As I find this evolving world extremely interesting, and I think that there are more things out there than we can imagine, especially when it comes to finding our dream job… I have been trying to take a closer look at successful entrepreneurs to see what they are doing, in case that’s something I can apply to myself. I still don’t know what I want to do “when I grow up”, but creating something that I’m passionate about is of course a dream. Michael Ginnerskov Jensen is a danish successful entrepreneur that has started a lot of companies, and because of that, I thought he could be the perfect person to get tips from.
Find the right business for you
Entrepreneurship is a broad concept and there are many areas where one can be an entrepreneur. Michael Ginnerskov Jensen says that you have to choose a work area you want to work in and the business you want to start. You need to find something that not only creates success and makes you money, but also something you are passionate about. Being an entrepreneur is hard work, so you need to find a focus on something you like.
Decide if you need more education
“You do not need any formal education to become an entrepreneur. However, this does not mean that you should ignore education completely. For example, if you want to start a Tech company, then computer programming and marketing might be relevant to study.However, many types of companies require a certain level of education, and this would be the case in for example an auditing firm or a law firm.” Says Michael Ginnerskov Jensen.
Plan your business
Before you start your business, you need to have a business plan. A business plan outlines all the goals you have, as well as the strategies you will use to achieve them. Michael Ginnerskov Jensen claims that a business plan is a key ingredient in getting investors on board, as well as measuring the success of the business.
Find your target audience
Not all companies appeal to everyone. Age, Gender, Income, and Culture in your target audience will help you decide where you want to open your business. Examine which target group best suits your product, and then arrange everything to capture the demographic group. This is what Michael Ginnerskov Jensen does whenever he is considering starting a new business.
Michael Ginnerskov Jensen really knows how important a network is to start a business: “When I was very young and I started my first business as a 12-year-old, I had no network other than my parents to rely on. I can now notice that all the processes go way faster, and this may partly be by experience, but mainly I think that it’s also affected by that I have a much larger network to rely on now.” – Michael Ginnerskov Jensen.
Sell your idea
Consumers want products, but they do not always know which product to choose. Your job as an entrepreneur is to convince people that what you are selling is the best solution there is. You need to find out what makes your product unique, and then sell it at the values it adds.
You need to focus on marketing before, during, and after your business is started. You may have the best store in town, but no one will come and visit you if they don’t know you exist. Marketing can be cumbersome, but you need to focus your marketing to your target audience. A good example when it comes to this is that the newer generations will be much more receptive to advertising on social media, rather than the older generations.
A lot of tips to bring with me in the future
I honestly have to say that I found the 7 tips of Michael Ginnerskov Jensen incredibly interesting, and I think that if I ever will try to start something on my own, I’ll have them all in the back of my mind. And who knows… Maybe I’ll have my own company in 5-10 years! Now I just have to figure out what my million dollar idea can be…