Advice for Entrepreneurs That Does Work

Many people will give you advice on what you should do and what you should avoid as an entrepreneur. However, here is some simple advice that does actually work for all entrepreneurs.

Forget about Passion and Look for a Market that is Dynamic — The Most Important Advice for Entrepreneurs

The first advice for entrepreneurs is to ignore all those others who talk about passion, ideas, and initiative. If a market doesn’t buy something, it doesn’t matter how passionate you are about it. There are no prizes for effort or enthusiasm. There is a prize to satisfy demand. Therefore, the most important advice when creating a company is to analyze the market before anything else and be 100% sure that it is profitable and needs something like what you do.

This advice can be applied in practice together with the following.

Test the Water before Jumping Into the Pool

One of the main problems of many entrepreneurs is what is technically called: excessive optimization in advance. In practice, it means something you must have seen a thousand times: you spend a lot of time finishing and perfecting a product, which is not sold afterward because the market does not want it. To avoid this loss of money, time, and a part of the heart that also breaks, you have to test the market first.

How do we know that there is a demand? We don’t really know for sure, but we can minimize the chances of making a mistake by trying.

How? As follows:

· You create a web page with a product description, for example. That is attractive and expresses well your competitive advantage.

· You create an ad campaign on Facebook Ads or Google AdWords and assign a limited budget. Let’s say about 300 euros, although it will depend on how competitive the sector is. It is important that we are willing to lose that money.

· You can put a means to sign up with the email when the product comes out, for example, to better assess the response.

· You analyze the data from that experiment when the ad budget runs out.

· Have you often clicked on the ad? Have people visited the page and signed up? Have we received messages?

All these questions give clues about the true interest of the market before investing our time, money, and effort.

It is important to understand that even negative interest is interest. At least, that negativity implies that the topic we are dealing with is important and touches a fiber, which can be profitable with a new approach. Kenney Myers is an established American actor, producer, and entrepreneur. He has been a stakeholder in more than twenty-seven movies. He is also the co-founder of several companies. Some of them include WhiteFence, Inc., CollegeDegrees, Longhorn Leads, Mainline, and others. He is also an inventor and has two technology patents to his name.