To succeed, entrepreneurs must have a firm idea of their business' direction.
Succeeding as an entrepreneur begins with the realization that a focused approach brings the best results. Spending time on multiple projects only fritters away energy and momentum. Learning maximize the Internet's potential is the next step, particularly in helping new business owners reach their target audiences. However, even the most ardent visionary recognizes when they need to call on assistance from specialty lenders and venture capitalists to make their business viable.
Focused Approach
Few entrepreneurs succeed by pursuing multiple industries or projects, according to Brian Scudamore of the Entrepreneurs' Organization, a business-consulting group with chapters in 42 countries. There is not enough time to tackle every initiative that strikes an entrepreneur's fancy, when a focused approach pays bigger dividends. According to Scudamore, one of the most common examples of this mistake is a franchise partner who tries marketing to an entire audience -- rather than concentrating on specific niches to sustain their business.
Internet Marketing
The Internet's unlimited reach offers a lifeline for any prospective entrepreneur. Jackie McAlister and her mother, Jackie Burke, started making and selling their own cookies online after stock losses battered Burke's retirement account, "The New York Times" reported in August 2009. Burke and McAlister estimated that they earned about $300 per month by selling to local cafes, and reaching out to Facebook friends. As of publication, the pair were breaking even, although business remained slow.
Specialty Lending
Approaching specialty lenders paid off for niche businesses that include Motion Computing, a Texas-based manufacturer of tablet computers. When Motion needed a revolving line of credit, investors pointed them toward the California-based Silicon Valley Bank, which dealt with life science and high-growth technology firms, "The Wall Street Journal" reported in April 2010. For companies like Motion, working with a lender that understood their industry's needs made sense, while undergoing a more stringent approval process than many commercial lenders require.
Venture Capitalism
Some entrepreneurs need specialized help. Danish businessman Mikkel Svane and his two roommates encountered immediate interest in Zendesk, an online automation of the "Help Desk" ticket process, according to the July 2011 report in "Entrepreneur." Three venture capital firms stood ready to invest, but only if the trio moved to the U.S.. By 2010, Zendesk built a 30-million-strong user base, aided by its simple, customizable software. Their successes convinced the trio to become U.S. citizens instead of returning home, as originally planned.
