any problems to solve, people have no reason to spend money or benefit from your business. One of the best things you can do as a new entrepreneur is find a burning problem — as niche as it may be — and solve it. Even if the problem you’re solving is as simple as helping people overcome boredom by providing an entertaining experience, knowing your purpose makes a huge difference. No. 4: Get obsessed with customer needs. You don’t have to work harder to make money — often, you need to work smarter. For example, business owners can get too wrapped up in what their company needs and forget what customers need. If you lose track of your customers’ wants and desires, you’re bound to make less money. Learn to recognize customer frustration as pain from not having their needs met. This makes it much easier to not take insults personally (especially from rowdy customers). At the end of the day, always working toward a positive customer experience can open a door to building long-term relationships with buyers. No. 5: Remember, profit over revenue. 5 Timeless Tips for New Entrepreneurs Time and Time Again, This Old Wisdom Proves Sound
If you’re an entrepreneur, you’ve probably heard a lot of bad advice. Entrepreneurs have to pick out the best wisdom for themselves, whether it be from friends, relatives, or “gurus.” Thankfully, there are still pieces of timeless wisdom for creating a successful business. No. 1: Build like the Romans. It’s easy to lose track of our goals, so while it might sound obvious, never forget to build your business with a long- term mindset. One of the oldest businesses in the world is based in Japan — Kongo Gumi, a construction company specializing in Buddhist temples, which first launched in 578 AD. Prior to merging, it had a $70 million annual budget. Just like how the Romans built the Colosseum nearly 2,000 years ago, you’ll want your business to focus on high- quality services and/or products and, just like the Japanese
company, with a well-defined niche. No. 2: Choose the right niche.
Do you know who your customers are? What do they really need? If your business operates too broadly, you might struggle to find your most profitable, effective niche. The most reliable niches aren’t short term, such as weddings. It’s hard to build a long-term email list, for example, with the low frequency that people get married! There’s also a seasonality aspect to consider. If your niche goes through on- and off-seasons of popularity, you might accidentally build a seasonal business. To avoid struggling for customers in the off-months, use Google Trends to determine how stable a niche is. No. 3: Find a burning problem and solve it. Creating a business means creating a resource that benefits you and your customers. But if your company doesn’t have
Some business owners will brag, saying they’d made over $900,000 in the past nine months. But how much of
that money made a real difference? If the profits are only around $10,000, was it worth the work, and is it sustainable? Probably not. The more profit your business has, the more your company can reinvest in itself, your employees, and your own success. After startup costs are paid, you’re often paid last, so make sure you make enough money to treat yourself after all your hard work. Starting a business is terrifying because nobody has all the answers for your specific business needs. You get to decide for yourself. We hope these timeless pieces of advice help you on your journey!
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