Your first business will take your blood, sweat, tears and a lot of unwavering commitment to be anywhere close to significant success. However, even the best ideas, the hardest working people and all the exceptional young minds can also fail if their vision and reasons for becoming an entrepreneur are wrong from the start.

Here are a few business tips to help transform your simple idea into a mammoth empire:

1) Build A Legacy

Have you ever looked at the Iron Pillar of Delhi and wondered about its pristine condition? A metallurgical wonder.

This magnificent iron structure is intact even after 1600 years when it should have turned to a heap of rust years ago. It still stands high and mighty despite through all the extreme weather conditions and dust in Delhi. 

And the only reason is excellence.  Ancient ironsmiths surely made it with a vision to make it last for centuries and more to come.

Just like that, the Romans also built The Colosseum which is almost 1950 years old and still intact.

An entrepreneur should also envision the same goal when building a business. Build a business to build a legacy. Instead of focusing on short-term monetary gains, be committed to providing the highest quality of products and services in innovative ways to the consumer and success is bound to follow you for ages to come.

2) Know Your Niche

As an entrepreneur,  if your niche is too broad in general business, you might have a hard time knowing your audience and if it’s too narrow, chances are that you’ll find your sales to be very inconsistent.

For instance, if you’re in a seasonal business like making Christmas decorations, you might find yourself out of work during the off-season.

Similarly, situational businesses such as making N95 masks for the COVID situation are bound to go away sooner or later once the pandemic is over.

So find the right nice and focus on building a lasting customer base by understanding their needs and improving from their feedback.

Customer is king and so are you if you find your niche!

3) Solve Vexing Problems

Why do so many startups fail after 1-3 years from their day of inception?

Either they didn’t solve a problem at all or they did solve one, but it wasn’t an urgent and burning problem in the market.

It doesn’t have to be as complicated as rocket-science or building habitable colonies on Mars (Elon musk disagrees!).

It could be a problem such as the need for high- quality printing services at competitive rates and quick delivery. It could also mean solving problems that need an immediate solution such as the delivery of essential food supplies and medicines to a remote region.

If you solve a vexing problem in an effective and innovative way, you’re definitely building something larger than life.

Stay tuned for Part 2 of this article, more to come.

Images via Pixabay

Written by Gagan Dhawan