Deepak Agarwal’s Top Tips for Entrepreneurs
ATLANTA, GA / ACCESSWIRE / August 25, 2020 / The prospects of becoming your own boss, growing a business you love, and living as a self-reliant individual is one of the most rewarding endeavors for anyone to undertake. However, taking the first step towards entrepreneurship is not easy. Entrepreneurial success takes clear vision, unwavering will, and consistent action to see results.
As someone who realized major success through founding several large e-commerce businesses, Deepak “Dee” Agarwal, has learned a thing or two about entrepreneurship. Dee Agarwal is the former CEO and founder of the multi-category online retailer, NoMoreRack.com.
The following are Deepak Agarwal’s five tips for those seeking to become a successful entrepreneur.
1. Be Willing to Put in the Work
According to Forbes, nine out of ten start-ups fail in their first year. In today’s marketplace, the toughest obstacle for any entrepreneur is to break free of mediocrity. Having the right idea, realistic financial expectations, correct timing, and near-perfect strategy means nothing if you are not willing to put in the work to achieve success. Deepak Agarwal notes, “Building an enterprise in a rapidly changing digital market is going to take persistence, creativity and, above all, continued learning. Disruption is fueled by innovation, which is grounded in insight and knowledge.”
2. Surround Yourself With the Right People
One of the hardest responsibilities as an entrepreneur is learning you’re not going to be able to be on every project and in every meeting. This is why hiring trustworthy people is crucial for a business to grow. Empower your team for success by helping them bring their own vision to the table, and it will make all the difference in the company’s future. “The path to success isn’t singular,” notes Dee Agarwal. “You will need to find the right individuals who will keep your business moving forward. Find those who are passionate about what you’re doing, and it will help to make the most of your efforts.”
3. Know Your Customers
Deepak Agarwal notes, “If you don’t know the customers’ wants, needs, and buying behaviors, it will be impossible to connect and engage with them.”
Entrepreneurs need to know their customers, pay attention to feedback, and adapt their products accordingly to their consumer or market needs. Too often, entrepreneurs invest time and money in marketing their products and services without knowing their customer base, leading to poor ROI and sub-optimal use of marketing resources. It is crucial to spend time knowing your audience long before you have the chance to sell your goods or services.
4. Build Your Network
To develop a community, foster relationships by cultivating online and offline spaces. Empower your members to not only increase brand engagement and awareness but to gain feedback in order to optimize the networks in which to reach and engage potential clients. “To stay relevant with current trends,” says Deepak Agarwal, “it takes more than a well-written article to engage an audience. Entrepreneurs need to make sure their company has an active social media presence, relevant content, and a willingness to adapt to ever-changing cultural conditions.”
5. Use Critical Thinking
Using critical thinking is central to entrepreneurial success. “Entrepreneurs in their early stages of development have to be able to think on their toes,” notes Deepak Agarwal. “They have to make the right decisions, typically with few resources, very little time, and without constructive feedback from peers and professionals.” Being able to think critically and argue rationally are the two greatest tools for any successful entrepreneur.
For more expert business tips from Deepak Agarwal, read ROI-Driven Customer Acquisition and Retention.
SOURCE: Scenic Figure
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