A collaborative environment is a large growing trend within the entrepreneurial industry. Downtown Works is a part of this movement and provide brilliant minds a creative space to grow their ideas into products and businesses. Although creating these companies come with a lot of blood, sweat and tears to get to where they are, they have all gone through different experiences to get to where they are now. Here are a couple tips to guide young entrepreneurs to to success.
1. Make Sure Your Product or Service is Solving an Industry Problem
Many people come up with brilliant products and ideas, but if they are not solving a problem within an industry then their products are not going to sell because the audience has no demand for the product. Therefore, when thinking about your next entrepreneurial adventure, look for a problem within a industry and thrive off of that to create your next product or service.
2. Focus on Your Strengths to Help you Excel
Some entrepreneurs run into problems when they are trying to force themselves to accomplish something because they think that is the only way to do it. Instead of forcing something that you know that you struggle with focus on what you are good at and excel in that area. For example if you know that you are not the best at writing a business model or canvas but know what you want from the company just write it in the best way for yourself.
3. Surround Yourself with the Right People
“Founders create startups but teams build companies” (Schroder). The people that you surround yourself with ultimates could make or break a company. Create a team of people that work well together and bring you up rather than drag you down. Even if someone if the best at a specific task, but they bring down the team they are not worth having on the tribe.
4. Not Everyone is Your Customer
Many people want to target the whole world population with their product or service. Remember, not everyone is going to want what you are selling, so make sure to find that targeted market in which your products solves one of their problem. Then once you start making sales you can move on to conquering the rest of the world with your service.
5. Embrace Your Value Proposition
The value proposition is the heart of success. It needs to portray everything that you want the company to be about and needs to accurately depict the values that you have implemented into your team. After finding what you want your value proposition to be, make sure that you know it by heart and are able to sell it to anyone that asks.
Downtown Works is here to create a collaborative atmosphere for entrepreneurs and provide them the opportunity to make their dreams become reality. We host events for entrepreneurs at our coworking facility every month. to learn more about our events or attend them, look here.