3 Tips for Aspiring Entrepreneurs Starting a Business
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Small businesses are the foundation of the U.S. economy, creating numerous jobs and driving economic growth. However, starting a business can be daunting. Phaon Spurlock, a serial entrepreneur and founder of Prototype Marketing and BKLYN LEAGUE, shares his top advice for budding entrepreneurs:
1. Gather Data on Your Target Audience
Identify your potential customers and understand their demographics, psychographics, and motivations. Spurlock recommends collecting at least 25 data points per audience member. This information is invaluable for developing effective marketing campaigns.
2. Create a Budget and Maintain a Reserve
Start-up costs can often exceed expectations. Create a detailed budget and allocate funds wisely. Consider keeping a reserve for unexpected expenses. Additionally, maintaining a full-time job while starting your business can provide financial stability.
3. Launch Your Business
Avoid procrastination and strive for progress. Even if your product or service is not yet perfect, launch it and gather feedback from your audience. The market will guide your iterations and improvements.
Despite the high failure rate among small businesses, Spurlock encourages entrepreneurship. The number of new businesses started each year surpasses the number that fail. Don't let fear deter you from pursuing your business dreams.