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Chris Smith

Guest Contributor at LifeBeyondNumbers
Chris is a writer and blogger. On his website Spend It Like Beckham, he likes to write about the relationship between sport and finance.

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In the world of startups, it’s easy to get lost in the noise. Thanks to record high levels of internet connectivity, the global market is accessible to more people than ever before. As a result of this, more of us are taking advantage of online resources to make our start-up business dreams into a reality. If you are one such person who is thinking about taking the plunge into entrepreneurship, here are five things to take advantage of to ensure that your business idea has the best possible chance of taking flight.

startup entrepreneur

1. Take Advantage of Social Media ASAP

The benefits of using social media that arise for entrepreneurs are twofold. Firstly, websites such as Facebook and Twitter are effectively ready-made customer information databases, with information freely given up by people themselves. Thoughtful use of social media allows you to target customers on a much more granular level, compared with more traditional marketing approaches. The best approach is to gauge what the conversation is, and market accordingly.

Secondly, people on social media respond to innovative ideas well, and willingly share content they deem to have ‘value’. Many businesses that might be seen to be niche have the opportunity to grow legs if they are shared through social media. A prime example of this is the innocent drinks company, who found a voice with innovative marketing strategies deployed on social media.

2. Look Out for Online Resources

What is arguably the greatest advantage of living in a world that is connected by the internet, is that those who have been through the process before are more than willing to impart any advice they have as well as learnings from their own personal experiences.

Be sure to read up on as much as you can, whether it is other guides on this website or some of the handy guides that are provided by financial providers.

3. Be Creative When It Comes to Seeking Investment

We’ve all seen the popular BBC show Dragon’s Den, where beleaguered, would-be entrepreneurs stand in front of a panel of self-proclaimed business ‘magnates’. Their flimsy prototype inventions falling apart, all for our enjoyment, culminating in the poor sod sheepishly asking for £250,000 to develop their idea.

You can work at preserving your dignity by asking for investment on your own terms. A great way of doing this is through a relatively new practice known as Crowdfunding. Web sites such as Crowdfunder are designed for entrepreneurs to build their case and ask for money to hit a target through social media. Crowdfunding has become very popular and has been utilized by a variety of professions, including filmmakers and inventors. Setting up an account is easy.

4. Recognize That Success Takes Hard Work

No multinational business or idea took off overnight. Regardless of the industry you’re looking to pitch to, whether you believe your idea could exist in every home or is targeted at a niche group, success comes at the price of a lot of hard work. You most likely will encounter failure at one or more points along the road to realizing your dream. Whether or not you choose to continue is what will ultimately separate you from those who are successful and those who are destined to fail.

If you’re feeling like the odds are stacked against you, some sage advice from historical successes could go a long way.

5. Be Bold

At the end of the day, your success will boil down to your own boldness, on an individual level. Whether or not your business flies or falls is dependent on your own personal attitude. Grasp every opportunity that you can, take help when offered, be innovative with your thinking, and when you’re knocked to the floor, get back to your feet.

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