PENNSYLVANIA, USA — Getting started in the business world is difficult no matter the circumstances, but especially if you're trying to make a brand all your own.
Dr. Jay Azriel, chair of Strategy and Entrepreneruship at York College, joined FOX43 on Feb. 23 to offer a few tips on going into business for yourself.
"The pandemic has required that many people stay home," he said. "A lot of businesses did shut down and they had to find other ways to adjust."
Dr. Azriel also noted that women and other minority entrepreneurs are now the fastest-growing segment of new business startups. Also, millennials now own 12% of small- and medium-sized businesses.
Although these statistics are encouraging, it's not all good news in the entrepreneurial world, according to Dr. Azriel.
According to the Small Business Administration, only half of those new businesses will survive for five years or more.
So, what do you need to get started and be successful in the long-term? Dr. Azriel shared some tips.
First, you need the right mindset.
"The mindset is looking at problems as opportunities," he said. "Having a growth view so that when you make a mistake, you learn from the mistake. It's a way of running your life."
Second, do a self evaluation
"Take a look at yourself," he said. "What are your personal goals? If you want to be a multi-billionaire, there are only certain kinds of businesses that you're going to be able to start. But if you want to grow something that you feel good about, helping people in the community or providing a good, honest product or service that you can sustain and that can take care of your family and yourself, then you can look for those kind of businesses."
Third, find your niche. After all, no market need is the number one reason why startups fail, according to Dr. Azriel.
"You want to look at whether the marketplace is still growing or is it in maturity," he said.
Fourth, build a social network.
"Who are my friends and family?" he said. "Who are those people who I can count on for information or for skills that I don't have? Research shows that entrepreneurs with a large social network are more likely to succeed."
Fifth, use social media wisely.
"Social media is one of many tools," he said. "I don't always think that it is right for every product or right for every audience. You have to figure out the best way to get the message to your intended audience."
Finally...
"Business boils down to one thing: creating value," Dr. Azriel said. "Going into business and being cheaper than Walmart is not the pathway to success. It's the pathway to failure. Come up with competitive advantage that others cannot duplicate very easily. Take a long view and provide a high quality product, a product that customers want."
Dr. Azriel also offered one last piece of advice.
"Go out there and do it. There's lots of information," he said. "There's lots of not for profit organizations that will give you advice, give you coaching and mentoring. Pick people's brains, find a mentor, and then just go for it."
To hear more of what Dr. Azriel had to say, check out the clip above.