4 Rules for New Entrepreneurs

It’s a great time to be an entrepreneur—in the last decade, technology has levelled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that enables you to make intelligent choices quickly.

For us women over 40, taking the bold step of starting our own business wasn't an easy one. If you are like me, you made this decision because you are yearning for more freedom and want to break free from working 9-5. You want to start living your life on your terms and not relying on income grinding for someone else.

My motivation is to stop creating someone elses wealth. Me working 9-5 for someone else is helping them make money, not me! I want to create my own wealth. I also want the lifestyle that allows me to make money no maker where I am. I could be travelling, getting a massage or dining with friends and still getting paid.

This can all happen when you have a business online that runs on autopilot. As an entrepreneur, you have an advantage over big businesses in that you’re lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can pivot if needed whenever you want.

It is important to lay a strong foundation for your business by following key rules that can set you up for success. Being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end. Here are some practical guidelines that can help you when beginning your own enterprise:

1. Prioritise Continuous Learning

As a new Entrepreneur you need to understand that the business landscape is constantly evolving, and the digital landscape evolves even quicker. It is important to prioritise continuous learning. Stay informed about industry trends, technological advancements and changes in consumer behaviour.

Be open to feedback from customers, mentors and peers and be willing to pivot your strategies and offerings based on new information and insights. When you stay agile and adaptable, you are ensuring that you are positioning your business for growth and success.

2. Find your Profitable Niche

The days of general stores are over. Particularly online, consumers are looking for stores that specialise. You have to find a need—something a specific group of people want, but can’t get at the big chain stores—and fill it. You can’t compete with the big guys, so you have to find where the big guys aren’t and go into your niches.

You need to find a profitable niche that aligns with your passion and expertise. Be sure to conduct thorough market research to understand the needs and preferences of your target audience and then identify gaps in the market that your business can fill.

By finding a niche that you are passionate about and that has the potential for growth, you can position your business for long-term success.

3. Establish a Strong Personal Brand and Online Presence

It is essential to create a strong personal brand and be omni present online so that you stand out in a crowded marketplace and attract customers. Omni present means showing up on all different platforms; being active on the different social media site (Instagram, Facebook, Twitter, Tiktok, Clubhouse etc) having a blog or website, having a Youtube chanel and Email list to name a few.

Even if you’re not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base by, literally, millions. It’s also a great tool for promoting yourself and letting people, even in your own area, know that you’re there, and what you’re doing.

It also allows you to showcase your expertise, build credibility and connect with your target audience. Once you have a brand, it doesn't really matter what products you promote, cause people will already KNOW you, LIKE you (otherwise they wouldn't be following you, right?) and TRUST what you have to say!

4. Don't Quit Your Day Job Just Yet

Consider starting your business part-time, especially if it’s online, while you’re working and have a steady income (If you already have a day job). It usually takes six months to a year to get a business going and you don’t want your ability to make your house payment to hinge upon your company being an overnight success.

Start with what you can manage, financially and time-wise, and scale up as your business grows. Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realise that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which flopped—but he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones.

Arm yourself with optimism to get beyond the ‘No’ or the trouble. There’s nothing wrong with failure—just don’t repeat the same mistake!

Bonus Tip!

Entrepreneurship can be a lonely and challenging journey, so it's important to build a strong support network of mentors, peers and advisors who can provide guidance, feedback, encouragement and inspiration. Surround yourself with individuals who believe in your vision and can offer valuable insights and expertise.

Networking events, industry conferences and online communities can be great sources of support and inspiration for entrepreneurs.