Entrepreneurship: Why it is the Next Big Thing? 2023
Entrepreneurship has become or is going to become the next big thing. Lately, becoming an entrepreneur has grown wildly popular among students and even professionals. Many startups are becoming increasingly popular inspiring amateur entrepreneurs to start their own venture.
Are you a little worried about what the future holds for your career?
The reality is grim and you are rightly worried about the same. But don’t let it get you, instead, hop on and convert this anxiety into a new avenue for your success and growth.
We are already experiencing how technology is revolutionizing the lives we are living in. You can get locked up in your homes yet you can keep on earning without having to hustle under pressure.
Wouldn’t it be nice if you did not have to worry about getting a pay cut from your employer or even the scare of getting fired? How cool it would be if you were rightly rewarded for Your ideas and hard work if your work was your canvas to paint on?
That’s the difference between a Job and an Entrepreneurship!
Your own business could provide all the exciting opportunities you were looking for and even if you don’t want to leave your present job, wouldn’t it be a great way of earning a good side income.
What is entrepreneurship all about?
By definition, an entrepreneur is an individual who starts his own business and takes the underlying risks with the motive of profits for the same.
S/He not only plays an important role in an economy by contributing to economic growth but also creates employment for many others.
Can I choose entrepreneurship
Yes, you can! Especially in present times, it is even more possible and exciting to be an entrepreneur with technology. You don’t need huge investments or capital.
Technology has made entrepreneurship and starting new businesses hassle-free. The best and the easiest way if you think you have a good viable idea is to start an online business.
You just need a website offering your product or service, connected to a payment gateway, to attract your market and Viola! You are an Entrepreneur.
The possibilities are immense and endless. From showing your writing skills, offering digital products or physical products to consultancy services, and many more.
Courses to check if you want to pursue entrepreneurship
How to embark on Entrepreneurship?
–Think of an idea:
Think of a product or service which you think you are good at, has a potential market demand or audience, and if the idea can be converted into a viable business opportunity.
It can be a novel idea or one already present. You can have a new product idea like a magazine for New parents if you are a writer or hand made cards and painting to sell, if you are a painter.
It might also be possible that although your product or service is already being sold in the market by someone else, you have a better way or a twist in serving it afresh.
A loophole in their service which you could fill to curate a better service or an area which you feel is not fully exploited yet and can have a good market demand.
It can be anything from your brain. An Entrepreneur is also a creator!
-Determine your niche:
A niche is an opportunity to sell a particular product to a particular group of people. It is a specialized area having its own potential customers and products.
Your business niche can be an area of your specialization,
for example, writing e-magazines or reviews for others if you are a writer, creating online resumes for people, giving online coaching, yoga classes, traveling business, career counseling, or art classes.
Once you decide your niche, based on your interests and strengths, get into closer research about the same.
What are the areas you can explore in entrepreneurship, how you can do better than others in it, what is the market demand, and so on?
It can also be possible that you have too many ideas and your ideas belong to different niche areas.
For example, you want to start giving online cooking classes as well as yoga classes to others.
In cases like these, try to keep your niches less scattered and organized. If you have a website try to give proper delineation to both.
You can even think of keeping separate business websites for them, or even if you have a single website, keep its identity properly structured.
It can often be confusing for customers if you work in too many unrelated products or niches in a single place.
Your website is your identity, working in a single niche creates trust in the customer and market that you are an expert in that particular area in which you intend to sell.
You can start with one product and then gradually add more products that are related to it. And later on, slowly and steadily as your market base grows, add newer areas.
Research for entrepreneurship:
It’s always better to be prepared before you enter the arena.
Do ample research about the product or service you want to sell. Look at the ways it can be presented and valued by the market.
The research has to be all out. Search the web, ask the potential customers about the kind of product they would like, track the marketing styles of the competitors, and all you can at this stage.
A good research base with give you a pool of knowledge about approaching the markets and not confusedly or haphazardly but in the right way with a bang.
Design it to be especially catering to the needs of the potential customer base and make it exciting for them.
Search on google, watch Youtube videos, or talk to people and curate your own dreamy product. There are many Youtube videos to help you in getting ready for setting up a business.
You can even consult a mentor for the same to equip you to deal with the markets better, using tools like keyword researches and others.
