Being an entrepreneur is like flying a rocket ship. It is the most amazing adventure of your life, but if you are not careful you can get yourself in trouble. We talked to Fred Cary, CEO of IdeaPros, about the top 4 things every entrepreneur needs to do to survive the flight. Are you doing ALL of these things?
1. Stay Lean
When people get some level of fundings, the first thing people want to do is to decorate their offices, get a pinball machine, and bring on extra employees. That is all nice, but you want to use that money for more important things such as initial production, basic costs of internet, shipping, handling, and customer service. You want to start having traction. Put a desk in your garage and work from there. Be careful to utilize the limited amount of funds to propel you to the next level. Cushy things, like having a salary, will have to wait.
It applies to apps, too. You don’t need all the features you’ve imagined it will have. Think about the core features that will make your offering attractive to the customer and focus on those. You can have new ones in the next versions of your app or product.
2. Start Networking
Start networking with every type of contact you think can help you with your business including customers. Look for Facebook groups and influencers with your target audience and start building relationships. Talk to people who could be your suppliers and investors or help you with logistics.
“Every single thing that you’re going to need to do as an entrepreneur is not going to happen just within the four walls of your body. It’s going to happen because of the connections that you have, the contacts that you make, and the ability to move forward to the next level.” – Fred Cary
Surround yourself with the right people and work on those relationships all the time. Most people out there are not trying to steal your idea. Although it is great to be on the safe side, be careful about what you share with other people.
3. Think About a Marketing Strategy
Marketing is something people don’t do too well, and it’s the foundation of your organization.
“People aren’t buying your product for how good it is because they don’t know that until they buy. They’re buying your product because of how good you say it is.” – Fred Cary
Marketing helps you position yourself. The message you deliver is what determines whether the first sale is made. Have a consistent and powerful message that lets people know why they should work with you from the very beginning. Building a core value system and the culture of the organization cannot wait. Be crystal clear on what you offer, how powerful it is, and why your customers should choose you over the competition. When you have a tough quarter, never reduce the marketing budget and increase it instead. Get the word out to more people to make up for the sales.
4. Never Give Up
The journey you embark on as an entrepreneur is not without risk and failure. Nothing works the first time, no matter how well prepared you are. You’re going to have to do things multiple times to do it right. There will be issues with your product or app and upgrades will be needed.
“You need to expect that nothing is going to work out the way you want it to.” – Fred Cary
The difference between success and failure is the attitude. When you know you are on to something, you never give up. Be the most determined person you can be, and you will find a way to succeed.
The “Idea Pros” at IdeaPros have the resources, experience, and tools to help you at this step or any step in the entrepreneurial journey.
We partner with entrepreneurs at any stage and who are ready to invest their ideas. Apply for an interview and let’s explore partnering together.