Georgie Coleridge Cole’s Tips For Entrepreneurial Success
Find the gap. Whether your business idea is a product or service, it doesn't have to be new. But if it's not new, it has to be better. Avoid asking friends and family for too much advice. Instead, seek feedback from knowledgeable individuals who can identify the red flags. Be adaptable and open to that feedback.
Create a minimum viable product. While it's crucial to invest time in refining your offering, there comes a point when you need to press go. Once launched, you can test, invest and evolve.
Remember cash is king. Be all over the numbers. Use tools like the Xero Go app to send invoices and get paid in seconds and easily manage your cash flow. Look after the pennies and manage your cash flow with features like simple business reports on the go.
Be prepared to graft. Remember even the most celebrated ‘overnight’ success stories nearly always took years. Be sure you have the self-discipline, resilience, energy and determination to navigate the challenges of running your own business. Recognise entrepreneurship gives you more and less freedom in different ways.
Constantly evolve & innovate. You learn more from the things that go wrong than the things that go right. Continuously evolve and differentiate. Follow market trends, listen to customer feedback, and be willing to adapt to stay relevant. Approach obstacles methodically – like an onion, peeling back the layers one step at a time.
Be committed to a life of learning. Inspiration sparks innovation. Listen to all the podcasts. Read all the books. Soak up advice from other entrepreneurs and business leaders wherever you can. Read the business sections of newspapers and make an effort to understand economics.
Prioritise branding. Look like your best self. Technical glitches can be forgiven, but poor branding can leave the wrong impression early. In saturated markets where customers are flooded with marketing messages, you have to work hard to engage the savvy modern consumer. With business tracking apps like Xero Go, you can even personalise your invoices to the colour, font, logo etc of your business, straight from your phone.
Make connections. Whether it's reaching out via social media, having endless coffees or attending networking events, know that every conversation gives you something. Get to know your fellow early-stage entrepreneurs. Grow together, provide mutual support, and you will reap the benefits.
Embrace the power of AI. Leverage the available data and don't shy away from its potential. Instead, be excited about the insights it can provide and the efficiencies it offers for all roles in every industry.
Go for it. Find your passion and follow it. Take calculated risks and know that if it was easy, everyone would do it.
Xero Go is a fast and easy way for sole traders to stay on top of invoicing and cash flow. For more information, try Xero Go.
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