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How to become a successful entrepreneur

Hilary Rowland launched her first two businesses—HILARY Magazine and New Faces—in 1995, when she was just 15 years old. In a recent interview with Rowland, she offered five tips for taking the leap and coming out victorious.

 

1. Develop an innovative idea that fills a gap in the market. The first step to becoming an entrepreneur is to develop an innovative and unique idea. More importantly however, this idea must fulfill a need in the market that is not currently being met. A new product that enters a fully saturated market will face high competition and brand-loyal consumers, and a new product that enters an unnecessary market will have difficulty enticing consumers. An entrepreneurial idea must not only be innovative, but also fill a specific niche in the market.

 

2. Write a comprehensive business plan that considers a target demographic and possible competitors. Before spending time and resources on a project, an entrepreneur should develop a comprehensive business plan that summarizes the main idea and goal of the business, as well as details the marketing and financing initiatives. Marketing is particularly important for entrepreneurial ideas—consumers won't buy a product or service if they don't know about it! Two of the most important marketing details are the target demographic and possible competitors. By recognizing who makes up the target market of your product or service, a marketing plan can be designed to specifically appeal to this demographic. Additionally, by identifying other businesses in the market, you can address how you will compete with them, whether it be on price, quality, or features.

 

3.  Accept constructive criticism. Don't get so attached to your idea that you fail to see its shortcomings. The biggest fault of new entrepreneurs is to become so attached to their idea that they fail to see its flaws! Once the business plan is fully developed, you should show it to peers and industry professionals who can help highlight potential problems, so that they can be addressed earlier, rather than later. If you are still a student, professors are an excellent resource to use for reviewing a business plan.

 

4. Continually adapt your business to stay on top of market trends and ahead of the curve. Consumers' needs and wants are constantly changing, and similar to the previous argument, a good entrepreneur should be continually adapting their business to reflect new market trends. One of the most significant and fast-paced changes is technology. Just think what would have happened to a business' profitability if it had refused to create a Web site after the Internet was created!

 

5. Don't get discouraged. Starting a successful business takes more work than you think, but it's doable if you have the will and determination to keep pushing yourself until you've reached your goal. New businesses do not instantly make millions and can face numerous challenges in the beginning. If you have a true passion for your idea, do not let early setbacks discourage you from reaching your goal!