ATLANTA, GA / ACCESSWIRE / October 9, 2020 / The prospect of becoming your own boss and developing your vision into a business that you are passionate about is one of the most rewarding endeavors for anyone to undertake. However, launching a career as an entrepreneur comes with its fair share of challenges and obstacles. Entrepreneurial success takes clearly defined missions and goals, unwavering determination, and consistent action to achieve your goals.
No one understands the trials and tribulations along the path to entrepreneurship as well as Deepak "Dee" Agarwal, who has realized major success in founding several prominent e-commerce businesses. Dee Agarwal is best known as the former CEO and founder of the multi-category online retailer, NoMoreRack.com.
"The work and hours you will pour into your business will not always be fun or easy, but the rewards are well worth the struggle," notes Agarwal, recalling his early days as an aspiring entrepreneur. "If I could go back and coach the younger version of myself, there are a few lessons I have learned from years of both successes and failures."
Below are Deepak's top pointers for those pursuing an entrepreneurial career path.
Be Willing to Put in the Hours
According to Forbes, nine out of ten start-ups fail in their first year. The biggest reason these start-ups fail? They fail to stand out. Breaking free of mediocrity is directly correlated to your effort and input. "Building an enterprise in a rapidly changing digital market is going to take persistence, creativity and, above all, continued learning," says Dee. "Disruption is fueled by innovation, which is grounded in insight and knowledge." Agarwal underscores the importance of adaptability, education, and hands-on experience in the role of a young entrepreneur.
Assemble the Right Team
Even Steve Jobs needed the right team to help him build Apple into the worldwide corporation it is today. Every entrepreneur needs to appoint the right people to the right positions and find the right ways to motivate and challenge their team to help develop their business. "You will need to find the right individuals who will keep your business on course," says Deepak Agarwal. "The path to success is not linear or singular, and finding those who are passionate about what you're doing will help make the most of your efforts."
Understand Your Audience
Even as a fully committed entrepreneur, and with a dynamic and supportive team behind the business, Deepak Agarwal notes that, "If you don't know the customers' wants, needs, and buying behaviors, it will be impossible to connect and engage with them."
If entrepreneurs fail to pay attention to feedback or fail to really know their customers, their products will struggle to satisfy market needs. Spend time getting familiar with your audience before selling goods and services in order to capitalize on efficient marketing resources and substantial ROI.
Build Your Network
Once you've gotten your business off the ground, Dee notes that networking is the name of the game. Encouraging your team members to build focused brand engagement and awareness will ensure your messages will reach potential clients. "It takes more than a well-written article to engage an audience," says Deepak. An active social media presence filled with relevant content coupled with a nimble presence to adapt to constant changes in cultural conditions will do wonders for an early start-up looking to make its mark. For more information on unique and creative networking for startups, check out this article from Entrepreneur.com.
Elevate Your Strategy with Critical Thinking
Dynamic thinking is critical to entrepreneurial success. "Entrepreneurs have to be able to think on their toes," says Dee. "They have to make the right decisions, typically with few resources, very little time, and without constructive feedback from peers and professionals." What can you do to gain these critical insights? Deepak suggests using logic to deconstruct every decision your business makes and questioning every assumption you hold about your business. "Think objectively and from multiple perspectives," says Agarwal. "This will teach you to think without blinders that obscure the larger picture, and will help the start-up survive."
For more expert business tips from Deepak Agarwal, read ROI-Driven Customer Acquisition and Retention.
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SOURCE: Deepak Agarwal