When it comes to establishing a startup the venture is exciting; however some obstacles and challenges might be in the way

There are many new entrepreneurs in the market, and they all have one single dream: They want to make their business big! When it comes to establishing a startup the venture is exciting; however some obstacles and challenges might be in the way.

Experienced businessmen state that their entrepreneur experiences helped them to take the right decision at the right time. However, when it comes to creating or forming a business, it is very important for you to note that as an aspiring entrepreneur you must have worked in the same industry as your new business, worked in a related industry, or have been a frequent user of the product or the service that you are planning to sell or market to a specific targeted audience.

Understanding the reasons as to why you wish to do business

The above pre-launch experiences will mainly help you to set up your business. It is evident that if you have worked in the same industry or a related industry, you already are aware of the different products, competitors, suppliers, channels of distribution and the diverse opportunities that are out there in the market. This experience does give you a unique opportunity, and you do not have to learn anything new to survive in the market.

Also read: Experts give advice on overcoming 3 top startup marketing challenges

You do not have to face the risks of trial and error when you are doing business. Now, if you have been a frequent user of the goods and services in the market, you also have a competitive advantage. Though you have not worked in the related industry, you still have an in-depth insight of the market from the perspective of the customer.

You are aware of the opportunities as well as the challenges of the market, and this knowledge will help you take the right action at various stages of the business. There has been an interesting study conducted by Kauffman Foundation that says that about 46% of companies in the last five years or so have been launched by entrepreneurs that have used their services or products. This apparently shows you the importance of knowing the market as an experienced customer.

Key points to note from successful entrepreneur experience

Both new and old entrepreneurs learn from their experiences. They are creative and have the tenacity to learn and innovate. They also share a sharp eye for business and success. These entrepreneurs share their lessons learned while they have established and started a new business.

They say that it is imperative for you to have a business vision. This business vision is achieved via experience. The entrepreneur must have the skills to execute during the short and the long run. He or she should be in a position to compare market research and have the fighting spirit even when the market scenario looks grim.

The importance of your team for success

Experienced entrepreneurs also state that it is important for you to establish a passionate team. Your team should be as enthusiastic about you for the business. Building the right team will help you to never give up. During the quiet periods, you should not have people that jump over to greener pastures. You should have a core team that believes in your vision and stick with you in good and bad times.

Also read: My team has 10 employees, 5 of them human and 5 AI

You are the expert when it comes to choosing your team. Ensure you have a team that is committed and devoted to the business. There will be a lot of market crisis however you should have a team that will stick with you always.

Understanding the market and the importance of balancing your resources

Experienced entrepreneurs state that understanding the market is very important. Most new entrepreneurs make the common mistake of having a very lean business operating plan. They do not study the market well and fail to capture the essence of the market share. It is important for these business owners to take prudent steps and align their resources and business capital as per the market demands and share. It is crucial for them to raise business capital and achieve the right balance.

You, as a new entrepreneur, must adjust your business plans as per the needs of the market to survive. This will help you to a considerable extent to excel in the competitive market.

The importance of building trust in your investor groups

When you have investors in your business, it is important for you to win their trust and confidence in your ideas. You need a brilliant idea that will work for you. With time and experience, you will be able to build relationships with your investor group. You will also identify the right type of capital that you need for your business. This, of course, does not take place overnight. With the passage of time, it is essential for you to establish and build strong relationships with your investors. This will help you to expand the resources that you have with success.

Listening and learning

This is one of the most valued entrepreneur advice that successful businessmen give you. Listening is indeed a great virtue, and for good reason. Entrepreneurs communicate to convince and sell. Investors not only provide you financing but they also are your advisors, as they speak with experience. They have seen their successes and failures. This is why as a new entrepreneur it is important for you to find industry leaders and mentors that will guide and help you. They can be your friend, philosopher, and guide. They will walk you through the entrepreneurial journey and show you clarity and direction.

Therefore, if you are contemplating or have started a new business venture consider the above points. Being an entrepreneur means you will be making a significant contribution to the economy of the nation. Take your steps wisely and seek advice when needed. With the right knowledge and guidance, you gradually will watch your start-up grow and become a dominant presence in the market with success!

—-

Sujain Thomas is a business analyst and expert in the field of financial management in the USA. She helps small to medium scale businesses with business growth strategies for improved returns on investment and consistent growth in the market.

The post Valuable experiences that every entrepreneur needs to succeed in the startup venture appeared first on e27.