Entrepreneurship guide for beginners
This blog brings:
- What is entrepreneurship?
- How does entrepreneurship differ from other types of business?
- What are the responsibilities of an entrepreneur?
- How do you become an entrepreneur?
- What are the challenges that entrepreneurs face?
Entrepreneurship is a term that refers to a special type of business in which an individual or a group of people establishes a company. Being an entrepreneur is no easy task, but as much as it comes with its challenges, it also comes with rewards.
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And how exactly can we define entrepreneurship? Most of us have a particular perception of what entrepreneurship entails. Some, on the other hand, have embarked on an entrepreneurial journey themselves and sigh deeply when they think of the challenges they face. These often hear the phrase “You are your own boss, it’s easy for you”, but reality is a little bit different.
Undoubtedly, starting your own business entails numerous challenges.
When we work for ourselves and strive to realise our own visions and ideas, the challenges seem greater. This occurs out of a strong desire to overcome these obstacles and achieve goals that are important to us both personally and in our business. Being an entrepreneur means being ready for a different way of living, a life in which priorities are clearly defined and a life that requires a certain amount of organisation. Without the mentioned things, an idea, however great it may be, cannot be realised in its full potential.
Additionally, since small businesses are pillars of the economy, means of support for entrepreneurs should be essential factors that can impact the local, national, and potentially international economy.
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This is precisely why we have created a special offer designed to provide support to entrepreneurs as they take their first step into online business. The offer lasts until November 20th.
How does entrepreneurship differ from other types of business?
Although the answer to this question is quite simple, entrepreneurs can often be misunderstood. Namely, entrepreneurship refers first of all to the formation of an idea. Then, to establish a business, and finally, to prepare strategies for running and managing it independently. An entrepreneur takes upon himself the responsibility of realising a business idea. He aims to offer a service to specific groups of people or select clients. Thus, he seeks to improve the quality of life of a larger or smaller number of people. So, in other words, it can be said that an entrepreneur is the owner of a small or medium-sized business.
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However, by realistically looking into entrepreneurship, a large number of companies close within the first two years of their establishment. Why does that happen? Let’s take an example from our own experience. Can you think of a small business that didn’t last more than a year or two? Now, think about what could be the reason for such an outcome? To help you with this, take a look at the list of basic steps that must be completed to ensure a successful business path.
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If you’re an entrepreneur, keep this list as a reminder to be on the right track and do what’s best for your business.
Entrepreneurial reminder
Here’s what you need to do when starting your own business:
- Market evaluation
- A business plan
- Competition assessment
- Enabling business funds
- Business management decisions
Market assessment
Market assessment is a practice that all businesses, regardless of their sphere, should undertake before taking any action.
How to do a market assessment?
By assessing the market comprehensively, you can examine all the key aspects that may impact your business’s future. The more you do it in detail, the more aware you will be of what can set your business apart from the competition. You will also be able to understand why it’s essential to be mindful of these aspects to respond to these challenges in the right way.
In addition, you should also look into:
- The state of the economy and economic opportunities
- The size and type of market in which you operate
- Competition
- Ideal customers and their habits
- Potential business barriers
Although this may not seem like a significant issue at first, missing some of the steps can lead to a shaky business foundation, each item is equally important, and it is necessary to devote a significant amount of time to it, especially at the outset.
However, don’t forget one thing: before you start researching new markets, check if your products align with the existing ones. If you are considering the option of placing your product on the international market, you should first be sure of the following. Can you achieve success at home?
Strive for a balanced whole.
If we want the things we create to be permanent, we should dedicate ourselves to making it happen. When marketing products or services, take the time to craft the best offer possible. That offer should provide customers with precisely what they need. It is also crucial to pay attention to your potential clients and understand their needs as well. After all, with a better understanding, it is more likely you will know what their pain points are and how your product or service can help solve them.
What is the current economic situation?
This is also one of the things that you should pay special attention to. Is the current economic situation favourable? Is it perhaps optimal to wait for a better moment for marketing and establishing a business?
There is no simple answer to these questions. Let’s take, for example, that the economy is currently booming (which is certainly not the case). In these conditions, numerous opportunities for business development could be available. It would be logical that any business would succeed in such an economic ecosystem. However, if the market becomes saturated with one niche, for example, your business won’t be able to compete with similar companies. On the other hand, with somewhat scarce economic opportunities, when customers are not ready to spend large sums of money, perhaps your offer is precisely what the market is missing.
Entrepreneur: one person – multiple occupations
A new professional venture for an entrepreneur means that he is ready to do everything in his power to ensure the success of his business. However, in that case, many things need to coincide to guarantee success. A person who starts a company usually does not have enough resources to employ a large number of people. This means that they will usually do more than one job themselves.
