Internet entrepreneurs seem to have a very desirable lifestyle, but attaining that life can be difficult. Where do you even start? Agam Berry is a successful entrepreneur, having run and consulted for multiple companies over a career that has allowed him to see the rise of many market trends firsthand. His five tips below can help anyone follow in his footsteps as a successful entrepreneur.
1. Search For A Rising Industry
Digital entrepreneurs need to be on the cutting edge, so Berry advises would-be entrepreneurs to hitch their wagon to something on the rise. In a recent interview, he noted his current interest is cryptocurrency. Cryptocurrencies are digital currencies such as Bitcoin that are not tied to any country. They lack the paperwork associated with bank accounts, making them more accessible for the average consumer. They can also process transactions involving minuscule sums of money, opening new opportunities for micro transactions. Best of all, the blockchain technology at the root of cryptocurrencies allows for unparalleled transparency in the financial industry.
This transparency could revolutionize other industries as well. For example, old works of art have their authenticity partially determined by their chain of custody. In other words, can it be traced from its completion by the artist to its current owner? The blockchain allows every Bitcoin to be traced back to its point of origin, preventing fraud by establishing a clear origin point for every transaction. Art dealers would love to have a similar option for tracing custodianship of a valuable work.
2. Learn Your Industry
Once you have decided upon your industry, Berry advises that you learn all the relevant data for success in your field. This goes beyond basics like profit margins to include your costs at every step of the production process. You also need to understand the demographics of every customer your product and/or service could appeal to.
Many entrepreneurs collect all of the data but fail to make effective use of it. You need to be proactive with the data you collect, benefiting from it before it becomes common knowledge. A/B testing can also help you determine what will work for your specific idea.
3. Build Your Network
Berry believes that industry-specific conferences are an extremely effective way to get your name out there. He shared in a recent interview with Inspirey, that you will be speaking exclusively with people who can either help you or purchase from you, ensuring that very little of your time is wasted. It is worth your money when you are trying to break in.
As you become more established, conferences remain a valuable marketing tool. You no longer need to purchase a ticket, however, as you can bump into the people you need to see as long as you are in the vicinity of the event. Berry himself met most of his current clients in this manner.
4. Find A Business Mentor
Many entrepreneurs make the same mistakes, so it can be extremely beneficial to connect with someone in the industry you choose. Ask them to explain both their successes and failures to you, as there are valuable lessons in each. They can also be a source of trusted advice when something goes awry in your business, as experience is often the best teacher.
5. Improve Yourself
There are multiple books out there that can help prospective entrepreneurs adopt the perfect mindset for success. For instance, Berry has recently read The Greatness Guide by Robin Sharma, crediting it with making him a better person as well as a businessman. You are never too experienced to learn valuable skills and techniques from others.
Finally, Berry advises against working 24/7. Daily meditation can help you work through challenging problems that you just can’t solve by staring at them. If you take care of yourself, your business will follow suit.
Keep Up with Agam Berry
These are just five of Agam’s keys to becoming a successful digital entrepreneur: industry, data, networking, finding a mentor, and taking care of yourself. If you are interested in learning more about Agam Berry and his expertise, read his blog at Agam-Berry.com.
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