Entrepreneurs Who Fail Succeed: Technology has made this the time of becoming an entrepreneur. Large corporations now have to compete -- not with the mom and pop stores on the street corner -- but with mom and pop working out of their home. Information speeds up the decision making processes. Entrepreneurs are light and agile, as opposed to the large and cumbersome entities we call corporations. Entrepreneurs can turn to new directions at lightning speed, and come out the winner every time.
But you need a plan, and that plan should be in place showing your business from beginning to end, before you actually begin. There are other things to keep in mind as you head on your entrepreneurial journey.
Don't plunge headlong into your own business venture. Start in a part time capacity, allowing your business to grow and your income from it to stabilize. This can take anywhere from six months to a year. Don't bet your mortgage on becoming a success in a fortnight.
Remember, you are not a general store. You must find something to specialize in, doubly so if your business is online. Find a need, a desperate market, and fill the need. Solve their problems in ways the big guns can't do.
Be online. Even if your goal is a brick and mortar outlet, be online. You have access to millions more people, and you save advertising costs by promoting in ways an offline presence is incapable of doing.
Don't give up until it is truly over. Every successful entrepreneur has had to develop gallons of creativity, ambition, drive and energy to keep going, even when they are falling flat on their faces. Microsoft didn't take off until the third generation of its software came out. That means that the first two versions of Bill Gates' dream were nightmares. Did he give up? Ask his accountants. Determination is what separates the entrepreneurs from the wage slaves. You can fail, just don't keep doing that.