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An entrepreneur is often a founder, director, assistant, marketer, merchandiser, delivery person and so on.
This fact is often overlooked, and we frequently take their work for granted. However, if you know at least one entrepreneur or have started a business yourself, you surely value and appreciate their efforts.
How does one become an entrepreneur?
To become an entrepreneur, it is essential to have a business idea along with a plan for its implementation. When developing a business, it is necessary to get in touch with as many people as possible and gain as much visibility as possible. This is how one can significantly increase the chances of success.
The visibility of your business can be greater than ever now that the Internet provides countless opportunities for promotion. Depending on your goals, these are the promotional methods you can use to increase the visibility of your business:
- Digital Marketing
- Social Media Marketing
- Email Marketing
- Google My Business account
- Google Ad
- SEO optimization
- Website
Digital marketing is a comprehensive channel for promotion.
Without a digital presence, we really cannot talk about a serious and high-quality performance in the business world. According to the latest research of Digital 2022 Global Overview, as many as 4.5 billion of the total world population use the Internet.
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This means that, with the help of adequate tools, you can reach a large number of online users. This is precisely why we should pay attention to the possibilities of digital marketing. This type of promotion utilises digital means for business promotion across all existing online channels. Digital marketing, therefore, encompasses various forms of promotion, including online marketing.
Promotion of socials for all types of businesses
With the dizzying expansion of social media, an increasing number of businesses promote and market their services on these channels. This is due to the opportunities provided by social networks. Through them, you can communicate with followers, build trust and credibility of your brand, and present the services you offer for free.
Of course, as with many things in life, investing in sponsored social media posts will get you much better results. Sponsored posts enable you to target potential customers, i.e., personality profiles that are most likely to be interested in your product.
Email marketing
Running a business also means taking care of communication with existing and potential clients. In this context, email marketing can be a way to send a professional inquiry, service promotion or notification. By creating one email, you can send it to a large number of contacts. And besides, a business owner can get much more from email marketing than just this simple convenience. After sending a newsletter, they can see an open rate, click-through rate and how many recipients decided to unsubscribe.
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This can provide you with an insight into a realistic picture of the customer’s interest in the offer that you have notified them about. Regardless of the stage of development of your business, this data can help you make critical business decisions.
The average percentage of email open rate is around 15 – 25%; Of all those who receive your email, approximately 2.5% will click on the link you include. Of course, these numbers can vary by industry and the type of email being sent.
Rank better on Google.
Do you have experience with digital marketing or are you just starting? Regardless, the challenge of presenting your business on the first page of Google is complex. To achieve the best possible Google ranking, it is necessary to perform SEO optimisation, which is a comprehensive set of practices to be implemented. However, why bother with those complicated concepts when the professionals can do it for you?
If you want to rank better on Google, the Laganoo team has experts who dedicate their time to SEO optimisation. You can learn more about this by contacting us.
On the other hand, in addition to SEO, your business can appear at the top of searches thanks to a Google My Business account. What is that? Google My Business is a free Google platform that allows you to present all your business information in one place.
Here’s what it looks like:
And why can it benefit your business? Having a Google My Business account makes it easier for customers to search for your business. They can find all the necessary information in one place: phone number, address, business hours, email, a link to your website, and more. Your account will be visible to those who directly search for your business name, but also to those who search for related words or locations. In this way, you become more available and visible in the market,
If you believe your business would benefit from being featured on Google, we have prepared a special offer for you during Global Entrepreneurship Week.
Get a custom website and choose one of these options for free: email marketing or a Google My Business account.
Build your own website.
If you are starting a business, you can significantly benefit from having a website in the long run. However, we are aware that it is crucial to invest wisely at the beginning, and that not everyone has the funds allocated to create a website. This is why we have made yet another special offer for entrepreneurs.
You can buy a lifetime subscription to the website for only $69. With the Laganoo platform, you can create a website independently, without prior experience, the way you want. Our special offer refers to the Starter package, which allows you to sell up to 25 products, conduct an unlimited number of transactions, and enjoy unlimited storage.
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In the run-up to Global Entrepreneurship Week, we believe it is essential to pay respect to entrepreneurs and congratulate them on overcoming all the challenges they face.
In response to that, Laganoo does everything in our power to make it easier for them to start an online business.
For more information about our Global Entrepreneurship Week offer, visit this link.
Wondering what Laganoo omnichannel ecommerce platform stands for?
Omnichannel is a term relating to sales that can take place on more than one channel. These channels include mobile, laptop or physical store shopping. Laganoo’s omnichannel platform aims to deliver a seamless customer experience across all sales channels.
E-commerce – short for electronic commerce, i.e. online trade.
A platform is a software used to host any application or service. In this case, it relates to websites and e-commerce stores.
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Hope this explains it for you!
If you have any questions, contact us, and we will be happy to help!
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