5 Things Entrepreneurs Can Do To Be More Successful

By John Hall | Forbes | March 20, 2022

Entrepreneurs and business owners aren’t known for conformity. They go against the grain because settling for what already exists is less appealing than paving new paths. But this idealism and drive don’t come without risks. About 21.5% of startups fold within year one, and 30% go under in the second year. By the time year five rolls around, just 50% of startups are still operating.

Some of the more common reasons for failure include going after the wrong market, a lack of research and poor partnerships. Thorough market research, goal-setting and networking are necessary to help increase your chances of achieving a favorable outcome. So is perseverance and marketing that touts your unique expertise and brand reputation. Here are five different ways to accomplish your business goals and set your company up for success.

1. Network Within Your Niche

Startups get off the ground because of a single genius idea or passionate pursuit. But it’s professional relationships and alliances with other experts that keep a business going. While you may have some of those partnerships in place, there are always new opportunities to learn from others.

By networking with leaders in your industry or market niche, you can discover new technologies and business approaches. Networking can also bring in referrals, inform you about upcoming events and expose you to emerging market information.

Use professional platforms, such as LinkedIn, to find other business owners and entrepreneurs in the same niche. Search for thought leaders or those engaging with conversations and topics that concern your industry and reach out to them. When requesting their time and attention, be sure to offer something in return. The best networking relationships are mutually beneficial ones…

Read the full article here.

By MIT Sloan CDO