Turning A Business Idea Into A Success

25 October, 2019
By G-Team in Technology
Gpayroll - Pitching
As many successful people and business leaders like to put it, in order to be success, one has to dream big. There is a certain truth to that - with life examples like Mark Zuckerberg who founded social media platform, Facebook and Bill Gates, the founder of Microsoft. However, who lies behind these successful stories were a path of sheer determination, hard work and grit. Quitting your job or dropping out of school to pursue your dream is certainly a huge leap of faith. While most of us would dream of a seemingly profitable business idea, only a handful would really act on it. However, that does not mean that the chances of succeeding at your business idea is slim. Here are some tips in which you can still turn your business idea into a success and become a successful entrepreneur.
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Getting started

Most small business owners or entrepreneurs would advise that in the first few years of starting your own business, do not expect profits to come rolling in. Before you give up on your business startup, there are some ways to manage this. Instead of sacrificing your entire time on the business, why not considering taking up some gig jobs concurrently? For instance, if you have a flair for writing, why work as a freelance writer for a content marketing website or startup? Or perhaps if you are good with numbers, consider working as a part-time accountant for a small business or organisation. At the same time, this income can be used to fund your startup business as well.

Identifying your target market

Once you have managed to find your footing in running your small business while making ends meet, identify your target market. What are you hoping to achieve out of your business and who are you hoping to benefit? These questions can help you streamline your products or service to cater to a specific target group. At the same time, it would be good to do extensive research to identify your potential competitors in the market. This will allow you to better customise your products and services to differentiate yourself amongst your potential competitors and cater to the evolving needs of your target market.

Thinking ahead

In order for your business idea to really take off, it is imperative to plan for the long-term. Consider what your target market is looking for and the products and services that are currently trending in the market. At the same time, it has to be sustainable and cost efficient for your business.

Turning your business idea into a success is certainly not an impossible feat. There are numerous market opportunities out there in the market. The key is to stay focused on your business idea and be receptive to new ideas. There is no denying that sacrifices are required but the fruits of your hard work will certainly be reaped in the long run.

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Gpayroll is one of the Top 100 Global Startups at SLINGSHOT. Organised by Enterprise Singapore, SLINGSHOT is Startup SG’s marquee startup competition. It provides entrepreneurs with an international platform to profile themselves to more than 200 corporates, industry veterans and investors. Get your Free Trade Visitor Pass to watch the SLINGSHOT Top 100 Global Startups pitch live onstage from 11 – 13 November 2019! Click here to register and give us your support!