Hindsight
It's Friday! It's great to have you here in the Business Discussion space. If you're new here, welcome! If you've been around for a while, you know myself and my other Community teammates like to share small business related articles we've read throughout the week. Today I wanted to share one I found on Forbes.com that discusses a number of steps entrepreneurs wish they would have taken before starting their businesses. Let's take a look shall we?
1. Researched What Entrepreneurship Entails
1. Researched What Entrepreneurship Entails
I'd say it's no coincidence as to why this is the first point in the list. To be an entrepreneur it's pretty important to know what entrepreneurship entails. One of the members from the selected expert panel mentioned, "I wish I knew what I was getting myself into...I wish I would have done more research and more digging into what exactly it takes to become an entrepreneur."
2. Done More Market Research On Pricing
Doing your fair share of research in this area can alleviate a lot of stress. The entrepreneur interviewed stated she was initially charging far too little for her product, therefore not making enough profit. This can also go the other way, if a business owner is charging entirely too much for their goods or services and no one is going to buy them anyway. Take caution regarding both!
3. Researched My Target Audience
Next up is another good one to add to your list of research topics. Knowing your target audience and their needs opens up several doors for opportunity. In fact, with this knowledge, you have the ability to build an entire business based on a single demand, "instead of trying to sell to every market and implement every strategy out there."
4. Made More Creative Decisions
Admittedly, a lot of business owners have fallen into the trap of "go with what you know." This can often times warrant a sense of regret and wish that they had stepped out of their comfort zone to get more creative with certain business aspects. "With the speed at which the world changes, we have to keep an open mind, and that's why we need to make creative decisions to provide efficient solutions."
5. Had A Better Understanding Of Financials
Opening your own business and becoming an entrepreneur requires a certain amount of funds. And until you're established, some of these funds may come from your personal account or will be borrowed. Having a better understanding of the financial side of business ownership can help you avoid any potential shock. "Understanding leverage and what debt vehicles are in the marketplace and how to use them is a knowledge set I thought everyone had but me. Turns out it is a specialized, learned expertise and the only way to learn it is to study or try it and make mistakes."
2. Done More Market Research On Pricing
Doing your fair share of research in this area can alleviate a lot of stress. The entrepreneur interviewed stated she was initially charging far too little for her product, therefore not making enough profit. This can also go the other way, if a business owner is charging entirely too much for their goods or services and no one is going to buy them anyway. Take caution regarding both!
3. Researched My Target Audience
Next up is another good one to add to your list of research topics. Knowing your target audience and their needs opens up several doors for opportunity. In fact, with this knowledge, you have the ability to build an entire business based on a single demand, "instead of trying to sell to every market and implement every strategy out there."
4. Made More Creative Decisions
Admittedly, a lot of business owners have fallen into the trap of "go with what you know." This can often times warrant a sense of regret and wish that they had stepped out of their comfort zone to get more creative with certain business aspects. "With the speed at which the world changes, we have to keep an open mind, and that's why we need to make creative decisions to provide efficient solutions."
5. Had A Better Understanding Of Financials
Opening your own business and becoming an entrepreneur requires a certain amount of funds. And until you're established, some of these funds may come from your personal account or will be borrowed. Having a better understanding of the financial side of business ownership can help you avoid any potential shock. "Understanding leverage and what debt vehicles are in the marketplace and how to use them is a knowledge set I thought everyone had but me. Turns out it is a specialized, learned expertise and the only way to learn it is to study or try it and make mistakes."
That's a pretty solid list, straight from those who have been there. If you're just starting out I hope this post sheds some light on a few areas that could potentially be overlooked. If you've got your fair share of experience in the business world, what you advise those who are testing the waters? I know the Community would greatly appreciate your tips! Have a wonderful weekend!