6 tips for being a successful entrepreneur
Posted: Mon Jan 20, 2025 4:22 am
The current economic crisis that the country has been going through in recent years has given rise to a new profile of entrepreneur in the micro and small business (MSE) market. This is the entrepreneur of necessity, that is, the citizen who was probably affected by unemployment and sought entrepreneurship as an alternative to regain a source of income.
According to data from Serasa Experian, this scenario, together with the simpler process for formalizing small businesses, has led to a surge in the number of new SMEs in Brazil. From January to July 2016, there were 953,060 microentrepreneurs, compared to 888,837 in the same period in 2015, a 7.2% increase.
To be successful in business management, you need to take uganda whatsapp data some precautions.
Setting up a business can be a simple step, but ensuring full operation over the years, with the measurement of profit and positive revenue, is a major challenge.
To make achieving this objective possible, you need to have clear goals that, like a compass, will help you throughout your entrepreneurial journey.
Check out the tips we have prepared to help you become a successful entrepreneur:
1. Have an entrepreneurial attitude
As an entrepreneur, you need to be aware that you will be taking risks. Therefore, it is important to adopt a risk model in your management. After all, opening a business can be very uncertain, even with good planning. You need to be prepared for losses.
2. Conduct market research and analyze competitors
To have a successful strategy, you need to ask yourself: what already exists in the market that is similar or the same as what I am trying to create? The best way is to navigate a “blue ocean”, that is, without competition, but if direct and indirect competitors are identified, it is necessary to analyze them so that the business idea can be better developed and achieve a status of “differentiation” and not just “better than the competitor”.
Careful competitor analysis allows the entrepreneur to see the “value curve” between competitors in the market. This will help make the business idea more competitive.
3. Know the customer
According to the recommendations of Steve Blank and Bob Dorf, renowned professionals in entrepreneurship, it is necessary to model the business idea basically from the point of view of a problem perceived in the market.
Therefore, the future entrepreneur must reflect on whether his business, or rather, his value proposition and the materialization of a need, will help people solve problems. To do this, it is necessary, first of all:
3.1 Know the market size of your target audience
That could become customers/users. To do this, first analyze the size of the total market (e.g. Brazil), then calculate the size of the potential market (e.g. State of SP) and, finally, calculate the size of the realistic market – the one that you will be able to serve immediately (e.g. city of SP). If the business idea is not scalable, think about whether it is worth continuing to invest time in its development.
3.2 Validate the hypotheses
It is important to come up with hypotheses about your business, that is, the characteristics that you believe will meet the needs of your target audience and validate them with them. Go out and interview, talk to and validate your hypotheses. After this exercise, it will be possible to “correct the course” or improve the business proposal. Anyone who believes that their idea is the best and that everyone will buy it is mistaken.
4. Plan the operation
Before starting a project, it is extremely important to control your anxiety and develop a good plan. Structure the business project from start to finish, thinking about it as a whole.
At this point, it is advisable to use project methods based on the recommendations of the PMI (Project Management Institute) and also on agile projects for online businesses. A project should be structured that allows the company to operate gradually (in growth phases), as this will mitigate greater implementation risks.
According to data from Serasa Experian, this scenario, together with the simpler process for formalizing small businesses, has led to a surge in the number of new SMEs in Brazil. From January to July 2016, there were 953,060 microentrepreneurs, compared to 888,837 in the same period in 2015, a 7.2% increase.
To be successful in business management, you need to take uganda whatsapp data some precautions.
Setting up a business can be a simple step, but ensuring full operation over the years, with the measurement of profit and positive revenue, is a major challenge.
To make achieving this objective possible, you need to have clear goals that, like a compass, will help you throughout your entrepreneurial journey.
Check out the tips we have prepared to help you become a successful entrepreneur:
1. Have an entrepreneurial attitude
As an entrepreneur, you need to be aware that you will be taking risks. Therefore, it is important to adopt a risk model in your management. After all, opening a business can be very uncertain, even with good planning. You need to be prepared for losses.
2. Conduct market research and analyze competitors
To have a successful strategy, you need to ask yourself: what already exists in the market that is similar or the same as what I am trying to create? The best way is to navigate a “blue ocean”, that is, without competition, but if direct and indirect competitors are identified, it is necessary to analyze them so that the business idea can be better developed and achieve a status of “differentiation” and not just “better than the competitor”.
Careful competitor analysis allows the entrepreneur to see the “value curve” between competitors in the market. This will help make the business idea more competitive.
3. Know the customer
According to the recommendations of Steve Blank and Bob Dorf, renowned professionals in entrepreneurship, it is necessary to model the business idea basically from the point of view of a problem perceived in the market.
Therefore, the future entrepreneur must reflect on whether his business, or rather, his value proposition and the materialization of a need, will help people solve problems. To do this, it is necessary, first of all:
3.1 Know the market size of your target audience
That could become customers/users. To do this, first analyze the size of the total market (e.g. Brazil), then calculate the size of the potential market (e.g. State of SP) and, finally, calculate the size of the realistic market – the one that you will be able to serve immediately (e.g. city of SP). If the business idea is not scalable, think about whether it is worth continuing to invest time in its development.
3.2 Validate the hypotheses
It is important to come up with hypotheses about your business, that is, the characteristics that you believe will meet the needs of your target audience and validate them with them. Go out and interview, talk to and validate your hypotheses. After this exercise, it will be possible to “correct the course” or improve the business proposal. Anyone who believes that their idea is the best and that everyone will buy it is mistaken.
4. Plan the operation
Before starting a project, it is extremely important to control your anxiety and develop a good plan. Structure the business project from start to finish, thinking about it as a whole.
At this point, it is advisable to use project methods based on the recommendations of the PMI (Project Management Institute) and also on agile projects for online businesses. A project should be structured that allows the company to operate gradually (in growth phases), as this will mitigate greater implementation risks.