What is advice you would give to someone starting a business? | Marketing Q&A

Entrepreneur Question

What is one piece of advice you would give to someone starting a business?

Debbie

Expert Answer

So, so, so, so many pieces of advice because starting a business – and then sustaining a business – is complicated!

But you asked for one, so I’ll go with the most important one. Over the decades for helping – and running – businesses, I found this basic information, which I first learned while obtaining my degree in business, to be entirely accurate.

This is important to consider before you start; and at some point after you start, if you feel like things aren’t going quite right, it’s a good one to revisit.

Too many people jump into entrepreneurship simply to sell something that they like, want, are passionate about.

You actually hear people with less experience than I have say things like “follow your passion.” (Hearing things like this should actually be a red flag lol.)

If only it were that easy.

To create a business that generates a profit – which is the ONLY thing that can provide you with a living and keep the doors open – you need three things:

To sell a product or service that people want,
which is something they will actually buy/pay for,
and that they will pay enough, or there will be enough purchases, to sustain your business

Too many budding entrepreneurs miss one or more of those, and doing so is a recipe for failure.

If you try to sell something that people don’t want or need, you won’t succeed.
If they want or need it but would never pay to buy it, you won’t succeed.
If they will buy it, but the interest level is so low, or the price point combined with the interest level is so low, that you could never actually make a profit, you won’t succeed.

Notice that I didn’t say anything about what you’re passionate about. Because IF you can meet all three of those, and IF it happens that your product or service is also something that you are passionate about, then consider yourself damn lucky!

I’ve thrown in a little quick Venn diagram.

While you might be able to run a business with only two of these, it will never be as strong and successful as when you have three. Much like a stool that only has two legs … it might be possible but those better be some really unusual and creative legs, that aren’t as quick and easy to develop as just a couple of big dowel rods could do.

As soon as you add a third leg, you gain noticeable stability (and without having to be as strangely creative with each leg).

Four legs is great; it can add a slight bit of extra stability (but not as much of a difference when moving from three to four as you will see when moving from two to three). In entrepreneurship, that passion gives you the personal interest to keep carrying on during tough times, which can definitely give you a leg up … IF you already have each of the other areas to provide the foundation.

You need to consider this before you ever begin.

There’s so much more advice that entrepreneurs need, but lucky for you, that’s exactly why I have a blog! I suggest you read topics that interest you, or to make it even easier you can sign up for my newsletter and receive the advice right in your inbox.

Vicky

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