Well, let me put it straight.
There isn't such a thing as a magic formula. But having done the full transition from employee to freelancer and from freelancer to entrepreneur, I think I can now share with a thing or two. At least so that you can avoid making the same mistakes I've made. And maybe walk a smoother path than the one I've hiked so far.
This week we've celebrated Entrepreneurs' Day. I was actually too busy with my stationery business and I am now late to write this article. But, hey, it's never too late talk business.
The idea
The most important thing is the idea. Millions of people have millions of ideas. Every second. However, not all of them turn into businesses. Even less turn into successful businesses.
The key is to find something you are truly passionate about. You'll have long days ahead of you, but if you love what you do, it will be easier to cope with the stress and long hours. Always remember that an idea to be valuable has to add value. Whether it solves a problem or creates something new, it needs to add value to people. If you don’t add any value with your business, there’s no reason for anyone to pay attention to it.
Learn
You don’t need to have any type of formal education to be an entrepreneur, but that doesn’t mean you should ignore education completely. Quite the opposite in fact. You should learn as much and as widely as possible. Especially if you are starting on your own, you might need to know the basic of web design to create a website and a bit of accounting. Remember that what you don't know, you'll have to pay someone to do it for you. And watch out, at the beginning **money **isn't going to flow.
Find out who's your customer
Not every business idea appeals to everyone. Age, gender, income, race and culture of your target group will be crucial in determining where, when and how you should start your business. Do your own research online and offline before taking the risk.
Who are your competitors
If you have great competitors, learn from them. Copy them. Do everything that is in your (legal) power to adopt their strategy. For my own market research, I constantly buy my competitors products, call their customer service and try to find out their weak spots.
The Plan
Before you begin your business, you need to have a business plan. A business plan lays out the objectives you have for your business. It should include the strategy to get there too. This plan is very important if you are in need of money and to get investors on board.
People
If you need partners/investors/employees, find the right people. How? Well, get to know them. Don't let personal relationships blind you and make you pick family member or friends out of the love you feel for them. You are going to climb a huge mountain and you need strong, reliable ropes.
Money
Are you going to be only one investing or are you funding a partnership? Are you trying to do a crowdfunding? Regardless of your business idea, you will need money. Maybe something as little as 1000€, but most likely you will need more than that. How are you going to find it?
While networking is important in all fields, it may be most important for entrepreneurs. Networking is how you meet other people that might have skills you can use in your business. Or have the money you need.
Ready, Steady, Go!
You should be focused on marketing before, during and after you start your business. You may have the best hotel in the city, but nobody will visit if they don't know it exists. Marketing is tricky, but if you know who you are targeting to, you should be able to focus solely and efficiently on them.
Always Be Flexible! Move fast and improve quickly
I thought running an e-commerce was going to be easy peasy. Well, one year and one month on, and it feels more like being on a spaceship at 543754370 km/hour. It's crazy and every day there are hundreds of little and big things to get done. It feels like every day I'm learning something new, yet, work never ends. When you are running your own business, your name is at stake. You need to fix issues quickly and make your customers beyond happy. They are going to be your best ambassadors (call them influencers if you like) but they are going to save you tons of marketing money if you do your job right.
Stay humble
Is your business already skyrocketing. Keep your feet on the ground. There is nothing worse than arrogance and egocentric business owners. Stay humble even when you reach your first million.
Dream big
In my own experience, I started with a planner. Now I have a full stationery collection, I have 14 retail partners in the world and I sold to over 25 countries around the world. The sky is the limit. Oh no, that's wrong. You are your only limit.
And you? Have you ever dreamt of running your own business? Have you tried? Let us know in the comments below or share your stories on Instagram.
If the entrepreneurial path isn't for you, you can also find the perfect job or become a freelancer. Read here:
How to Find the Perfect Internship in London, UK
Why You Should Get a Summer Internship
10 Reasons Why You Need to do an Internship Abroad
How and Where to Find the Best Internship in Italy?