-Watch the Competitors:
Keep a close watch on how the other people offering the same kind of product are presenting and selling it. How they are targeting their markets or how they advertise.
Find how they could better their service and fill in those loopholes in your own plans.
Inspiration is not copying.
When you see and rather, observe how they are performing, you will understand better the dynamics of the business.
Take out time to study their business ways and models, to learn from them, or even outgrow and outperform them.
And this should not only before starting the business, but it is also an exercise to keep your business healthy throughout its life. It will keep you on your toes and active as a businessperson.
-Build up the Knowledge Base:
Entrepreneurship is not a job, it’s a lifestyle. It is a thing which most people just have the inherent talent. But yes, just being smart is not enough.
Match your talent and ideas with the right education.
Educate yourself of all the know-how. If you are entering the technology space, or any other niche for that matter, learn the requisite skills to enrich your base.
Learn how to be a GOOD Entrepreneur, so that when you enter, you enter not confused but in confidence and style.
-Role of friends, critics, and mentors:
A good pool of friends or like-minded entrepreneurs can go a long way in boosting your morale which is much needed initially.
They can try your samples and give you honest opinions about changes to be made before you hit the markets.
Likewise, if you can find a good mentor who is already familiar with the kind of area you are getting into, then isn’t it great?
So now when you are confident and ready, start the setup.
For Brick and Mortar business:
- Raise the required Capital with your savings or borrowings as might be needed
- Find out ways to procure raw materials from the cheapest and viable sources
- Assign a reachable location to your business and do advertising and marketing. You can start by giving samples and offers and discounts.
- Gather and attract customers and make them feel a difference when they transact with you
Most important, Once your sales start picking, never leave your customers. Ask for their feedback and make them feel a human touch so that they return again and again.
For Online Business:
- After having an idea, Get a website!
- Think of a good domain name for your business that ideally, gives a glimpse of the kind of product or service you offer.
Things to keep in mind while picking a name for your Business-
- Do not make it to be too long or complicated
- It should not contain any complex characters which make it difficult to pronounce
- It should have click to it, which means it should be good to hear in a way
- Keep in mind your future growth dreams and so, don’t keep the name too restricted to one particular product.
- Try to give it a future growth potential as you might increase the range of your products and services.
- Take the domain name not too seriously, yet a little seriously, as it cannot be changed once bought or you would have to buy it again.
- Don’t make it too similar to any other business as it might mistakenly direct customers to other sites if the two have very similar names.
- The domain name is the identity of your business, like Flipkart and Amazon, it’s your canvas to paint on!
- Design it
You can outsource the designing of the website or you can easily design sites nowadays without the need for coding!
Various platforms and plugins like Elementor and Yellow pencil tool help you design your own website as per your own wishes.
- Connect to a Payment gateway
It is easy and hassle-free to connect your cart pages to payment gateways.
- Attract customers and audiences to your site through blogging and writing articles about your niche at famous sites and providing your website links in them.
You can even hire people for the same, permanent, or freelancers.
- Market your product, reach your audience through the written word on the internet
If you find this idea amazing and yet feel a need to be better equipped with tools and knowledge that can help you achieve your dream.
you can join a good Content writing course or an Entrepreneurship course to get a good grip for starters, where you can get all the information needed to start an online business.
Good Ranking of your business articles on google can fetch you, customers, even without the need of spending on online advertisements.
Nowadays, All people spend many hours online and buying stuff, a good social media presence can attract many customers.
Here, neither you need too much capital, brick and mortar office space nor the troubles of traveling for work.
It’s in, It’s convenient, it’s easy.
How to become successful in entrepreneurship?
Success is subjective and the definition differs from person to person.
But if you succeed in accomplishing what you dreamed of and it actually made a difference in people’s lives, then that surely can be called success.
If you think having an initial capital, facilities and a workforce are enough for the success of your entrepreneurial journey, you are mistaken.
It is not just about gathering all resources in one place.
Entrepreneurship is about hustle and tussle. When you have the power of ownership of a business, you have responsibilities accordingly.
You must be ready to face lows and failures but have the grit and determination to pick up and keep moving.
You can choose an idea which appeared good and viable, yet the sales are not picking for a really long time.
It is quite possible sometimes, that even after trying everything, putting all the resources in one place, yet there is no difference in profitability.
