Learning how to be a successful entrepreneur is a continuous path of trial and error.
Someone without the traits of an entrepreneur would drop out the moment when he commits his first mistake. Whereas, a successful entrepreneur is someone who has made mistakes along the way, learnt from it and became better.
But who would not want a cheat sheet that has everything you need become successful?
Successful entrepreneur and Digital Marketing Chansanith Um achieved success by trial and error. He now wants to help new entrepreneurs to guide them on the right path.
From building a Digital Marketing firm all by himself at the age of 25, Chansanith has achieved success as an entrepreneur.
Here, Chansanith is ready to share his learning with you and tell you five hidden secrets of entrepreneurship that nobody will ever tell.
Ideas are useless
How many times have you heard the words “I have a brilliant idea, I should start a business?” It might be a hundred, or even a thousand!
People talk about their brilliant ideas every day but do absolutely nothing about it.
To an entrepreneur ideas are USELESS!
An idea is only worth if you take action and do it! Take it out, see if it has potential and execute!
Stop wasting your time just thinking about ideas.
Do not stop taking risks
Most entrepreneurs get scared when you speak about risks. It is like a nightmare.
Entrepreneurship is all about taking calculated risks and seeing a return.
When Chansanith started as a Digital Marketer, there was no proper digital industry in his local market. Nobody wanted to take the risk and be the first.
He was bold enough to take that risk and invest in his idea. He devoted his time, energy and his money to build his business.
Fast forward three years, he is now one of the top 5 Digital Marketers you can hire in the industry.
There is no return if there is no risk!
Do not get caught to an investment trap
When you start as an entrepreneur, you worry too much about the capital. You want to attract high-end investors and bring in the latest technology.
Don’t make this mistake!
When you add in external investors, they want to see results. And they want them quickly. There are expectations to maintain. That means you’ll sacrifice building a quality product to meet the expectations of your investors.
Start small with what you have. Use open-source software, try to make or use whatever you have with you in your new venture. Keep the capital expenses at a minimum.
Once you grow out, instead of you searching for the investors, the investors will come looking for you.
Spend time to market
Chansanith adds that one thing that you need to do right from the moment you start building something is to tell people about it.
After all, people cannot buy something that they don’t know. Entrepreneurs don’t put in too much effort at the start for marketing.
Every entrepreneur needs to learn at least a bit of marketing.
“Marketing is not about running ads and distributing flyers. Use your friends to carry the word about your business. Tell your first set of clients to recommend your business to their friends.”
“Word of mouth is an important form of marketing!”
Please do not do it all!
When you get started, you want everything to be perfect. You try to do to everything by yourself. You want to leave a good impression at the start. But what happens is that you end up burning out.
Chansanith was also eager to do everything by himself. But he was quick to realize what his job as an entrepreneur was.
According to him, a successful entrepreneur is also a successful manager.
“You can’t’ do everything by yourself. Get the help of people. Hire persons who specialize in those job roles. Maybe they will do a better job than you.”
“Then supervise everything and make it perfect. Then, you will succeed.”