Young entrepreneurs throw themselves in the unknown when they start their first business. All the actions and decisions that they make can be compared with walking in the jungle. You do not know in which direction to go or where to step, you are basically just following your instincts.
The world of businesses is a wild place in which only the strong ones survive. 90% of startups fail and only 10% manage to continue and succeed. It is a battle in which each side plays its best cards, uses its most efficient strategies and fights until the very end.
So how do the businesses from our 10% survive? There are a few key characteristics that can be observed at companies that make their way towards success:
Although these may seem clichéd aspects, as they are met so often, they represent the core values of successful businesses. The great question is what can young entrepreneurs learn from these characteristics? They can get the big picture of what they need to do in their business and in what direction they need to go.
What young entrepreneurs really need are practical tips to follow in order to lead their business to success. Here are 5 actions which will help build a strong position in the business jungle.
As a business owner, you need to know everything that is going on in your field. New strategies, new tools, every new change. Conferences are the place where you can find this information. You can meet people from your business circle and learn from what they have to say about the latest trends that are happening in your business field. Address them questions, ask for guidance and make this event a great opportunity for a future business relationship.
Hubs are special organized coworking spaces. People go to these places because they get an office space at a convenient low price and they have access to meeting great people. Joining such a community will give you the chance to meet people with great business experience, people who work in the same domain as you do or to attend events specific for their business domain.
If you want to be part of the 10%, you need to embrace everything that is new. Visual content is a popular and efficient strategy used in marketing. Content that contains relevant images gets 94% more views than content that does not. Video is considered by 51,9% of professional marketers from all over the world as being the content with the best ROI. These numbers are solid enough to determine you to start using visual content right now.
LinkedIn represents the place where businesses and employers meet and connect. It is a social networking website used for business and professional purposes. Therefore, LinkedIn becomes a great opportunity for you to promote your business. You can send messages to people from your connection list about your business regarding your latest products or services.
You want all your potential customers to know about your business. Reddit is a social media and social news aggregation website. It has 234 million unique users which discuss a variety of topics, from latest technology trends to daily household activities. The website is divided in many specific categories called subreddits. It is a great place where you can engage with people, ask for their opinion about a business issue and learn from their experiences.
All the actions that you take need to bring you closer to achieving your business objectives. Remember that, in order to be part of the 10%, you need to search for the tools and resources that will keep you in the battle arena.
Got any secret tips for young entrepreneurs? Share it with us in a comment below.