Even after advertising, you are not receiving any demand, this is the time to take a pause and see where things are going. It might be possible that the idea itself is flawed somewhere.
It might need changes or even a complete makeover.
Get feedback from friends or your mentors about the same. Do not hesitate in accepting that you were wrong in the first place.
We feel we know it all, sometimes. But at a closer look, you must be willing to accept if there are loopholes in your knowledge base and you might need more knowledge about the niche, your product.
Today’s is a knowledge economy.
Who knows better, excels better.
And this is not just about the back and research before starting a business but you need to constantly keep on enriching your knowledge. Keep learning.
If you feel you need classes for learning a skill or coaching, do not hesitate. Just do it!
Resources are all the elements that make up your business. It can be your staff, product, service, material, team, or financial resources.
Your resources and energies should not just be assembled in one place. They must look promising too and put at work efficiently.
The design you choose and how you decorate the face of your business is important especially when it is not an essential needs product.
It is okay for a Kirana store to be boring but especially in the realm of the internet, which attracts the attention of the customer in the smallest time frame is really important.
The attention span of today’s customers has decreased considerably, your business can be just a click away from its potential revenue source.
Make it engaging and interesting.
Sometimes, just a small change or a splash of color can do the trick.
Especially, in online entrepreneurship, make your design of the website welcoming and easy to use by the customer.
Once started, keep track of your sales, views, visits, bounce rates, number of people visiting or leaving the site, and so on.
You can use tools like Google analytics, google trends, and others that are easily available to know the numbers and trends of your business and from there.
you can even get ideas to concentrate on particular shortcomings.
Study the trends
Take a close look at the graph of the performance of your business. Look at the trend being followed. What is so special about some pages and not about others.
Why do people visit or leave the website? What can you do to improve your performance? Be active and catch the loopholes and fill them for better results.
You made a good website, have a great product, you are eager to deliver, yet not receiving enough business. This is the time to advertise better.
You can pay for advertisements on online platforms like Google Ads. But the best possible way would be to attract your customers through words.
Write about your niche, the reasons it is important, the way it can help people live better lives, and why people need you.
Create demand and then fulfill it. Attract by blogging on popular sites visited by people.
You can earn some more by forming affiliates with other businesses.
In it, the links for other businesses are provided on your site and if it drives business through your website, then you can get commissions for the same by them. Affiliate marketing is also an attractive way to earn extra bucks.
Build a Team
A bunch of like-minded people and a good team will help you take to load them off your shoulders and boost your morale.
It is difficult for a single person to keep on having new ideas amidst managing all affairs, a team can be a source of new ideas. It can give you new perspectives and angles of thinking about your business.
The Human Touch
There is no greater power than the power of human touch.
Even though you have an online business. Even though you are reaching them through machines, you have to remember that the ones you are serving are people, humans!
Humans are emotional beings so don’t make your business emotionless. If you value their emotions and manage them properly, you will have loyal customers for life.
They would always want to come back to a place where even though they got a product that they could find elsewhere, they felt something special. They were made to feel valued and special. Value your customers!
You can do this by sending professional emails. Sending personalized professional mails on their important days and asking for their feedback and so on.
It is easy and cost-free to send bulk emails today using several tools like Mail chimp.
Keep the face and feel of your business, your website, receptive, friendly, and welcoming. Value them and you will get enormous value in return!
Product /Content is the King
Whatever you do, do not forget why you started it all. There is a product with demand and your aim is to deliver it promptly, efficiently, and with panache. This is a business at the end of the day and your performance matters the most. The product or service should be carefully crafted and updated regularly to suit the needs of the customers.
Entrepreneurship concluding points
Be sleek and efficient in the main game of the business. Do not do a job, remember to be an Entrepreneur. You created something with a motive and you have to deliver.
It is a new realm altogether and today’s is an era of the people with guts.
So, if you have belief in your own self. You know you have it in you, you can start a business from the four walls of your own home. Through the revolutionary internet.
Yes, there is a huge possibility that your idea might fail, yes you can incur losses, yes it will certainly not be a cakewalk initially, yes there will be challenges to face.
But profit or loss, at least it will be your own to make. You will be the creator and executor of the trajectory ahead and isn’t that freedom worth taking a risk?