Real Business Connections

Five Minute Friday
Five Minute Friday
How To Become a Successful Entrepreneur - 4 Commandments For Budding Entrepreneurs

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Full Transcript:

It’s never been a more ideal time to be an entrepreneur—in the last decade, technology has leveled the playing field and propelled an entrepreneurial revolution. Never in history has anyone ever had more access to quality information.

Never in history have we had so much opportunity.

In addition, as an entrepreneur, you have an advantage over big businesses in that you’re lighter, more flexible, and faster on your feet. You can target new markets more quickly and pivot as needed.

I’m Ben Albert, entrepreneur, and owner of Balbert Marketing. I’m here with the truth today on Five Minute Friday.

The truth is, to become a successful entrepreneur, you will be required to look at the big picture and follow a plan from beginning to end. Don’t fret; here are “4 Commandments For Budding Entrepreneurs.”

1. Don’t Quit Your Day Job!

At least, you don’t have to! Consider starting your business part-time-especially if it’s online-while you’re working and have a steady income. It usually takes at least six months to a year to get a business going. You don’t want your ability to make your house or rent payment to hinge upon your company being an overnight success.

Unless you’re a business lottery win, you won’t be an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.

I personally started my first project, “Rochester Groovecast,” in 2016. The goal was to highlight the local music scene. I have a podcast, book bands, do event promotion, and more. It wasn’t until August of 2021, almost 5 years later, that I decided to go off on my own full time. I was beyond prepared. It shouldn’t take 5 years of practice, but you should start your side hustle today and work at it before you quit your main revenue source

2. Niche Up

The keyword these days is “specialization.” Be a specialist! You have to find a need—something a specific group of people want but can’t get at the big businesses, or corporations—and fill that need. Or fulfill that need at a lower cost. Or provide a more hands-on approach deserving of attention. Or stand out as someone who is likable, cares, and is an expert in the field.

There are so many ways to niche up. Maybe you aren’t the only person on earth with a specific offering, but you’re the only person in the region, state, city, or town. Maybe you aren’t the best at everything, but you undoubtedly have massive skills that will create a differentiator. Build your skills. Build your brand. Build your niche.

You can’t compete with the big guys yet. And you don’t want to. Don’t be too general. The riches are in the niches!

3. Start Building an Online Presence Immediately! 

The internet makes and breaks businesses. When times are tough, if you’re not online, you basically don’t exist.

People NEED TO KNOW HOW AND WHERE TO FIND YOU! And without getting too deep into SEO, you can’t become a hero overnight. You need to start building an online presence as early as today! Put yourself in a position to get discovered!

Let’s say your business is entirely remote. Having an online presence eliminates the limitations of physical location and broadens your customer base by literally millions. Building your brand online is also an excellent tool for promoting yourself and letting people know you’re onto big things!

I don’t care if it’s as simple as branding yourself personally on social media, well before you have a business plan and objective in place, start utilizing the internet today. Trust me!

4. You Have To Believe In Yourself!

Through thick and thin, you have to believe in yourself. By doing this, you’ll realize you have to refuse to quit.

Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realize that before Bill Gates created the highly successful Microsoft 3.0, he launched a Microsoft 1.0 and 2.0, both of which flopped—but he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones.

Arm yourself with optimism to get beyond the ‘No’ or the struggle.

There’s nothing wrong with failure—just don’t repeat the same mistake!

You’re going to have imposter syndrome. It’s normal; trust me, we all get it. I have it! But you have to believe in yourself because when the yeses come, remember, you earned it!

Good luck to you all!

???? Five Minute Friday is brought to you by Ben Albert of Balbert Marketing LLC

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