Whether you’re keen to start a business in services or hospitality, food or retail, all entrepreneurial ventures have two things in common: you, and the people you want to serve. Together, you form a community bound together by values, and this is what determines your success. That’s because the more your venture allows you to live by your highest values or priorities, the more prepared you’ll be to weather the storms that are an inevitable part of entrepreneurialism and ultimately be able to thrive. On the other hand, the more you’re able to fulfil other people’s needs, the greater your chances of success.
1. Find your niche
A niche is a gap, a need that is currently not addressed by existing businesses. There are all kinds of niches; some are completely disruptive (like Uber, which revolutionised public transport), others simply improve upon an existing concept. But, just because you have identified a niche, doesn’t mean that it’s right for you. You need to make sure it’s a niche that speaks to your market’s needs, while also speaking to your individual needs or highest values.
To do this, you have to make sure that you are clear on your own highest values:
- What is important to you?
- What are your priorities?
- How can you use your business to fulfil these?
If you can’t answer these questions, you may find that you don’t have the energy or resilience to invest in what is an undeniably challenging career path. At the same time, you also need to make sure that you are in tune with the dominant buying motives or highest values of your market. If not, you are simply assuming that there is a need for your product or service, when there might not be. The more you are able to answer the market’s highest need or value, the greater your chances of making a sale.
2. Think innovation
The most successful entrepreneurs are those who improve life for others. Again, Uber stands out as a great example. That’s why it’s not enough simply to have a good head for business: If you’re set on an entrepreneurial career, you need to cultivate an inventive mindset. You need to be constantly on the lookout for the gaps in current offerings so that you can address them and, in so doing, offer people an improved product or service. It’s about creating efficiency and convenience. But, as I’ve previously mentioned, innovation isn’t always new; sometimes, it’s just better.
Richard Branson stands out as a prime example of an entrepreneur who finds dinosaur companies with big brand names that overcharge people because they are well known. He offers to do the same thing at a fraction of the price. He’s not offering anything new; but he is offering improvement and greater efficiency.
3. Focus on problem-solving
You need to be clear on the fact that entrepreneurialism isn’t solely about making money. It’s also about upgrading people’s quality of life. In this way, entrepreneurialism has an inextricably humanitarian component. Once you start focusing on how you can solve the problems that dog our society, you’ll have found a truly rewarding niche – one that’s not only financially rewarding, but one which allows you to service the largest number of people.
4. Keep looking for opportunities
The ability to identify and pursue opportunities is hardwired in most entrepreneurs; it’s part of their DNA. It must be, because this is the only way you will be able to keep refining, building and expanding your business.