamechanger. Entering the corporate world with an untrained and inexperienced mind is an instant recipe for disaster. So be sure to complete your education and gain real-world experience before investing your money into a startup model.