Are you a young entrepreneur with a brilliant business idea? If so, you’re likely full of confidence and optimistic about your future success.
But to succeed, you need potential customers, lenders, and business partners to believe in you, too. How can you ensure others take you seriously and have faith in your venture?
Here are eight strategies.
1. Be Passionate
Ensure you’re truly passionate about what you do. Running a business is challenging and requires long-term commitment, so be prepared for both highs and lows.
Let your passion shine through. Your clients, business partners, and employees should see it in your eyes, hear it in your voice, and feel it in your actions.
2. Have a Plan
While passion is crucial, it’s also important to channel it in a structured way. Take the time to think about your business’s future.
Create a detailed business plan and be ready to explain your business clearly and concisely.
“Lenders, suppliers, and clients who see a solid business plan will know you have thought things through and will take you seriously,” says Valérie Bornais, Manager, Sales Enablement at BDC. “I would immediately think: ‘Wow, this young entrepreneur is solid.’”
3. Know Yourself
Understand your strengths and weaknesses as an entrepreneur. Recognizing your talents and where you need help is vital.
Why are you passionate about your idea? Are you a people person? Do you get intimidated easily? Are you good with numbers?
If you haven’t asked yourself these questions, now is the time.
Knowing yourself helps you be authentic in your business. If you’re genuine about your product or service, your partners and clients will notice and trust you more.
For help, take BDC’s entrepreneurial self-assessment. It’s free.
4. Do Your Homework
Research and understand your industry thoroughly. Stay updated on the latest trends and connect with industry experts.
Ask many questions and seek answers. Who are the key players in your sector? Who are your competitors? Who are your target customers? Why has the market responded a certain way to a product? How do you know there’s a need for your product? Why is your price set at this level? Who are you hiring and why?
“If you take the time to develop a strong understanding of the industry, your pitch will be solid and well-articulated,” Bornais says. “Your audience will see that you know the issues and challenges facing the industry and that you can add value.” Preparation is key.
5. Be Open to Advice
Even if you have leadership or management skills, there’s always more to learn. People are more likely to take you seriously if you listen to and consider advice.
“Don’t be afraid to ask questions or to say you don’t know the answer but will find out,” Bornais adds. People will respect your willingness to learn, your curiosity, and your openness.
6. Consider Your Personal Appearance
How you present yourself is important. Your dress and demeanor reflect your personality.
However, this depends on your industry. If you’re in IT, you’ll dress differently than if you’re in accounting or construction. Dress appropriately for the situation.
Always ask yourself: Does my appearance reflect my desired business persona?
7. Find a Mentor
Develop a relationship with an experienced businessperson who can offer support and advice. “It’s extremely important to have a mentor, and we can immediately see who has one and who doesn’t,” says Bornais.
Having a mentor shows others that you value learning from someone with more experience. It’s also a great source of contacts and potential business opportunities. Futurpreneur Canada offers a program that connects young entrepreneurs with mentors.
8. Network, Network, Network
Make networking a habit. It’s crucial. Meeting new business associates is a great way to expand your knowledge, learn from others’ successes and failures, and find new clients. It’s also an excellent way to build long-term relationships and your reputation.
