Due to the pandemic and the cost-of-living crisis, side hustle and startup businesses are becoming increasingly popular in the UK. In fact, according to a recent report by digital marketplace Airtasker, 46% of British people are using side hustle businesses to generate a second income to fund their lifestyles. According to the Business Statistics Bulletin, there were 810,316 new businesses launched last year, making it a 21.8% increase from 2019. 

As a new entrepreneur there are many things to work through – from developing yourself as a leader, to building unwavering determination, work ethic and perseverance. As there are many things to consider to ensure your business is successful, five experienced business leaders and experts – all contributing authors from Success Secrets of Entrepreneurs - share their wisdom on how to navigate the start-up landscape and succeed as a new entrepreneur.

CONTINUALLY LEARN AND GROW

In business, and as a new entrepreneur there will always be something new to learn. To have a successful business, it’s important for business owners to soak up every bit of advice and information they can. Jon Keel, business advisor, author and CEO & founder of Improved Results LLC, believes that it’s important for business owners to develop a student mentality.

“Only by continually learning will you grow. And as a mentor once told me, ‘If you’re not growing, you’re dying.’ By learning and growing, you’ll be able to develop a sustainable competitive advantage; I’ve found that many business owners don’t continually learn and grow. As the line from Pretty Woman goes, ‘Big mistake, big, huge,” says Jon.

BECOME A TECH COMPANY

To ensure you maintain a competitive advantage, it’s important for businesses to ensure that software is a core driver of your company’s digital strategy. Chris O’Hare, the founder of Hare Digital, believes that entrepreneurs need to implement artificial intelligence, and serve the upcoming ‘Generation Zoomers’.

“Adopt a digital-led culture within your company, expose your leadership team to technology ideas through experts. It is often then advantageous to build an education programme around these topics for key company team members; this will enable them to identify internal opportunities where technology could be a game-changer,” says Chris.

FIGURE OUT YOUR IMPACT

Considering what to emphasise to ensure your offering is well-received is vital as a start-up business. The business decisions you make – especially during the first year – have the potential to make or break you, so it’s important to take your time to really think about the impact you’re wanting to have. Steve Sanders, a go-to-market strategist, believes that business owners should start with the end in mind and decide on which impact, principles and values create their defining factor.

“Product or service doesn’t create value or benefit. You don’t realise a benefit or value; your customer does, in their world. Be precise in your thinking and how you communicate. Features, advantages, capabilities and differentiation only convey as beneficial when pinpointing where customers gain value. Once you know the difference you make, that is what you amplify, and the greater your unique desirability factor becomes,” says Steve.

ADOPT A MONEY MINDSET

Henry Ford once said, ‘If you think you can, or think you can’t, you’re right.’ Mindset is everything – especially as a new entrepreneur. Our mindset is quite literally what we tell ourselves and the set of attitudes we hold. There are many factors that feed our internal conversations, such as habits, thoughts and emotions, and these conversations have the ability to affect our ideas, as well as the decisions and actions we make and take. 

Lesley Thomas, an accredited Mindset and Money Breakthrough Business Coach, Sacred Money Archetype practitioner and host of the podcast ‘Let’s Talk Money and More’, believes that doing what you love and being well-compensated for it only materialises once you’ve transformed your relationship with money.

“This is why as entrepreneurs, it is vital to have the right mindset, and in particular, the right money mindset. Where mindset leads, business will follow. Money mindset will often be described in two ways, either an abundant mindset or a scarcity mindset. The former believes that there is no reason to be overly concerned about money, that it will be available when required and has the ability to attract more. Whereas in its simplest form, a scarcity mindset believes that there may never be enough money, that it is not easy to replace and therefore, what limited resources they have must be protected at all costs. When you have the right relationship with money and, therefore, a supportive money mindset, so many aspects of yourself start to fall into place,” says Lesley.

BECOME AN EXCEPTIONAL PRESENTER

When starting out in a new business venture, getting people on board with your concept is fundamental for success. Both formal and informal presentations will be required, either externally, within your organisation, or as part of your never-ending business development efforts. Expert Leadership Coach Jeremy Cassell, believes that opportunities will arise where it will be critical for you to motivate, engage and attract support and commitment, which is where becoming an exceptional presenter comes into play.

“Think about all those entrepreneurial moments when presentation skills are essential: pitches to land high profile investors, partners or customers, internal training to motivate staff, and external conference keynotes. During the start-up phase, being capable of bringing investors and customers on board is essential to your survival; in the growth phase, being able to keep your vision alive and gain new, enthusiastic supporters allows you to grow and prosper. Done well, these presentations can be transformational. Done badly, they can be cringeworthy and damage your reputation,” says Jeremy.

CONCLUSION

Starting out as a new entrepreneur can be daunting and there will be various hurdles that may be encountered. However, gaining knowledge from other experts and start-up businesses is a great way to achieve your goals. Acknowledging and implementing the five tips above will help to ensure your business booms. As many of these tips can be implemented right away with minimal upfront cost, your business can improve and strengthen in a really short space of time.

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