Leading a new and innovative business isn’t easy. However, those who are successfully able to develop an enterprise around innovation are referred to as entrepreneurs. Sometimes, an entrepreneur is also referred to as a founder. The job of an entrepreneur isn’t restricted to only setting up a business. He/she is responsible for developing a business plan to thrive in the market, make financial arrangements and hire employees who can run the business. If you’re a first-time entrepreneur, it can be nerve-wracking and exciting at the same time. Today, the competition in every industry is fierce, and therefore, if you want to thrive, we have some entrepreneur tips for start-ups and advice for female entrepreneurs.

Before we delve deep into our success tips, let’s take a look at the three levels of entrepreneurship.

Three Stages of Entrepreneurship

Daydreamers

At this stage of entrepreneurship, you only have the seed of your idea or product. It involves thinking, making plans and developing the right motivation. During this phase, an aspiring entrepreneur usually researches the market and begins the groundwork for a successful business.

Hustlers

The second stage is the real deal. You tend to invest all your time and resources into doing the actual work. In the quest of building your business, you might tend to order your first business card, buy a website domain, etc.

Entrepreneurs

The final stage involves personal growth and business growth. At this point, your identity begins to change. People begin to associate you with your business and product. However, this never happens early into the business. It takes a minimum of twenty-four months to reach this stage. You will even experience a fair share of success and failure.

Tips for Young Entrepreneurs

If you dream of becoming a successful entrepreneur, you need to start now. Becoming an entrepreneur can be intimidating. However, with the right tips, you can definitely boost your chances of success.

Check out our tips for first-time entrepreneurs:

• Pick a business idea you’re passionate about

As a first-time entrepreneur, you need to pick something that excites and motivates you. If there’s a business or industry you don’t know much about, skip it. Make a list of things you’re most interested in and use this as an inspiration. Come up with ideas that are out-of-the-box.

• Research your market

A very important step most young entrepreneurs miss out on is getting to know their target market. A primary reason why new businesses fail is because people don’t deep dive into their market. By getting to know your audience, you can decide crucial factors relevant to your business such as price point, marketing messages, and more.

• Get as much start-up funding as you can

To get your business up and running, you need funds. While some bootstrap their business, others take the help of angel investors. Funding your business isn’t as easy as it seems. You will have to approach several investors and make them believe in your idea/product. Only once your pitch is successful, you will get the money. To be a successful entrepreneur, ensure you have a buffer for all the product development and marketing expenses which you will have to incur. Don’t worry about profits initially. First, your idea needs to click, and only after a couple of years, will you start breaking even or making money.

• Work-life balance is important

A work-life balance tip for entrepreneurs is to invest in self-care. At times, work can get pretty overwhelming. You might try and do too many things at the same time which can hamper your well-being. Therefore, as an entrepreneur, make it a point to take some time off. Switch off during the weekends and do the things you love the most. Say no to excessive work and leave work when all your employees do. Remember, entrepreneurial work-life balance is everything.

Empowering Tips to Become a Successful Businesswoman

For years, a woman’s place in a business was to assist, not lead. Thankfully, over the last decade, things have changed significantly and for the good. Falguni Nayar (Nykaa), Aditi Gupta (Menstrupedia), and Kiran Mazumdar Shaw (Biocon India) are successful female entrepreneurs that have changed the business landscape. If you too aspire to become a successful businesswoman, here are a few tips:

• Stay true to your passion

Once you put your foot into entrepreneurship, the business world can get quite messy. You might even digress from why you started your venture in the first place. Funding and hiring seem to become more important. Well, don’t let anything bewilder you and ensure your idea doesn’t get clouded. If this happens, you may not even succeed. Staying true to your passion will help you become a successful entrepreneur. Also, keep reminding yourself as to why you started it in the first place.

• Embrace challenges

Every new business comes with its own set of challenges. Instead of getting scared of them, embrace them. There is a common notion that female entrepreneurs tend to get intimidated by challenges. Well, the only way to prove the naysayers wrong is by getting out of your comfort zone. Difficulties and problems fuel personal growth. No matter what challenges you experience, always remember to stay optimistic.

• You can raise a family and start a business

Let go of the dated mentality that women need to choose between starting a family and their career. You can wear the hat of a loving mother and successful businesswoman at the same time. Initially, you might find it difficult juggling between the two. However, with the right support, anything is possible. In India, there are successful 'mompreneurs' who are earning lakhs while raising kids.

• Don’t try to please everyone

As an entrepreneur, pleasing everybody is hard. In case you do that, you will lose sight of yourself. When you question your ideas, your business plan will take a hit. Women especially have this habit of ensuring everyone is pleased. Don’t do that. Instead, have confidence in your opinions and stay true to yourself.

Becoming a successful entrepreneur isn’t something that happens overnight. The mantra is to keep going and doing the things you love. Good luck!