Tips on how to excel as an entrepreneur

Tips on how to excel as an entrepreneur

Following the entrepreneurship path is hard – but it doesn’t have to be! Learning from the experiences of others is an important part of the process when you launch your own venture! Read on to discover some top tips about launching your dream company!

It is not hyperbolic to state that launching your own business is a difficult endeavour. Limited resources, high uncertainty, inexperienced management and employees are all reasons why new ventures stumble and often fail. But fear not, below is a helpful list of insights on how to launch and steer your business venture towards  success. 

Leverage Technology and Innovation:

Most, if not all start-ups will be hard-pressed to challenge large established businesses in terms of budget. Thus, one point of differentiation, especially in today's digital age, is leveraging technology and innovation. Entrepreneurs should embrace emerging technologies, such as artificial intelligence, blockchain, and data analytics, to drive innovation, improve efficiency, and enhance customer experiences. 

Develop a Strong Business Acumen:

Entrepreneurship requires a solid foundation in business fundamentals. Pursuing a master’s degree equips individuals with essential skills in finance, marketing, strategy, and leadership, enabling them to make informed decisions and navigate complex business scenarios. As well, students are taught how to see the ‘bigger’ picture, which helps develop sound strategic vision as well as the communication skills needed to effectively align this vision with the company’s stakeholders. 

If Possible, Research!

In a recent CNBC poll of 500 founders, 58% of them said they would have done more market research prior to launching! *

Market research is a fundamental step in the pre-launch phase of any product, company or service. It empowers you with valuable data, insights, and knowledge about your target market, allowing you to make informed decisions and increase your chances of success. Ignoring market research can lead to significant risks and missed opportunities in the competitive business landscape.

Cultivate Effective Leadership:

Successful entrepreneurs possess strong leadership qualities that inspire and motivate others. Developing effective communication, problem-solving, and team-building skills is vital for entrepreneurs to lead their ventures towards success. RMIT’s MBA and MIB programs offer a fascinating course on Personal Branding and Authentic Leadership. Students learn how to understand and express their personal brand and lead in a genuine way, while gaining key skills related to digital presence and networking. 

Embrace Failure, Increase Resilience, and Know When to Pivot

Entrepreneurship is a journey riddled with challenges and setbacks. Entrepreneurs must embrace failure as an opportunity for growth and learn from their mistakes. Developing resilience, perseverance, and a growth mindset will enable them to overcome obstacles and keep pushing forward. One of most important skills is knowing how and when to pivot. 

Market signals you need to pay attention to, that can lead for a need to pivot include:

  • When a particular aspect of the product or service excels beyond the rest
  • When the business is not financially sustainable
  • When the market's response deviates from your expectations
  • When the competition consistently outperforms you
  • When an unforeseen opportunity arises that was absent during the initial planning stages

Becoming a successful entrepreneur in today's economic climate requires a combination of strategic thinking, adaptability, and continuous learning. While innate entrepreneurial qualities play a significant role, pursuing an MBA or an MIB can provide aspiring entrepreneurs with the necessary skills and knowledge to navigate their business landscape effectively, wherever it may be.

* The 3 biggest reasons startups failed in 2022, according to a poll of almost 500 founders. CNBC.com 01/20/2023

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