I’ve said it many times, my overall life goal is to run my own successful business. One thing I’ve learnt is that to achieve your goals, every decision you make needs to gear you towards that goal. It made me think, how are my decisions being affected by the changing world of the entrepreneur?
To begin with, during my lifetime, the world has been innovating and pushing us into a new age of technology. More and more investment has been put into the ever improving world of tech and media, and with that, the business creators of the world have had to gear their ideas towards this industry. The dot com bubble gives us a good example of this. Just by adding “.com” to your company’s name would boost the value by, on average, 74%. This pushed entrepreneurs in one lucrative direction, and tech has been taking over ever since.
“So many dot-com companies were formulated on air”William Shatner
One massive part of starting your own business is the marketing of it all. It is impossible to go anywhere without letting people know that your brand not only exists but is the thing they need. As media and technology has changed and improved, marketing has had to change. The world of social media marketing is now huge, as well as the media shift from TV to the Internet, meaning your YouTube ads will now get more hits than any TV ad. You can even tailor your adverts to be seen by your target market, and by rethinking your whole marketing strategy to truly take advantage of the modern changes, it can make your whole business stand out without much effort.
One issue that I’ve been struggling with is that, nowadays, there is a shift in where your initial capital needs to be directed. Your first port of call is the internet. Your social media presence is now vital for business to be done. Your network and contacts are also massively important. Your website needs to be professional and never crash, to maintain a high quality reputation.
Not only that, but everything you have needs to go into the business. Whether this is time and money, blood, sweat and tears, or all of that combined, you need to use every financial source and creative fibre in your body to make sure your business, your baby, is successful. This isn’t a change by any means, but it’s a fundamental truth that needs to be accepted.
The business world is becoming more and more ruthless. Especially in this social media age, everyone is now in total competition for the limelight, with followers being the new currency. To become a successful entrepreneur, you need a chip on your shoulder, a “no fucks given” attitude and thick skin. Your success is going to be more broadcast than ever. You will be ever judged for the ways you tackle business, you will have people trying to undermine you at every turn. If you can’t take it all, and then continue to improve, then maybe this world isn’t going to be for you.
With all the changes going on in business in general, I think my own generation have been put at an advantage. We’re living in a time where there are a million different avenues for you to pursue in business. The new entrepreneur can be a YouTuber who has cultivated their own brand through their videos. The new entrepreneur can start their own sports team and monetize it in a variety of ways. The new entrepreneur can monetize themselves, alongside their company. If you don’t put yourself out there, you’re not going to beat anyone who does, because at this point, every minute you’re not broadcasting your own content, you’re losing out on valuable experience.
My advice would be to take advantage of every platform that we’re fortunate enough to have access to. On top of that, listen to people of all ages, reap the benefits of their knowledge in business, and keep them close. You will learn a phenomenal amount from this. Finally, never stop practicing, and never stop having ideas. The more ideas you throw at the wall, the more chance that one will eventually stick. Don’t stop trying, and every time you fail, get up quicker, because that’s the only way to succeed.