Growing a virtual business is hard – especially when everyone has the same idea. Alex Dyer, founder of leading UK start-up Tutor House, trumped the competition with grit and resilience. He shares his business level strategy, viz. top tips on how to become a successful entrepreneur.
In this day and age, everyone wants to be an online entrepreneur. However, not everyone knows how to be successful entrepreneurs. During the pandemic, many had no option but to give their business a virtual makeover. Alex Dyer was already ahead of the game, as his business level strategy revolves around an online tutor company.
Learning how to become a successful entrepreneur is no easy task. It takes a lot of trial and error. Success will not happen overnight. So buckle up and prepare yourself for the journey ahead.
“Be prepared to make big sacrifices”
An online entrepreneur has to be willing to hustle and grind. Establishing a virtual business (or any for that matter) requires commitment, sacrifice and risk, which pays off in the long run.
Many people find hustling off-putting and quit before they even try. However, hustling is a crucial component of starting a business. Not everyone has what it takes to be an entrepreneur – that’s why you need to be prepared to make big sacrifices.
Sometimes you have to put your business first, which means your social life might take a hit. You may need to invest more time and money to promote growth, rather than go abroad for 6 weeks to the Bahamas.
You need to engender an open discussion for an effective business level strategy. Share what is working and what’s not. Get opinions from your clients, employees, friends – this is valuable information. Honesty facilitates success!
Having an open discussion also shows that you value those around you, especially your employees. This will motivate them to work hard once they know that their contributions are heard.
In turn, this is how your virtual business will fly. Working towards a common goal and feeling appreciated will ensure you hit your targets.
“Learn from everyone you work with”
When you work with others, you pick up the habits of successful people. It’s also wise to not assume that you know everything, or that your words are the gospel truth. There is always someone who can offer new ways of thinking.
You have to be open-minded and consider what other people are saying. They might actually know more than you, especially in particular areas you’re not confident in. Someone’s idea could be your one-way ticket to a breakthrough – knowledge is power.
“Don’t sweat the small stuff”
Mistakes are bound to happen, and sometimes things won’t always go the way you planned. There may be issues with your SEO strategy or a temporary system crash – this is to be expected.
If you want to be a successful entrepreneur, then you’ll have to welcome mistakes, rejection and everything in-between. As with anything in life, you have to learn not to fight everything and instead, let it go.
“Always (try) to be good to others”
The online entrepreneur also suggests being compassionate to others. Yes you might be having a bad day or feel stressed-out, but that doesn’t give you the right to take it out on your employees. Otherwise, they’re likely to slack off work or resign – and employee turnover costs UK companies millions per year!
So try your best to be good to others. Understand that you’re dealing with other people who are only human too. You never know what someone is going through, so treat them how you would want to be treated. There’s no harm in that!
“Take time off to avoid burnout”
Finally, the real secret of success is knowing when to take time off. Even your passion project can cause you stress, which eventually leads to burnout. This can affect your judgement and decision-making – which is the last thing you want for your business level strategy.
Even though we live in a capitalist society that praises hustle-culture and productivity, taking time off is just as important. In fact, your productivity actually improves once your batteries are recharged. So take a break, don’t feel guilty about it and write your own success story.
Written by Naida Allen
Naida is a witty wordsmith with a love for writing and reading. She is a Content Writer and Social Media Expert at Tutor House – the top UK provider of online and in-person tuition. She specialises in topics relating to mental & physical wellbeing and career advice.