Thursday, 24 May 2012 Written by Derek Vicente
Leaving the Corporate Boardroom for a Startup?
The road to entrepreneurship is a difficult one where not everyone succeeds. Success is not guaranteed unless you’re very willing to sacrifice time and resources, but the unpredictability of the economy suggests that entrepreneurship should have strong financial backing in order to succeed.
Although most people are afraid to start their own business, many young entrepreneurs are inspiring the world with their ingenuity in surpassing social expectations. However in just a few years, the world has witnessed an uprising among young people in developing compelling products and brands that are worth more than a million dollars.
If you don’t know of Mark Zuckerberg, then you probably live under a rock. This 26-year-old genius started a social media revolution called Facebook, which has become the social media baseline for individuals who are starting a social networking website of their own. Sharing the stage with Facebook is the mighty Foursquare, a social network co-founded by the 28-year-old Naveen Selvadurai.
You might not have the savvy of Zuckerberg or the jaw-dropping resume of Selvadurai, but entrepreneurship is anyone's ballgame. The following pointers explore some of the basic steps for young entrepreneurs willing to stay or break away from corporate slavery and start their own enterprise with ideas and confidence as their primary equipped weapons.
1. Vastly improve your network of contacts
Networking has evolved into a different animal. Millions of business-minded people miss the chance to expand their list of “quality contacts” just because a conference or event is miles away from their location. Career development hub like Linkedin has every professional covered, connecting them with a broad list of interested business partners and headhunters across the globe.
In a professional standpoint, Linkedin is a common networking hub for employed individuals to connect and share work experience with top-tier employers, but it’s also a great hangout for young entrepreneurs looking to stretch their reef of personal contacts.
Expanding your network means more opportunities to get in touch with partners, investors, members of the local and national media, and government officials. This is the stage of entrepreneurship that should allow you build strong alliances and a safety net in case your current business venture isn’t holding up to what has been expected.
2. The venture should be at least “creative” enough to spark conversation
Entrepreneurs fail at introducing and selling something because the product has already been marketed several times. People aren’t excited about buying toasters; however, they’re willing to part with their money for a product that offers extraordinary features. How about a toaster that butters your bread for you? Now you’re getting somewhere.
A lot of young entrepreneurs have emerged this year to provide consumers with products and services that sound farfetched at first, but have the potential to start a positive business trend for individuals more interested in signing a franchise contract. Moreover, the soaring numbers of young entrepreneurs is enough to inspire millions more to start something profitable and at the same time, useful to the community.
3. Embrace the power of technology in leveraging business models
Ideas and concepts aren’t enough. Entrepreneurship has very much to do with technology, and you need high-powered tools to set you on the right track. Fortunately, access to mobile technology has become accessible enough to allow entrepreneurs to manage their business anytime, anywhere.
Attracting prospects with a centralized customer relationship management (CRM) system has become so simple that even high school students can do it. Data analytics with Microsoft business intelligence solutions continue to see strong support in both mobile and desktop computer platforms. Also, the availability of open-source software helps entrepreneurs to focus more with their pitches than to canvass and budget resources on business technology alone.
4. Focus on how your start-up business venture would help others
There is a scarcity of entrepreneurs with ideas that offer change, not long-term profitability. As a young entrepreneur, you should think of how your product or service would serve the community even better, and not scam your buyers into products “that can miraculously help them fight aging.”
Give your consumers an alternative. Interested in fighting the popularity of Facebook? Then create an equally-competitive social network that incorporates the power of Google, Youtube, and Pinterest into one solid platform. I don’t have any idea of how you’re going to do this, but great companies often start from preposterous, impossible-sounding ideas.
Derek Ian Vicente is a Search Executive and content marketer. He is interested in helping websites rank the legitimate way through quality content generation and relationship building with webmasters.