SPG | BUSINESS CONTENT
Advice for young entrepreneurs - how to create success
Taken from Ledernytt.no, 05/06/2019 - See full article HERE
"It is not an easy matter to be an entrepreneur, I can sign it. When I came to Norway myself 15 years ago, I had nothing. I had no capital and no network. But I had a strong drive and I was willing to work night and day. I also had an incredible amount of faith in myself! If you have it, you can succeed with almost anything".
Here are 6 tips that I believe are most important for success.
1. Get a network
You need to get in touch with the right people who can open the right doors. A good network is the alpha and omega, no matter how good your business plan is. You have to be where it happens, you have to go to events and introduce yourself to people who want to help. Be ready to deliver your idea in an elevator pitch - this must sit, so it is important that you prepare well in advance.
Remember to always ask if you can contribute something in return.
2. Do some research
Before you pitch your idea, you need to map out if there are existing products or services on the market. You also need to find out if there is a market for your service or product, and if there is interest and willingness to pay. If your idea is redundant, you should consider starting over.
3. Create a solid team
Your team should be in place from the start. The more discussions and views you have from the beginning, the better. Remember that the team works best with a defined leader who ensures that everyone works towards the same goal and vision. Also remember that a good leader is completely dependent on having a good team around him. The people on the team should inspire each other, challenge each other and believe in each other.
4. Create a comprehensive business plan
Write down the main goal of the business, describe who the target group should be and fill in numbers and facts. Compare the company with competing companies through numbers and graphs. The business plan must also have a good and realistic budget that is made on the basis of activities and costs. Also set up sales forecasts for the first year.
How to make money is the core of the business, and this part of the business plan should be the most important. There must be absolute clarity in how to make money, how to praise yourself and how to manage your finances.
5. Find investors
Once the business plan is ready and you can deliver a compelling elevator pitch, it's time to find the right investors who can contribute capital and expertise. Find potential investors in your network, or by researching online and getting in touch. Feel free to apply for start-up capital as well.
6. Never give up
This is perhaps the most important of all the points - you must never give up! Never lose faith in yourself or your idea, and persevere even if you face adversity. Show everyone that you have the will and strength to carry it out, and that you have the ability to motivate others around you.