Launching a business is no longer viewed as the area of expertise of business veterans. Entrepreneurship, currently, is a globally growing trend amongst young adults. Several exciting innovations and successful businesses have been the brainchild of millennials who don’t have decades of experience but have a great idea and clear vision. A prime example is the developer and founder of Simple.Savr (ssavr.com), Rishab Bhatt.
Bhatt is a 20-year-old entrepreneur who recognized the need for an easy solution to share files from a single platform without having to send access links or download any software. Achieving success with his website at such an early age has made him an inspiration amongst aspiring entrepreneurs. He says, “Many youngsters aspire to start their own business as it offers a flexible structure, freedom, and work-life balance. But, it is not as easy. There are several financial risks, daunting challenges, and other pitfalls that can pose a threat to the business if unprepared.” He shares five success tips to be taken into consideration when venturing into the world of business:
Do your market research and create an effective business plan
You may be passionate about your product or service but determining if it actually fills a market gap is critical for success. Research and understand your industry well, identify your target audience and competitors to create a smart and simple business plan. Be flexible with your business plans to adapt and expand as time progresses.
Lean on your strengths to raise finance
Believe in your vision and goals and challenge yourself to achieve it by focusing on your key strengths and continuously improving your business knowledge. This will also help while pitching your business plan to potential investors when raising capital for the business. Effectively employ your finances and make wise investments.
Build a strong team
Hire like-minded individuals who have the same motivation as you, share your vision, and find experts in areas you don’t specialize in, to create a great team and bolster your success.
It is essential to network and align yourself with visionaries and achievers in your field. Take advantage of conferences, seminars, alumni meets, and networking sites to build valuable connections and spread awareness about your company. You can also find a mentor who can guide you to make smart business decisions with their expertise.
Relax and take a break
Entrepreneurship comes with high pressure and risks. Disconnect regularly and schedule downtime to rejuvenate and keep your energy intact to think clearly, increase productivity, innovate, and evolve.
Entrepreneurship is a continuous learning experience, and while achieving success may take some time, the experience is rewarding and offers the opportunity to make a difference and transform lives.