Experience Is Not a Necessity For Entrepreneurs
Starting a business is like sailing new waters, and an entrepreneur with no experience is like a sailor on his first voyage. That an entrepreneur has no experience in a certain field is no excuse for backing out. Similar to our lives, we live it without prior experience, for we learn as we grow older. And many still make a success of it.
Richard Branson of Virgin Atlantic started the airline business with no prior experience in the industry. In an interview, he gave an exclusive on how Virgin airlines started with just ideas. Richard Branson is not the only man in the wagon; numerous successful entrepreneurs in different industries around the globe began with no experience. These tips below were pivotal to their success.
Go For a Market Solution
“Travelling from Britain to the United States constantly exposed me to new opportunities. I was able to detect something the airlines were doing wrong, and some they weren’t doing at all, and my observation led to Virgin Atlantic”. Like Richard, endeavor to look for market solutions and build on it.
The problem most times with existing successful businesses is turning a blind eye to aspects where improvement is needed. Sometimes some adjustments may count as insignificant, but which may add to the success of a business in an unprecedented way. Richard further pointed out that part of his big idea when starting the airline business is the introduction of a cabin crew. The friendliness of the crew contributed immensely to the growth of the company.
So, don’t get exhausted, trying to creating new things. Simply work hard at improving what popular service providers may have overlooked.
Acquire Knowledge and Skills
Being without experience doesn’t mean you should jump in blind. No, don’t do that! Three things bring about a thriving business- knowledge, skill, and experience. While you may not have experience, knowledge, and skills are easy to obtain. And when you have two out of three essentials for a successful enterprise, you are good to go.
Ericson, who co-owns CityRyde, mentioned that alongside his partner, they approached local vendors to find out intricacies involved in their intended field. It’s a first-hand learning technique to amass a wealth of knowledge. Online information can also prove helpful.
In terms of skills, use the skills acquired over time to boost yourself. Vernon hill, the entrepreneur who started a commercial bank, used the skill he learned while working at a retail service center. He understood quite a lot about customer behavior. And he was able to create a financial institution that opens earlier and closes later than competitors- giving him an edge in the industry.
Create Awareness and Build Credibility
According to a study, over 90% of people use a product or service based on the recommendation from individuals close to them. So, an entrepreneur does well to get familiar with the system and learn how the industry works. It will also involve looking for avenues to ignite a relationship with retailers and major contractors. When this is done, awareness is created, which will subsequently help build street credibility. And street credibility is needed for every business to thrive and expand.
To create awareness, Virgins records, which was built before the virgin Atlantic, thrived due to the initiative of its founders. Richard Grandson mentioned at the outset explained how he and his team created a booth for music lovers to sit for hours listening to their favorite music. The approach achieved two things- created awareness and helped understand the need of end-users.
Before dabbling into any business, the executive director of Drexel University’s Baiada Center for Entrepreneurship- Mark Loschiavo, says entrepreneurs should conduct an evaluation. The evaluation should center on costs and requirements. Any business with too many regulations, needing a large workforce, and the use of a number of direct marketing team should be avoided.
What should instead be considered are industries that can thrive well without a compulsory need of a large workforce. And where the internet can replace numbers and the attendant need for large physical workspace.
Use Available Resources
Ericson mentioned earlier talks about the free help CityRide got from a group of networkers. “They scrutinized our idea and gave us an honest review, which was exactly what we needed.”
Asides getting an assessment, also take time to devour the endless list of materials online and in various libraries. Reading would help to get familiar with the industry. Additionally, some online courses offer low-cost courses that prepare an entrepreneur for the business ahead. Seminars and short term university courses are also available in overwhelming numbers. Make use of these floating knowledge to obtain the needed help to run a business successfully.
Seek External Assistance
Be realistic and know when to seek assistance. Businesses are different, and while some can be easily navigated, some require experience to avoid costly and damaging mistake. Richard Branson, when speaking on the growth of his airline business, says,” these days when we try out new facets of our airline business, we simply just hire CEOs and professionals who have worked in the industry. Their experience helps to bring about radical change and avoid potential problems”. ” They think out of the box, and we keep getting better,” he adds.
While it may not be possible to hire CEOs to power up a startup due to the capital effect, some professionals are always available at a lower cost or some consultants who can draw out effective plans.
Lack of experience may seem like a disadvantage (well, maybe it is at times), but this should not deter an entrepreneur from forging ahead. There are lots of steps to take to supplement for lack of experience. As mentioned earlier, knowledge and skill are essentials that are also needed—the tips above give detailed steps to take to achieve success as an entrepreneur with zero experience.