Home-based entrepreneurship is expected to be in the spotlight in 2024, so if you’re starting your own business or have been thinking about it, you’re not alone.
Studies indicate that Gen Z is poised to lead the charge as the most entrepreneurial generation, and according to Wells Fargo, the number of women-owned businesses has almost doubled in the last few years compared to men.
However, amid the excitement, it's crucial for new business owners and aspiring entrepreneurs to navigate wisely, avoiding common pitfalls and leveraging strategic insights from already successful businesses. I asked some of my fellow leading Valley business owners what their advice is for anyone jumping into the entrepreneurial scene and here are a few essentials to consider:
Delegate wisely: Understand your strengths and weaknesses, and don't hesitate to delegate tasks that don't align with your skills or interests. By freeing yourself from mundane tasks, or ones that you just can’t get the hang of, you ensure that essential tasks aren't neglected, maintaining productivity and efficiency.
Focus on revenue generators: It’s easy to feel like you need to offer endless products or services to be competitive, but by doubling down on what works, you can propel your business forward while minimizing distractions from less profitable ventures.
Embrace lean operations: With the current labor market challenges, fewer employees can actually be more advantageous. Consider leveraging virtual assistants to streamline operations and reduce costs while maintaining efficiency. Embracing lean practices can enhance agility and adaptability, crucial traits for sustainable growth.
Network strategically: Don’t be afraid to engage with your industry peers and even your competitors to forge valuable connections and glean insights. Building a strong network can open doors to new partnerships and growth avenues.
Cultivate grit, determination: While skills and products are important, it's your resilience and determination that will ultimately determine your success. Expect challenges and setbacks along the way, but remain steadfast in your pursuit of your entrepreneurial goals. Cultivate a mindset of perseverance, and let it propel you through obstacles toward success.
Seek mentorship: One-on-one mentorship is the biggest cheat code in business. Tap into the wealth of wisdom, both successes and failures, of those who have traversed the entrepreneurial journey before you.
Think globally: In an interconnected world, expanding your hiring pool beyond geographical boundaries can unlock significant advantages in both skill diversity and cost efficiency. Embrace the opportunities presented by remote work and global talent pools to access a broader range of expertise and resources.
As entrepreneurs and new business owners embark on their ventures in 2024, it's essential to heed these insights and lessons from the evolving entrepreneurial landscape. With the right mindset and approach, you can turn your dreams into reality.
Scott Novis is CEO of GameTruck Licensing and the incoming chapter president of Arizona Entrepreneurs’ Organization.
