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24 April 2021 - Tamara Mitrevska

Business Mindset for Entrepreneurs

Have you ever had a sudden realization of something, an idea or a solution for it, out of nowhere? An epiphany or as we call it “eureka feeling” hits you in the middle of the day. Most of the people usually forget or ignore these hunches but what if you didn’t? What if that idea you had was actually a good one and could possibly be brought into life, turned into a business? It is utterly achievable if you plan your journey in the right direction. To carry out your idea correctly, you need to follow some fundamental points that will guarantee the realization of it.

Primarily, you need to determine if your idea would result in easing up your customer’s lives. The world needs innovations and constant evolving that would eliminate the problems we undergo as a society and that is why the new entrepreneurs should see their ideas through the purchaser’s prism, why should someone use this product, how would it help and complement their lifestyle. Linked with this point is the market and competition research or analyzing who would be your target demographic and is there a similar idea out there already. This way you can change or improve your idea early on and make sure that it would satisfy a need. Identifying your clients is going to mitigate your approach so that you could easily lure them towards choosing your way.

Even though the idea you are trying to pursue is a result of your creativity, it takes a village to raise a child, literally, just as you should treat your future company, taking care and bear the consequences of it. Therefore, surrounding yourself with talented people that will contribute to your concept is a must! Each member of the team brings a unique asset on the table which will help you. Seeking support is maybe one of the main steps a young executive should take, even from your competitors. This is the most common made mistake, seeing your opposition as the enemy. You can benefit from their wisdom, assuming that they probably have aspiring status in the business world, avoid the mistakes they made and save some time and money.

Apart from needing a team for your own growth, a successful partnership attracts more investors. The way in which you sell your vision and pitch your idea determines if you secure investments and of course the first element that is looked at is the founder and his team as well as the level they are united at. Research has proven that more than 60% of the investments are made relying on the team, taking into account that only a great team can act in response to the market and all the challenges it brings.

Finally, after successfully setting the brand, prepare for promoting and launching the business. Make it recognizable; maybe even hire a prominent face to promote your idea. Influencing has evolved as a legit job profession and controls the market activity with acceleration, therefore collaborating with someone could make a mutual benefit. I would support anything my favorite influencer recommends, ah the power of marketing.

The feedback you get is pivotal. Even if the reaction is different than expected, you must remain open-minded and persistent. This is the key to your success. If you believe in your idea, always follow your intuition. Be ready to learn new strategies, improve your product and adapt to the consumers. Transforming your initial plan does not mean failure. On the contrary, it is a sign that you are growing, gaining experience and knowledge that will absolutely come in handy. Remember the Fire Phone Amazon released? It was widely considered as a fiasco and it cost Jeff Bezos $170 million loss. However, it eventually led to building one of Amazon’s biggest successes Alexa, now being convincingly leading smart home assistant. As Bezos said in one of his letters to shareholders: “As a company grows, everything needs to scale, including the size of your failed experiments…”

Ultimately, you need to stay positive and allow good things come your way. The fear of starting something new can be discouraging and frightening, but every good entrepreneur knows that you must stick your neck out in order to prosper. Appreciate yourself and your mind, positive thinking draws positive energy, which is the foundation to everything in life.