The basics of entrepreneurship

Entrepreneurship essentially refers to a person or group’s capacity and willingness to develop, organize, and manage a business venture.  Of course, the best example of entrepreneurship is starting a new business.  But it is assumed that gaining profit comes with a variety of risks in order to make a profit, explains business professional Tyler Tysdal.

Image source: tp.edu.sg

Any business expert will tell you that it’s not starting a business that’s difficult and expensive, but ensuring that the business is maintained and, at some point, expanded.  For a beginning entrepreneur to reach various levels of success, it’s important that they abide by certain basic rules and approaches.

Firstly, cliché as it may sound, honesty is always the best policy.  Any entrepreneur should be transparent to customers for all products and services being offered.  Never, ever promise something you cannot deliver.  Also, respond to any comment and feedback as soon as possible, as you don’t want to have disappointed customers spreading bad advertising about your business to other customers, especially in this age of social media.

Image source: sicommunication.mk

This principle of honesty, of course, begins with yourself.  Don’t lure yourself into thinking a venture is going to succeed if you yourself are not satisfied and proud of the products or services you provide.  Don’t even start a business based simply on the success of others in the same industry; make sure it is something you love and can commit to.

You should also make good use of what the modern world has to offer, like harnessing the power of the internet.  No matter how sound your business distribution model is, it’s still best to apply it online given that most people now use the internet more than ever.  Moreover, establishing an online presence is ideal for the new entrepreneur as it’s significantly cheaper and reaches so much more customers, adds Tyler Tysdal.  And, while you’re at it, don’t forget to open social media pages on sites like Facebook, Twitter, and Instagram.

Private equity and real estate investor Tyler Tysdal has led investments in several real estate properties in the United States, primarily in top hospitality in markets such as Manhattan and Seattle.  For related posts, visit this blog.