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3 Surefire Ways To Maximize Your Entrepreneurial Success

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Jul. 4 2018, Published 8:37 a.m. ET

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As an entrepreneur, you are slowly getting used to surrendering the security of your regular paycheck, your excellent promotion prospects, and your comfortable daily routine. The colleagues you once enjoyed spending time within the office have disappeared, and you are left alone to work on your business vision. Launching a startup is difficult, especially with the vast swathes of competition out there. However, if you have a new product, service or idea to tap a niche, then you could be onto a money-making venture. Eighty percent of new businesses fail within their first eighteen months of trading. Here’s how to make sure your foray into entrepreneurship is a success.

Get Skilled Up

While you may have achieved an excellent qualification from a top university a few years ago, this doesn’t mean that you will automatically be an outstanding entrepreneur. You need experience and the commitment to enhance your skill set continually. In the twenty-first century, rapid technological developments seem to be emerging daily, and it’s vital that you understand the ins and outs of those relevant to your new business entity.

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If you are looking to break into a more male-dominated industry, consider upskilling your core knowledge. Venturing into engineering? Why not take a look at enrolling in an electrical engineering degree online. This way, you can study outside of work hours and not allow your learning time to encroach on your startup launch. By having the knowledge, experience, and understanding of your chosen field and being an industry expert, you will maximize your chances of business success.

Funding

Most startups require a degree of funding to enable them to launch successfully. Launch without adequate finances, and you will immediately be on the back foot with poor cash flow and limited resources. Instead of hot-footing it down the traditional funding route of the bank, why not seek out the help of a business angel. These individuals are not only willing to invest their own money, but they can come on board with the specialist advice and insider knowledge to give your business the edge. If you manage to secure investment from a business angel, your business idea will have been well and truly validated.

Social Media

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As a millennial, you have grown up with Facebook, Twitter, and Instagram. Now it’s time to utilize these platforms in a business sense. Promote your products, offer discounts and encourage a two-way dialogue with your potential customers. Post regularly and link to relevant and meaningful content on your website or blog. Marketing strategies have been based entirely on the power of an Amaro-filtered Instagram image, so it pays to understand the breadth of your social media following. Being visible to a global online audience increases your potential market reach increasing sales, revenue and profits.

It’s down to you to be proactive, work hard and develop an edge over your rivals. While it can be hard to compete as a new business as startups emerge every week, you can hold your own, excel and grow by following this simple guide.

[Editor’s note: This post is produced by one of our trusted partners.]

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