As a budding entrepreneur, it can be intimidating to navigate the competitive landscape and strive for success in the world of small business. According to recent statistics, the odds are stacked against you, as only one in five startups make it past their first year. However, this has not deterred a surge in small business formation, particularly in the wake of the pandemic over the past three years.
So, what can you do to increase your chances of survival and thrive as an entrepreneur in today’s market?
Here are three key considerations:
Leverage Digital Platforms to Your Advantage
Regardless of the nature of your business, it is essential to establish a strong online presence and effective digital marketing strategy from the outset. This is especially crucial for startups that rely on technology to drive their products or services. In addition, learning how to utilize social media platforms to sell your ideas and products can be a game-changer. Identify the digital platforms that align with your strengths and focus your efforts there.
“I am a big face-to-face person, but I’ve grown to understand and embrace the value of digital platforms,” says Alanna Olken, Founder of Speechless, a speech-writing and communications company. “Identifying your preferred digital platform(s) is the most important thing you can do. Pick whatever comes most naturally to you, because you can’t be everywhere. For me, that means leveraging Instagram and LinkedIn to showcase my expertise and connect with potential clients. Being self-aware of your strengths and weaknesses is a crucial part of being a successful entrepreneur.”
Embrace Challenges
Starting a business is no easy feat, and it is essential to embrace the challenges that come with it. Rather than being intimidated by obstacles, try to view them as opportunities to grow and learn. Seek out new experiences and take on tasks that may be outside of your comfort zone. This kind of attitude will serve you well as you navigate the ups and downs of entrepreneurship.
“As an entrepreneur and professional, I believe that my ability to embrace challenges and push myself beyond my comfort zone sets me apart,” says Olken. “Rather than being intimidated by difficult tasks, I see them as opportunities to learn, grow, and solve problems others may shy away from. I have a proactive attitude and am not afraid to take on new and exciting projects, even if I am not sure how to tackle them at first. This approach has allowed me to continually develop and evolve as a person and as a business owner.”
Establish Frameworks for Efficiency
Effective time management is crucial for entrepreneurs, and it is essential to maximize your productivity and minimize wasted time. Establishing clear frameworks and processes can help you achieve this goal.
“Define your values, mission, and brand identity from the outset,” says Olken “That will allow you to stay focused and prioritize your efforts. By doing so, you can ensure that you are spending your time and resources wisely.”