Transforming Ideas into Movement: An Entrepreneur's Guide to Success
2020 was not just a year of losses and lockdowns; it also ushered in the ‘Era of Entrepreneurs’. Though the US economy took a plunge into the deepest recession in modern history, the US Census Bureau has also recorded an all-time high number of applications submitted for new businesses in the last 13 years. The factors that have led to this significant surge of startups and local businesses can be broadly broken down into three categories:
The spiked unemployment rates due to Covid-19.
The newfound time and space to think and ideate during isolation.
The need to innovate and push boundaries in the face of a crisis.
From learning to bake sourdough bread to starting bakeries, from taking up sketching to hosting online art tutorials, from learning to code online to setting up futuristic startups, budding entrepreneurs are altering the established trends in the market with their cutting-edge ideas and revolutionary thought processes.
Here are 7 steps every aspiring entrepreneur can follow to transform these ideas into a movement that can change the world.
Listen to What the Audience is Already Asking You
Sometimes the answers you are seeking are right in front of you. The same goes for the problems you are seeking to resolve. The first step every entrepreneur should take is identifying a problem that drives them; a demand they feel strongly about. Listen to what the people around you are trying to tell you, study the interests and purchase patterns of the target audience you aim to pursue, track the market trends. The deeper you understand the pain points of your target audience, the greater your chances of becoming an entrepreneur who delivers quality service.
Discuss your Ideas
If you don’t open up about your entrepreneurial ideas to others, you may never get constructive feedback to improve them. This does not mean announcing your ideas to the whole world—seek the opinion of those who have experience running successful businesses or are in similar domains. It could be a family member, friend, acquaintance, or even a boss. Put your idea out there, have conversations around it so you can view it from another person’s point of view. It doesn’t matter if you get a positive or negative response; either way, you will get a new angle to consider on the journey forward.
Don’t Do it Alone
There is a reason why candidates are asked if they are good team players for almost every interview. We are social animals. No matter how independent we are or how innovative our ideas are, no entrepreneur can do it on their own. The most successful entrepreneurs work with the most engaged, diverse, and inclusive teams. When people from different genders, age groups, ethnicities, educational, and professional backgrounds put their heads together, the possibilities of driving growth and innovation are immense. Build a team to share your ideas with—dream together, grow together, succeed together.
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Challenge Market Assumptions
If your goal is to make a difference in the world, then don’t do the same things others are doing. Think about how you can stand out in the crowd; take the road not taken. Don’t be hesitant to question the existing market assumptions—they are assumptions after all. Most people just follow what is deemed “normal” or “acceptable”, but that doesn’t mean the norms are written in stone. Start new trends, challenge the key assumptions that hold you back, be the pioneer that inspires people to do things differently.
Trust Trial and Error
The trial-and-error method is the best mentor in the world. Instead of focusing on perfection, execute your ideas and rectify the issues along the way. A prototype that you worked on for a year and another one that was worked on just for 3 months may encounter the same bugs and glitches. Instead of avoiding risk altogether, learn to mitigate it on the job. A half-baked prototype iterated 20 times based on user feedback has more chances of becoming a success than a model that has been perfected for months or years without actually being tested.
Learn from Failures
Don’t fear failure. Every setback faced is a chance to learn something new. Instead of getting disheartened, you should learn to identify your limitations, bridge the loopholes in your ideas, and crack new ways to make things work. Most importantly, you should understand that a failed idea does not make you a failed entrepreneur. Colonel Sanders was rejected by 1009 restaurants before he finally sold his world-famous recipe for KFC to a restaurant outside Utah. He was 62 at that time. It is never too late to pitch a new idea.
Celebrate the Small Milestones
Success does not happen overnight. Entrepreneurship is not a gamble, nor is it based on luck. It takes planning, strategizing, dedication, resilience, and a positive attitude. If entrepreneurs focus solely on the big wins, they are setting themselves up to be disappointed. Focus on smaller milestones, be it a positive customer review, two new orders, or five new followers on social media; every step forward is a sign of progress. Sometimes it takes decades to build an empire, but the base of that empire would be so solid that not even the strongest of winds can knock it down.
Every entrepreneur sets out dreaming of changing lives and the future, but not everyone succeeds. Ideas are like seeds, while some take root, grow into trees, which eventually transform into forests, others may shrivel up in their early stages of growth or refuse to germinate at all. Just as a plant needs sunlight, water, and fertilizer, an idea needs the right strategy, collaboration, and innovation to make an impact on the world. A great idea will end up failing if not for the right leadership and team members, but a mediocre idea can always be polished into an extraordinary one when the right people come together. Always focus on the journey instead of the destination; you will get there eventually.
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About the Company:
Peterson Technology Partners (PTP) has been Chicago's premier Information Technology (IT) staffing, consulting, and recruiting firm for over 22+ years. Named after Chicago's historic Peterson Avenue, PTP has built its reputation by developing lasting relationships, leading digital transformation, and inspiring technical innovation throughout Chicagoland.
Based in Park Ridge, IL, PTP's 250+ employees have a narrow focus on a single market (Chicago) and expertise in 4 innovative technical areas;
Cloud & DevOps
PTP exists to ensure that all of our partners (clients and candidates alike) make the best hiring and career decisions.
Peterson Technology Partners is an equal opportunity employer.