The 5 W's of Entrepreneurship
We know leaping into a new business venture can be overwhelming and cumbersome! Here are 5 easy ways to break down your first steps into entrepreneurship & ownership!
It’s important to know two things within this category: a.) who YOU are as a businesswoman, company, brand, etc. and b.) who your TARGET MARKET is.
Identifying your ideal clients or buyers (i.e. millennials, moms, out-of-state college kids) will help you better attain and retain business. Additionally, it will help you better market who it is YOU are as a brand. If you can easily pinpoint who would be most likely to seek after and use your service or product, you are more likely to attract those exact clients. Be sure to communicate your brand identity clearly and professionally so that those clients take you seriously. In the end, clients = cash.
This one is simple. What is your product or service? Branding is essential in this category because it’s what communicates your “what.” Us humans are visual, repetitive creatures that are naturally attracted to things that look cool. When your brand is recognizable based on a simple logo or arrangement of patterns (think Kendra Scott or S’well), people will automatically associate with your service or product.
Make sure your what (even if it’s inclusive of several sub-categories of “what’s”) is clearly communicated and recognizable.
Are you wanting to host pop-up culinary experiences around your small town or do you want to mass-market a product in stores and online? Is your office in your apartment, a shared workspace, or an office building? In this step, it is important to specify a.) where your product or service will be sold b.) the platform by which it will get to consumers and c.) where your home base is.
For example, Kaitlynn Fenley of Cultured Guru sells her fermented foods in local grocery stores, cafes, the farmer’s market, AND online! As an entrepreneur, you have the freedom to determine how and where your product or service is marketed and sold. In the age of technology, we advise using any and all platforms to make yourself available to consumers (more tips on that here). Lastly, set up a designated workspace for your business. Even if it’s your spare closet to start, giving your “baby” a special home will help you feel more focused and determined to grow her into something big, strong, & independent!
Our advice: NOW. You HAVE to jump! You hear it time and time again that people regret not going after their dreams or chasing a brilliant idea they once had. You’ll always have excuses for why not, so believe in yourself now and just go for it!
It is equally important to research your competition and market trends to find when the peak seasons are for your industry. Be strategic about your brand’s launch date with the aim of being the most attractive to your target market at the right time!
*excuse us as we girly squeal for a sec*
This is one of our favorite topics of discussion and the fuel that drives our passion! The WHY of your entrepreneurship will be the quintessential element of your ultimate success, fulfillment, and overall happiness as a business owner! When you can genuinely and wholeheartedly say WHY it is you’re doing what you’re doing, you have found the golden nugget to entrepreneurship. Your “why” will energize your efforts, down to the smallest, minute tasks.. all because you’re serving a greater purpose.
Of course, everyone loves the glitz & glamor of being your own boss, working at your leisure, and being the shot-caller everyday! But when you identify a “why” for your company outside of yourself, you enable yourself to create that much more of an impact on your peers, community and the world! A favorite inspirational video of ours discussing this can be found here.
We want your feedback! Comment below if this was helpful, if you’d like to hear more on a specific topic, etc!
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