7 tips on success for Sri Lankan entrepreneurs.

Success is a word entrepreneur live by.

Without success, it is not possible to continue the entrepreneurial journey.

So how can we as entrepreneurs in Sri Lanka, build on our dream of success?

As they say, success combines hard work, hard work and yes even more hard work. But it is all worth it when we see the business we built take off.

Here are 7 tips for you to follow with your Entrepreneur dreams

Passion to continue despite failure –

You will fail. That is part of the game. Your failures are most likely to lead to success if you get involved with something you believe in. Starting a business just for its own sake will leave you directionless, burnt out and ultimately, back where you started.

Choose an interest that you can be passionate about. Marrying charity to traditional business models may be a great way to combine the things you – and potential consumers – care most about.

Do you have the passion to see beyond temporary failure – to eventually allow that failure to become a success?

Read on.

Check this out: How can entrepreneurs benefit from social media? Here are 5 reasons why…

Make your area of operations/markets manageable –

You’ve heard this before. It’s one of the most common mistakes that entrepreneurs make. Go with something that makes sense for your scope.

If you’re a small startup and still a student, staying local or targeting fellow students might be the best direction.

The Internet gives us almost infinite reach, but it’s vital to narrow your market down to what is realistic and stick with those who have a reason to be interested.

In other words, work on your target market and stay there.

Price point.

Risk taking is important in any new business venture, provided that it is sensible. Consider providing your product or service at the most basic level possible (also called minimum viable product). A small investment up front can hook new customers/donations before risking more money. Your target defines the ideal price. Survey your defined market and adjust accordingly. You can always reevaluate your prices as you grow.

Be honest.

This advice applies to yourself, your employees and your customers. Be honest about what you can commit to your business. It doesn’t do any good to over-extend yourself when in truth; you don’t have the cash or the hours to commit to a project. Be honest about what your partners can expect from, and what you expect in return. And be honest with clients. “First be good, then talk about it.”

Utilize, but don’t over-use social media.

Young people are always eager to jump online, and that’s not a bad thing. But it is important to think carefully before plastering marketing materials on the Internet. Social media is obviously a powerful tool. Focusing it on your business can get the word out quickly and cheaply. That said, be careful not to put all of your eggs in the online basket. Experiment and measure results, then constantly evaluate and decide what is working, and what you are wasting resources on.

Don’t forget PR(Public Relations).

Traditional and online press relations can yield coverage that has a longer shelf life and costs less than advertising. Think about what makes your product new, interesting, and relevant. Then, talk to the media about it. You might get great reviews, mentions on blogs, or even appear in news segments. Many media outlets have sections dedicated to people in the community doing outstanding things. Even an article in your campus newspaper can be a valuable source of publicity.

Check this out: Is humility on your radar as an entrepreneur?

Look for mentors.

The beginning of any venture can be exhilarating, frustrating, liberating and terrifying all at once. Remember, although younger generations can be more tech-savvy than those who have been in business for years, there are still basic principles that are refined by experience. Many communities offer networking opportunities for entrepreneurs young and old. Take advantage of this, and you may be surprised at the wealth of knowledge your colleagues have to offer.

These tips can help you master your road to success. Stay tuned to vyapara.lk for more great tips.

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