Embarking on a venture might seem intimidating, especially with the challenging statistics related to startup life span. This article guides entrepreneurs in maintaining their passion and focus when the going gets tough, recommending strategic actions they may want to take to see their business through its infancy and into maturity.
Face Up to the Reality of Entrepreneurship
Often, entrepreneurs launch their startups envisioning immediate success, not being fully prepared for the arduous journey ahead.
The harsh reality is laid bare by the Bureau of Labor Statistics that reveals sobering failure rates of new businesses — 20% fail within two years, 45% within five years and 65% within a decade.
Only 25% make it beyond 15 years.
It’s essential to have a hands-on approach, but attempting to do everything single-handedly can lead to less productivity than anticipated.
Effective Low-Cost Marketing Strategies
Many startup founders, while adept in business management, often find marketing overwhelming.
With limited financial resources, entrepreneurs resort to cost-effective ways to market their startup.
Strategies like email marketing, social media postings, blogging and utilizing platforms like Upwork, can be beneficial in reaching potential customers.
These inexpensive marketing strategies can help startups get their feet on the ground.
Adapt with the Market’s Needs, Seek Mentorship
When initial goals aren’t met, it’s important not to be disheartened.
Instead, it can be an opportunity to reassess the entire business strategy.
Sometimes, a slight pivot or rebranding can be the saving grace that increases your sales.
Additionally, seeking mentorship can help entrepreneurs navigate the rough terrains of their journey.
Experienced guides can provide invaluable insights, instill confidence, and provide support during the entrepreneurial journey.
Hang in There, Success Takes Time
Entrepreneurship is a marathon, not a sprint.
Often, the successful personas that we admire have spent years, if not decades, toiling towards their current status.
Comparing oneself or attempting to imitate their journey can be daunting.
Instead, entrepreneurs are encouraged to pursue their own journey with consistency and be open to learning where they’re lacking.
Entrepreneurship won’t be simple, but it’s essential to understand it’s a continuous learning process and to treat oneself kindly.
Believe in What You’re Selling
For your startup to succeed, it’s crucial to offer a product or service you’re passionate about and have knowledge in.
If the product does not resonate with you, it’s difficult to convince your customers to believe in it.
After finding your niche, due diligence and competitive research play a significant role in understanding how to position your product or service uniquely in the market.
