Australia, in recent years,has emerged as an excellent country to start a digital business in. Success stories of ventures like Shoes of Prey certainly inspire many young entrepreneurs too. So, if you are an aspiring Aussie entrepreneur, here are several tips to follow:
Talk to Other Aussie Entrepreneurs
To get a general idea about what it’s like to be an entrepreneur in modern Australia, talk to other entrepreneurs. Learn about their stories and the challenges they faced. Some stories may inspire you, and others might discourage you. However, it’s important to learn the lessons from these stories, but not be demotivated. Ask for helpful tips and hints from these people, and build long-lasting professional relationships.
Get Professional Financial Advice
Before you start, go get independent financial advice Melbourne, or elsewhere, depending on where you live. It’s paramount that you have an unbiased and well-informed opinion of your finances before you commit to a new venture. Professional financial advisers can provide assistance to you individually, or later, to your business.
Stop Believing in Myths
It’s important to shed certain myths regarding being an entrepreneur before you begin. For example, there’s a prevailing myth that entrepreneurs are undisciplined. They have great vision, but they do as they please to get what they want. This is simply not true. Entrepreneurs need to be disciplined in the sense of managing time and allocating resources in order to make the business idea a success. Other such myths include entrepreneurs being different from everyone else and doing their own thing without guidance. Don’t believe what movies like “The Social Network” portray, and instead have a realistic idea about what it’s like to be an entrepreneur.
Adopt a Data-Driven Approach to Decision Making
People don’t really get successful as businesspeople by spontaneously making decisions. If you don’t want your start-up’s fate to be in the hands of luck, you need to make business decisions backed by data. Learn how to collect data and analyse it. Then, use this information to base decisions. Don’t randomly start new things and hope that they become successful. You need to eliminate the risk of failure and improve the chance of success of your venture using data.
Conduct a Pilot Test
Not sure whether your business idea could actually work? The best way to find out is to conduct a pilot test. You only need to raise a fraction of the money required to start a business to conduct an initial test. An investor might be willing to provide you with the funds, or you might have to take out a bank loan. A pilot test can prove to potential financers that your business idea is worth trying. If the pilot test fails, then you would have saved yourself a load of financial and other problems in the future.
Attend Relevant Conferences
A good portion of doing business depends on networking. Business contacts can keep you up to date on the latest trends in your industry, and connect you with important players. So, start networking beyond your immediate social circle by attending conferences, where important people are very likely to show up.
If you follow the above tips, becoming an entrepreneur will not just be a daydream. Stay motivated and seek advice before you begin. If you do your research right, you will surely be successful.