Finding your specialized skills or profitable expertise is the most critical initial step when becoming an entrepreneur. Many people aspire to start their own business but are unsure about which industry to pursue.
Most of the time, your niche will be something you’ve been doing for a long time. If you’ve worked as a carpenter for a local construction company, you might be interested in home remodeling and restoration. If you’ve worked in a restaurant for a long time, you’re probably familiar with how to run a food service operation. Starting your search for your calling using your existing experience. That’s a terrific way to begin.
Todd Collins, a Charlotte, NC entrepreneur suggests this: “This sounds like a basic premise, but often must be said to get entrepreneurs to move past product development and to market penetration.”
It will also help if you are passionate about your field. You must enjoy what you do in order to achieve long-term success. Money may not be a strong enough motive to keep you working sixty to seventy hours a week to keep a business afloat in the long run.
Charlotte, NC entrepreneur Todd Collins believes that, “Strong business leaders know how to move past uncertainties into execution.”
Research Your Market
Entrepreneurs should conduct market research and analyze the area for demand and necessity.
Perhaps you’d like to start a Korean food truck in your town. Are there any other restaurants that are succeeding? Is your neighborhood home to any other successful food trucks? Is a high-end restaurant more appealing to local customers, or do they prefer a more moderate option? Do they eat Korean food at all?
Finding answers to questions like these, as well as others, will be critical to your long-term success.
Entrepreneur Education & Training
In popular culture, there is a widespread belief that successful, self-made entrepreneurs seldom attend college. The numbers, on the other hand, do not support this. Over 95 percent of entrepreneurs in high-growth industries have at least a bachelor’s degree, according to a team of experts from Duke, Akron, and Southern California.
From his time as a senior manager at Accenture to his role as founder and CEO of Red Hill Ventures and Red Hill Capital, Todd Collins has left a lasting impact on businesses in Charlotte, NC and other geographic areas of operation.