by Pascal Muromba
The decade 2010s witnessed tremendous changes in the startup ecosystem. Across the globe more incubators, more funds and more startups took shape. Rapid growth in technology, the adaptation of artificial intelligence in business processes and an increase in consumerism are some of the contagious issues which are set to play center stage in shaping the success or failure of most Entrepreneurial startups in the decade 2020s. For every entrepreneur the best way to predict the future is to create it, hence this article will act as a blueprint to guide would-be entrepreneurs and emerging entrepreneurs in their entrepreneurial journey.
1. The Power Of Online Marketing
Social media marketing has become a haven for entrepreneurs and business owners because of its wider audience reach. However, knowing how to use this tool to your advantage is necessary. Two ways in which one can get to have an appreciation of online marketing is through taking free online marketing courses offered by most reputable institutions across the globe. The other way is to utilize free search engine optimization tools offered by Google and most social media platforms to get real-time updates of your business optics.
2. How to motivate yourself and stay motivated
Starting a business is hard and the number of obstacles you are likely to face can get overwhelming. However, it is upon you as the entrepreneur to keep abreast of the situation. One way of doing that is by setting realistic objectives that can be achieved within a reasonable time frame. The more you meet your set objectives the greater your confidence will grow.
3. Know your numbers
Having your finances in check to have a realistic expectation is important when venturing into a startup. Clear financial projections help you have an appreciation of your anticipated revenue streams and expenses. A positive financial outlook will help you have a good credit rating and at the same time will make it easy for you to attract lucrative partners and investors.
4. The best entrepreneurs don’t come up with great ideas, they solve market needs
A lot of startups crumble because of failing to realize that the fundamental aspect of being in business is to solve market needs. If your business idea is not aimed at solving the market needs, it is almost guaranteed to fail it is therefore important for emerging entrepreneurs to understand the gaps within the market.
5. Monetize your free time
A big complaint of a lot of people who want to start businesses is that they do not have enough free time. Between school, work and other personal obligations often the is a free hour or two make the most out of that time and slowly but surely put pen to paper and work on that business idea you have always wanted to execute. It is those small steps that will lead to great achievements.
6. Be eccentric.
You can’t stand out unless you’re different. Capitalize on your quirkiness.
7. Be obsessed with your brand
Entering the decade 2020s the harsh reality is that information, products, and services a customer might be seeking are already in existence. Often customers have a wide array of choices from which to choose. The decade 2010s eroded scarcity. What will be the difference going forward will be the brand, your brand will define the relationship which you will have with your prospective customers. Hence you need to devise strategies and techniques to show your potential customers the value of your brand.
8. Make business relationship more personal
With the majority of our daily communication today being digital, sometimes we forget to add that personal touch to our business relationships. We are always constantly on our gadgets and the art of conversation seems all but lost. Communicating with people in person is still the best way to grow a business relationship.
9. Don’t deliver a product, deliver an experience.
Steve Jobs once said that he wanted Apple products to provide an experience, not just a function. Apple is possibly one of the strongest brands of the 21st century. Delivering an experience will allow your customers to have a share of heart with your brand which will lead to customer loyalty and ultimately convert your brand into an institutional brand.
10. Treat your customers like family.
Clients are the only reason you are in the business. Treat them with respect. Reply to their emails promptly. Answer their questions and always be readily available at their request, this will foster a greater working relationship between them and you.
11. Personalization
In the wake of artificial intelligence in the digital space, customers still want to relate to a company. As automation continues to grow, it is important to connect with your customers to avoid customer alienation. Mass email marketing to a pool of potential customers will not benefit emerging entrepreneurs in 2020. Personalized groupings of newsletter pushes based on customer history and data will outperform mass blasts. Segment your email lists into categories, and study consumer behaviors to personalize marketing and promotional information. The whole idea is to make customers feel like they are being treated as individuals.
12. Location Independence
The trend towards virtual offices which takes advantage of remote computing and video meeting capabilities enables a startup to more effectively run independently off physical location. In addition to that, it will enable you as an entrepreneur to remove expenses such as rentals which are often prohibitive and costly.
13. Have a Freelancer Workforce
Entrepreneurship is often a journey that is undertaken with limited capital. Having a freelance workforce that is paid on commission will allow you as the owner of the startup to minimize your expenses at the same time maximizing output.
14. Grow your audience
The more exposure you get, the faster your audience will grow. Utilize different means, such as being writing a columnist on blogs and having a significant presence on social media websites. This will help your business grow daily.
15. Define your vision of what success looks like
Having a properly defined vision of your business is the first step towards the success of your startup. When you set out to create a vision, you must ask yourself a few questions: Where is it you want to go? What’s holding you back from getting there? Your vision grounds you and keeps you focused on the end goal.
16. Embrace disruption
You must take the initiative and not be afraid to offend or disrupt. In today’s business environment, speed wins the race. Businesses must move quicker than ever before just to survive. People too often rely on what they know works and maintain the status quo. You cannot do the same thing the same way repeatedly and expect to reach a new level. Don’t be afraid to show leadership by taking risks.
17. Hire in response to demand
Most entrepreneurs tend to think that a large organizational structure during their launch phase will be confused with a robust business. Instead, a leaner organizational structure will mean fewer costs and the decade 2020s will likely be characterized by startups that adopt a flat and leaner organizational structure which they will adjust based on demand.
18. Sustainability is a Must
In the decade 2020s sustainability will seize to be a gesture but rather will become a necessity. Consumers and business-to-business customers will increasingly demand sustainable business practices, products, and services. Hence every emerging entrepreneur should take note of this and incorporate the concept of sustainability into the business model.
19. Startups will become cheaper and easier
2020 going onward engaging in startups will be easier and more affordable than ever. As smaller, lighter and smarter systems, components and manufacturing methods emerge, the cost of starting and running a small business will continue to decline. Embedded digital technology will become common in a growing array of business processes, services, and products, cutting costs and lowering barriers to entry.
20. Green businesses will dominate the market
Today most businesses recognize that climate change is a problem. Most are making attempts to solve the problem, resulting in a wave of sustainability, climate change, and environmental initiatives. The same can be said about consumers, they have become conscious about what they buy often opting for environmentally friendly products. Hence every emerging entrepreneur should make sure that his/her business is inclined towards the green revolution to meet the growing demand for environmentally friendly products.
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