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Do you have what it takes to become a successful entrepreneur?

If you’re eager to put your business ideas to the test, but don’t know where to start, don't worry - you're not alone. In fact, given the new economic reality of our time, more people than ever find it challenging to turn their dreams into a reality.

Too often startups fail, 75% of them to be exact - says The Harvard Business Review. Here at our TyTek HQ, we have put together five success tips to help you as a budding entrepreneur, to reach your potential - You can thank us later!

1. Challenge yourself

The question is, what’s bigger and better than your current idea? We know it’s easier said than done, however, consider rethinking your business plan, your first idea isn’t necessarily your best idea. To become a successful entrepreneur you need to be hungry for the next big thing, as Richard Branson once said: “Business opportunities are like buses, there’s always another one coming” - It’s important that you stay ahead of the curve and challenge yourself at every given opportunity.

2. Understand your goals

It’s important to have a long-term plan in place from the beginning, using SMART goals, Specific, Measurable, Achievable, Realistic and Time - allows you to develop a concrete plan of action. Once you understand the business philosophies that work well for the industry you are entering into, you can then define your goals, benchmark and measure your success accordingly.

3. Know your target audience

Your whole business plan should be based on the wants and needs of your target audience. Firstly, you need to identify the type of buyer your products and services appeal to. You can then determine what may influence their decisions, what they want to achieve and their budget. Once you have collated this information, it’s time to start using sales and marketing techniques to directly target potential customers.

4. Don't fear to fail

Every business, big and small, will be faced with difficulties that haven’t been foreseen. However, the key is how you overcome the problems and the steps you take to work towards a brighter future. Going back to our second point, understanding your goals, if you have a strategic plan in place it’s easier to see a problem as a challenge that you can solve. This is what separates great entrepreneurs from those who don’t reach their full potential.

5. Working one step ahead

Be the one to decide what your customers want, nobody asked for the iPhone or the microwave, however, owners of these products are off the scale. Using your initiative and planning forward to understand the direction of your industry, could put your business in a prime position. Listen to your customers and analyse their feedback to determine what’s missing from the industry. It could be your company could potentially plug the gap.

Becoming a successful entrepreneur takes hard work, a creative vision and bags of perseverance. However, here at TyTek you can tap into our expertise to help you along the way. We will listen to your ideas and come up with a strategy to take your product ideas to market.

 So, what’s your Eureka moment?