For most professionals, working within the pack is just fine. They are not trying to blaze a trail or work on the cutting edge of an industry. They are trying to be as efficient and effective as they can in their corner of the world. With entrepreneurs, it’s different. They are putting themselves out there with new companies and innovative – but often unproven – business ideas. It is not for the fainthearted. But it’s also one of the fastest growth areas in business as unprecedented technological innovation drives a complex, global market. Entrepreneurs must keep a step ahead in order to succeed.
While the opportunities for entrepreneurs are greater than ever, pitfalls remain. Staying a step ahead requires mastering the skills needed in a digital world.
One move that will immediately make the future entrepreneur stand out is to earn a Master of Arts in Innovation and Entrepreneurship. Graduates have expertise in the latest business strategies, tools and techniques that can help them launch a new venture successfully.
Here are some other tips to keep in mind for future entrepreneurs.
There is likely nothing in business that has been written about more than data. But the truth is, most businesses still are not using data as well as they could. Inc. reports that up to 73% of all data at a company is not used. Entrepreneurs cannot afford to fall into this category. The use of data-driven decision-making is the No. 1 strategy that can put a business out in front of the competition.
In general, it’s best to either keep up with technological innovation or have someone you trust on hand to take the lead in this area. Remember the key is not to put the newest innovative technology in place just to have it, but to only use technology that benefits the business.
Personalization In Marketing
Another way to stand out is to use data to segment customers (and potential customers) into separate groups, and then market toward those groups. This is one of the most powerful uses of data. Within a specific group, you can tailor marketing messages that are personalized – in other words, you aren’t trying to reach suburban parents and urban professionals with the same message.
Don’t Try to Be Perfect
Many entrepreneurs are drawn to running their own business because they want to call the shots, and people who want to call the shots are often perfectionists. This may be one of the hardest areas for entrepreneurs. Trying to be perfect will quickly lead to stress, burnout and anxiety, according to the Harvard Business Review, because of a “my work is either perfect and successful or it’s an utter failure” mindset. Let this go. Think instead of learning fast, failing upwards and correcting mistakes as you go.
Digital communications give entrepreneurs better methods than ever to connect with other businesses leaders and create a supportive network. Outsourcing certain skills also helps build a network – think about areas such as information technology and marketing that can help take many tasks off the hands of yourself and your key staff. Look for other entrepreneurs not only in your community but in your industry around the world.
Think Long Term
No matter what the time – 2019 or 1919 – certain ideas must always stay front and center for entrepreneurs. First among them is to build a business that is designed to last for the long-term, not just the immediate future. That means a heavy dose of strategic planning and always thinking about next year’s plans this year. That guides better financial, marketing and sales decisions. The difference today is that data and digital tools allow entrepreneurs to better plan out their future in a way that limits risk and leverages knowledge for business success.
There no guarantees for entrepreneurs, ever. But keeping these issues in mind can keep business owners on the right track. Becoming an innovator and a leader in business has never been easier, thanks to technology. But finding ways to leverage that technology requires the proper mindset – and education.
© 2020 Concordia University Chicago | All Rights Reserved