3 ways to navigate life as a new entrepreneur

Being your own boss can be very rewarding. That’s why there are so many small businesses! According to the Global Entrepreneurship Monitor, 31 million Americans are entrepreneurs, representing 16% of the workforce. Nearly one in four of his entrepreneurs is her, but in his lifetime he has started two or more businesses. It’s a bug, and once you catch it, you’re hooked.

Like many new entrepreneurs, you know all too well what it takes: risk, hard work and dedication. These things are true. But there are some unconventional ways to navigate the world as a new entrepreneur.

1. shoppingWhether you offer a service or a product, your success depends on how you compete with your competitors. The only way to know is to experience what others are offering or selling in your industry or niche.In business terms, this is market research. But try another approach. Instead of focusing on what they offer compared to what you offer, or how you are or could be different, approach shopping from the customer’s perspective. Please adopt the idea of Here are some tips:

• Make a list of what you want from the experience. It can be anything from how your competitors greet clients in your area to how people teach online courses. Experience them as a customer. So if you’re exploring techniques for teaching online classes, sign up and take at least three courses all on the same subject. A bad course, a good course, and an in-between course. Do not select a topic. Choose something similar. For example, if you want to teach small businesses how to save money on tax returns, take a class on how to write a business plan. This course is still for business people, but I wouldn’t sit through the entire course and compare it to yours.
• make a note. Take notes because you won’t remember the same details later. Please use the memo app or the memo function of your mobile phone. Go back to the short list you created and answer the following questions: What do you want to get out of this experience? Using our online course example, your notes will include why you liked and didn’t like parts of the video course. Note that this is a “why” not a “what”. According to Harvard Professor Gerald Zaltmann, 95% of the time, emotions drive purchasing decisions. Understanding why a client or customer buys or doesn’t buy helps marketers target her message by speaking to their pain points.

2. Get ready to pivotA lot is happening in the US and global economy. When the pandemic hit and mandated lockdowns, businesses that could easily turn around thrived. We are going through another change. (Hint: We’re all going through change all the time. Just some changes are more obvious than others.) What this means for your business is what it means for others. it’s different. In general, pivoting changes the way things are done. Whether it’s changing the product or redefining the target market, there are a few things every business his owner can do to prepare for the pivot.

• Make the pivot part of your business plan. When you pivot, redesign just one component instead of chunking the entire product or service. Identify in advance where you might be able to pivot. When you created your business plan (and every business, regardless of size, should have a plan), you probably made one or more decisions. For example, we may be researching other demographics or service components before identifying our target audience or service details. Leave a few sentences in your business plan about these decisions. Then, if you want a pivot, some of the legwork is already done.
• Always talk to your customers. The best advice is to create a customer-centric approach. This is where the customer is at the forefront of all pre-sale, in-sale and post-sale decisions.attach importance to rear sale. If you are in contact with your customers after the sale, they can tell you what they want. And if you delight them, they’ll become ambassadors for your brand, telling friends and family how great your services and products are.

3. SleepIt is quite possible that you are working long hours, day and night and weekends just to get up. Remember to sleep well. When we sleep, we give our bodies a chance to rejuvenate. Sleep is necessary to maintain optimal heart and respiratory health. It has a positive effect on metabolism, thinking and concentration. Develop a sleep pattern and stick to it!

• Set a sleep alarm to let you know when to go to sleep.
• Improve your sleep environment – ​​use blackout curtains, aromatherapy, soft music or meditation tape.
• Turn off the blue light. Switching the phone to silent mode may not be enough. Leave them in another room.
• exercise. Exercise helps you fall asleep faster and sleep better.
• Don’t forget to stay hydrated. We lose water through breathing during sleep.

Knowing when to pivot like lockdown may not be a headache. But if you keep an eye on your business and industry, you’ll know when to adjust. And abandoning a service or changing a product doesn’t mean you’ve failed as an entrepreneur. it’s actually the opposite. you are smart!