Do you have a profitable idea, a talent for creative thinking, or the confidence to take smart risks?
According to a Wharton study, entrepreneurship has grown by nearly 20% in the U.S. alone. This growth can be attributed to a number of factors. A driven mindset, social media, and access to more affordable business tools are just a few data points.
You don’t need to be extroverted to become an innovative entrepreneur, either. In fact, introverts are finding more success than ever in the space, especially with the rise of digital industries.
Here are three tips to inspire your journey.
1. Solve a Problem
Think of entrepreneurship as a puzzle. You’re in the business of selling something. What do people want?
Products, services, and experiences solve a problem. Your first step is to define a problem. You can apply this formula to every industry.
Start with an industry you’re passionate about, and find a problem with it. For example, an entrepreneur who’s passionate about technology may become an IT services provider to meet a demand in their area.
Netflix is another good example:
The founders of Netflix identified problems with the video rental industry. Consumers wanted cheaper rentals without going to a video rental store. Hence, the subscription mail-order DVD service was born!
This innovation soon led to another discovery (or problem.) Consumers would prefer the convenience of watching new movies without paying for expensive movie theater tickets and cable TV. Netflix’s next innovation was movie streaming, expanding on its subscription model.
2. Come Up With a Memorable Brand
The second most important piece of startup advice is branding.
Think of brands you’re drawn to naturally; what is it about these brands that catch your attention?
A simple logo like the Nike symbol is a good example. Plus, it’s attached to an in-demand product that solves a problem, the need for high-quality athletic shoes. This brand is so cemented in pop culture that it’s also a fashion statement.
The Nike logo can be adapted to every type of marketing material, from shoe boxes and bags to online media. The logo is relevant to the niche, reflecting the look and feel of being in motion. It also adapts to every color, giving Nike the freedom to think more creatively about marketing than other brands.
3. Every Innovative Entrepreneur Needs Financing
You can’t launch your vision without capital. This part may be the most difficult stage of the entrepreneurial journey.
Some entrepreneurs “bootstrap” their venture by investing their own funds into the business. These types of entrepreneurs don’t seek investor help; however, they may apply for a bank loan.
Many entrepreneurs look for investors willing to finance their ventures. Typically, investors require a percentage of business ownership in exchange for financing, unless the investor is an angel investor.
Bring Your Vision to Market
Running a business is more than a full-time job. Being an innovative entrepreneur is a lifestyle.
Think about the value of problem-solving, branding, and financing while brainstorming a plan of action. You may want to join forces with other entrepreneurs who share your vision, building an even stronger company together.
You have a long journey ahead. Don’t forget the importance of nourishing your brain. Bookmark the blog to stay in the know!
