Karen Leland, in a recent post on Entrepreneur.com, highlights how the world of the entrepreneur is filled with equal parts risk and reward. The waters packed with brilliant minds, each looking to make a name for themselves. Oftentimes, this prospect is enough to turn others away from what could be the opportunity of a lifetime. With proper planning and insight, however, you can swim with the sharks without fear.
Preparing to join a particular industry means you should already understand the direction it’s headed in. There’d be little sense in establishing a new Blockbuster store when your competition has all but sunk the once massive rental franchise. By positioning yourself to anticipate the coming evolutions of your industry, you increase your chances of changing with the tide instead of being swept out to sea. For example, by predicting the societal shift to cloud-based computing and streaming services, Netflix was able to join the digital movement with little trouble. Though painful to imagine, all businesses are subject to the whims of the public, and adapting can keep your business afloat.
Karen Leland notes how timing is everything in business. Deciding when to launch your business carries a series of variables too important to ignore. Competitors launching their products, market conditions, and public opinion can differ depending on the day. Keeping a close eye on trends can mean the difference between your company landing at the perfect moment, and being forgotten shortly after its inception.
Don’t be afraid to test the waters. The value of random market testing is incalculable when compared to the potential risk of flying blind. Modern entrepreneurs are finding success in any number of crowdsourced funding ventures. Kickstarter, Indiegogo, and Rockethub are just a few of the many companies that offer wide exposure to a vast audience of potential investors.
After properly preparing your business to launch, it’s important to anticipate success. While this may seem like an obvious step, a tremendous outcry for your company without the sufficient means to meet that demands can be damaging. Though so many entrepreneurs prepare for failure, few expect the rigors of success. Meet your challenges, overcome the obstacles, and your success is all but assured.