3 Tips For Building Your Entrepreneurial Confidence
It is very easy to talk about building a business with confidence, right?
In theory, it seems so easy – give people something they would need. Yet, the reality is not that simple, unfortunately. There is no simple formula for building a business in practice. There are thousands of questions that you will need an answer to, and the first and most important one is: How do you know what people need?
We can admit for sure that there are entrepreneurs that are not ready to answer this question.
So that is why we believe that observation is a must for every entrepreneur!
First, you must go through a short entrepreneurial journey before commencing your business venture. We just call it the “Pre-entrepreneur stage”. Here you get the chance to live the life of an entrepreneur through the eyes of other entrepreneurs. That’s right, yes. It means to observe, dream and feel the entrepreneur light that will guide you through.
If you want to build something on your own, but you don’t feel ready, we are here to give you some tips that will help you with the start. Even if you don’t have the right idea at this moment, this will give you a head start.
Here are three tips for building your entrepreneurial confidence (time to start taking notes!)
1.Research and interview
Research and research and research! (repeating is the mother of learning!) Having a research phase is the key thing! The first is studying the marketplace. Then you focus on the recognized players so that you can form some kind of a hypothesis for solving the existing problems.
Then comes interviewing. Now you must start with interviewing the entrepreneurs of the present leading businesses in that specific industry. This is your opportunity to hear their stories, but also to learn from your potential competitors for their customers, needs and the market in general.
If you are interested in one specific area, that’s a start! Grab one list and write down all of the sellers, suppliers, entrepreneurs, influencers, experts, anyone you can think of that might be useful to learn something from, even include the customers themselves.
You now may say you don’t have a specific industry of interest. That’s ok too! You don’t have to worry. You can start by interviewing entrepreneurs that you are familiar with and try to learn how they identified their opportunities and field of work. You never know who you will get the inspiration from, right?! These people have been through all kinds of situations, so investing your time in speaking with them is the best thing you can do in this early stage of research.
Think of every interview as a chance to build a new relationship. You connect with people. And these connections are so important for your journey and your entrepreneurial confidence.
2.Talk about your journey
Documenting your journey helps a lot in starting a business. You can share your interviews and other insights in a journal, blog or any other tool you are most comfortable in recording information (I live by Evernote and can’t do without it). You can talk more about what you have learned in your journey.
With this, you will have a chance to build your own audience and gain more confidence. If will be small at the beginning yeah. But by providing valuable consistent content you will be surprised, believe us! By the time you build your business, you will already have a group of followers and supporters that will be willing to try your service or product and spread the word as well.
By sharing your journey, you also have a chance for reaching to new prospects. People will trust you since they see the value, so you will have a responsibility towards your audience. Small steps count too. You know, one small step for a man, one giant leap for mankind (your business here, but you get the point, right?!)
3.Ask for an opinion
After reading the above-mentioned tips, maybe now you have an idea. Or for sure you will have one after you have your small audience and interviewees. Then what is the next step?
You test. Before launching your product or service it is good to run some tests to see the interest from the audience, no matter if those are other businesses or consumers only.
This is the tricky part. If you approach a stranger and ask for a commitment and opinion for your business, the chances are high that you will get rejected.
However, if you approach an audience that you are already connected with, no matter if they are interested or not, they will find time to share their feedback. That is the beauty of being connected to people.
Now, to sum things up, all these 3 tips will help you with your start in building your entrepreneurial confidence, so go step by step, don’t rush things.
Building your business is not easy (we know the feeling yeah!) Know your market, speak with entrepreneurs, test and test and test again, and last but not least, listen and speak with your customers.
If you want to know more, we are always reachable for a business talk or advice via our calendly link: 30 Minute Mentoring Meet – Ibrahim Bashir
Until next week…