(Last Updated On: January 13, 2020)

This article discusses 10 business tips for new entrepreneurs in 2020

An entrepreneur

Introduction

Just like with all the other new years, you are going to have goals, dreams, and resolutions for 2020. If your goal is to become a successful entrepreneur, then this article is for you.

2020 is a great year, and also the start of a new decade; this means it would be buzzing with fresh opportunities, exciting innovations, new trends, major discoveries and of course its own unique problems and daunting challenges.

This year is also your chance to begin your entrepreneurial journey and build that thriving business that you have always wanted.

Therefore, in this article, I will be giving you some useful tips, in order to make your entrepreneurial journey in 2020 a huge success.

Business Tips for Entrepreneurs

If you are an aspiring entrepreneur, these business tips will be useful to you.

Start a business that suits your personality

It’s important for new entrepreneurs in 2020 to consider starting only businesses that match their talents, skills, abilities, and personality. Are you an introvert? Then, you wouldn’t do so well in a business that requires you to be out all the time, mingling with people.

People who choose business ventures that are in sync with who they really are, tend to experience success and fulfillment in business and in life.

Meet a need

This might be a cliché but it is still as relevant in 2020 as it was in the previous years. Your business must solve a problem and meet a need.

One of the first questions you need to ask yourself before venturing into any business is, “Am I solving a problem? Am I meeting a need? Do people want this solution? Am I providing value?”. If your answer to all these questions is affirmative, then you are good to go.

Many new entrepreneurs make the mistake of making products and selling services that do not meet any need and wonder why their businesses fail.

Choose the right niche

Choosing the right niche for your business will help streamline your goals and determine your target market. That is why it is important not to go too abstract or broad with your ideas.

You shouldn’t be too narrow with your ideas, either, so you don’t stunt the growth of your business.

When building a business that sells only rainboots, for example. Your business idea might be good during the rainy season, but what happens during the dry season?

Be clear on your target market

As an entrepreneur, you need to know who your target market is. Are they students, first-time mums, professionals, business owners, singles, dog owners, etc.?

When you are asked during a pitch session who your target market is, your default answer shouldn’t be everybody. This is a mistake new entrepreneurs make.

No. Everybody cannot be your target market.

Customers are still king

This was true then; it is still true now. Treat your customers right and they will be your brand advocates.

Manage your digital reputation

It goes without mentioning that your business needs to have a digital presence this 2020. As an entrepreneur, you should also learn how to secure yourself and your business online as well as protecting your digital reputation.

Embrace new technology

Dear Entrepreneur, the world is moving fast, really fast. If you don’t jump on the bandwagon now you would be left behind.

As a budding entrepreneur, it would be a mistake to ignore new technologies, new trends and new ways of doing things.

There are lots of free and paid apps out there for you to choose from in order to automate all your mundane administrative and accounting tasks.

Artificial Intelligence is here to stay in 2020. Big businesses are using AI to collect data about people and track consumer behavior online and offline.

Be financially prudent

Effective money management skills is a necessary skill for all entrepreneurs to have. Be wise with how you manage your business resources.

Think long term

Build your business for the long term. Be in it for the long haul. Don’t abandon your business when tough times come. Focus on building a legacy with your business. Make superior-high-quality products and offer services that would still be relevant in decades to come.

Have a mentor

The importance of mentoring in entrepreneurship training and in achieving business success cannot be overemphasized.

Studies have shown that 89% of business owners who don’t have mentors regret not having one. Don’t be a part of that statistic.

Start that Business Now

Get out of your head, stop overthinking things, and just do it. Don’t spend the time you could have invested in building something big on over-analyzing whether it is going to work or not.

The most useless thing you can have in business is an idea you have not executed.

Just start that business.

How we can help

Mentor Nigeria provides mentorship services to budding entrepreneurs. It is targeted to graduates, aspiring and young entrepreneurs that want to transform an innovative idea into a business.

Mentor Nigeria is committed to bridging the skills-gap among aspiring and young entrepreneurs by connecting them to business growth mentors, funding opportunities and skill-building programs.

Get started on these unique opportunities by registering for our business training program tagged “Opportunity Discovery Day.”

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