The Digital Age and all the technology it brings has allowed entrepreneurship to flourish like never before. A single person or small company can change the face of business with innovative crowd-sourcing tools. The best entrepreneurs know how to use the resources available to them and leverage their opportunities to get the best results. Here are some tips from big names in the business world:
Curb your risk-taking: While many entrepreneurs are natural risk-takers, which can be good for business, Sir Richard Branson, founder of Virgin Group, advises that no risks be taken without a surefire plan to fall back onto. He told Entrepreneur, "One of the most important phrases in my life is 'protect the downside.' It should be one of the most important phrases in any businessperson's life. Protecting the downside is critical. Make bold moves but make sure to have a way out if things go wrong."
Experiment: Amazon CEO Jeff Bezos believes in small experiments and failing early. Rapid experimentation allows for mistakes that occur early on in the process and do little to no harm in the long run. "And when we hit on something that is really working for customers, we double down on it with hopes to turn it into an even bigger success," Bezos stated.
Think of the customers: Sir Richard Branson is committed to customer service. If businesses do not orient their innovation to benefit the consumer first they cannot be successful. Virgin Atlantic offers free seat-back TVs, onboard massages, a glass-bottomed plane and stand-up comedians, to encourage individuals to not only want to purchase Virgin Atlantic services but to go out of their way to fly with the airline.
Entrepreneurship is exciting and filled with potential. If you think you and your idea have what it takes, contact a register agent service and learn the benefits of incorporating your business today.