For rookie entrepreneurs, they are the ones who always have the high spirit, always the ones touted as the game changers, but the reality is, starting a business is truly an overwhelming responsibility that each entrepreneur regardless of experience and age have to face on a regular basis.
It is like being lost in the wilderness with a limited resource at your disposal, however, there are innovations, and trends that are emerging, especially in the business sector but it seems that success is more challenging nowadays compared to a decade ago because of the growing competition and the same aspects and focus on businesses which often divides the market and customers that is why there are a lot of startups fail in the United States and other parts of the world in the last few years. The odds of success are even getting worse if we put in sustainability, the scale of the business and the creation value.
Emerging entrepreneurs have to navigate themselves from the startup landscape all the way up to make their own distinct identity and the proper tools to survive the harsh environment of the business sector. Always remember that the people you look up to in business especially your idols, they all started at your level.
We have talked to financial and business expert Adam Jiwan and asked him what the best advice to young entrepreneurs are to keep their startups standing tall and stand among the rest of their fellow competitors. Before we proceed with the rest of the article, let us know a little bit of Jiwan; he is a fin-tech entrepreneur with more than 15 years of experience founding, investing in and growing companies in the industry. Before founding Spring Labs with his partners John and Anna, Adam was a seed investor and founding board member of Avant. Jiwan is currently also a Managing Partner of Ridge Road Capital Partners and Orient Point Capital, holding companies with interests in financial services, real estate services, AI, gaming and vertical software. Jiwan is Co-Founder and Chairman of Future Finance, one of Europe’s leading student finance companies, and the Co-Chairman of TrialWorks, a leading litigation software company in the US. Previously, Adam Jiwan served as the CEO of UK/Asia for TPG-Axon and has held roles at Soros Fund Management, The Blackstone Group and Goldman Sachs.
We have listed below the essential tools to embrace innovation and change and become an effective entrepreneur.
- ESTABLISH A BUSINESS THAT SOLVES PROBLEMS- The best entrepreneurs the world has right now are problem solvers. They are the ones who came up with the best ideas to solve the needs of the consumers and the market. You, too, can make this kind of idea, all you need to do is deep thinking, and brainstorming with your team. Make a research in your community and determine what is the perennial need that you are capable of providing them.
- LEARN THE ESSENTIALS- You should understand the value of the proposition and the unit of economics. You should learn the importance of funding to start your business, but you should also focus on creating a viable financial stand for your company.
- CHOOSE THE RIGHT PARTNERS- Choosing the right partners that can cater to your needs and wants and in return can provide their needs as well can give you a strong foundation. If you have business partners, build a company that around them and make sure that these business partners of yours are trustworthy and also have the same goals as you have.