Being new in business and your own industry can be a daunting prospect. It is likely to be heightened when you are young and unknown.
What you do have on your side is determination and dedication. As a young entrepreneur these two are vital ingredients to becoming successful. The fact that you are inexperienced leaves you susceptible to diving in when making important decisions.
This can be because you are young and enthusiastic. The latter can of course can be used to your advantage.
An article by Forbes outlined excellent points on why the 20 something are the most successful entrepreneurs. There is no set or fixed manual script that will guarantee you success since we all have unique pathways and different strengths.
Equally, it is paramount that you get the very basics correct to make your journey that much more possible to be successful. Here are five steps I discovered and put into practice to get to where I am today.
1. Get Your Pitch Right
It can be challenging to explain what you do when you begin. Nevertheless, you must be able to state it in a short, succinct and clear way. In my first months as a young entrepreneur I struggled to get my message across. I understood exactly what my business did but the audience I was trying to appeal to perhaps did not. I was unaware of this until someone said So what is it that you actually do? after I had already spent a significant amount of time talking. That was my fault for failing to be clear and instead I was long winded. I can also remember Leigh Ashton, a sales consultant saying to me Amie, you would do so much better if you worked on your pitch. And she was right.
When you meet with a client they do not always have time to listen to your range of product/services. In this day and age people lead such busy lives. So you need to be able deliver a pitch quickly. When they are interested they will ask you to expand or for a card, leaflet, email etc. so they can follow up what you said. Alternatively they might ask you to contact them. Either way you need to be ready and get it right.
2. Build Your Network Effectively
When you first start off as a young entrepreneur one of your obstacles is that you do not have a record which proves that what you have to offer has value and is needed. This means that having a strong network is even more significant. In business there is a saying known as People buy people and this is definitely true. In order for people to buy you and eventually your product or service you need to build a strong network. A strong network could consist of individuals, companies, potential clients etc. who have access to your ideal client.
Connecting with this network means you can reach your ideal client much easier. You need to build a network as part of creating and laying a foundation for yourself as a person and business. People are more likely to trust you and have confidence that you can deliver if they have been referred by someone they already know. Should you demonstrate to your network that your product or service can solve a problem then they would be more than happy to recommend you or share their contacts. If you form a relationship with a key player in your industry and they like you, you are instantly enhancing your reputation.
3. Regularly attend Network Events
Networking is not an option as a young entrepreneur. Attending networking events are best way to do this. I try to attend at least one networking event a week. Find events that will be attended by potential clients, business partners and key players in your industry. Event Brite is used by many professionals from different industries to promote events. Sign up and Event Brite will regularly alert you when there is an event that offers a networking opportunity. Also try to attend forums and conferences relevant to your industry to keep up to date with your market. Any event that allows the opportunity to network with important figures is worth attending.
4. Dont Be Afraid To Offer Something Free
Unless you are a well established and widely known entrepreneur you should be prepared to offer something free to allow customers to sample your product or service. You do not need to give them the whole package but a small part. It is an opportunity for you to promote yourself and create leads. When you offer free stuff people are often prepared to sit up and listen. At the same time you need to determine what the benefits of offering something free will be? Do the pros outweigh the cons in the long term? If so DO IT. Even if the client doesnt end up buying (because they cannot afford it) they could end up recommending you or direct you to those who will definitely buy from you. This is a way to gradually build your client base as an entrepreneur.
5. Understand The Culture of Your Industry
Every industry has their own culture on how things are done and set cultural norms. What is deemed acceptable in one industry or environment may not be viewed positively in an other. This is life in general. But it is easy to over look this as a young entrepreneur. It is there an etiquette you need to follow? You need to find out what they are as it could affect how you progress. It could also make your life a lot easier. Of course this does not mean that you should not be innovative or promote new ideas. What it does mean is that it is a good idea to study how your industry operates and communicates with each other as well as clients. Investigate who the key players are. The last thing you want to do is offend people or get off on the wrong foot. Failing to get this right can be detrimental to your ambitions and what little reputation you have managed to forge.
A good first impression is crucial to your future success.
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