The need to learn from your mistakes, take continuous action on your ideas, and improve your digital skills is key if you want to be successful as an entrepreneur.
During our highly anticipated Diversity in Digital – All Brands on Deck career summit, we had the honour of welcoming digital curator and food culturalist Ryan Hinkson as a workshop facilitator. A successful entrepreneur, he runs the verified Instagram account, EatFamous, which currently has more than 270,000 followers. Ryan comes from a strong background of content creation having partnered with brands such as McDonald’s, American Express, Google, Toronto Raptors, Burger King, and Hudson’s Bay in developing content.
At The Tech Effect’s event, Ryan shared his thoughts on various segments in the digital space such as skill development and the early stages of entrepreneurship. He also highlighted the top digital skills you need to grow your business.
If you’re an entrepreneur, here’s how to shape your mindset for success
Be prepared for failure
The journey of entrepreneurship can be challenging, and failure is a part of it. Ryan’s entrepreneurial career has involved several failures and he mentioned that it cannot be avoided.
“Failure is one of the best things that can happen to you.”
In preparation for the workshop, Ryan spoke with many successful entrepreneurs and he shared how aspiring entrepreneurs have a lot to gain from failure. Character development, humility, perseverance, and life lessons make it to the top on his list.
Ask yourself: Is there a demand for my business idea?
Ryan began this segment of the workshop with an eye-opening stat.
“42% of small businesses fail due to lack of market demand”
He went on to encourage future entrepreneurs to ask themselves whether or not their business ideas meet customer needs. As well as other tough questions such as:
“Which customer pain points are you helping your customers resolve?”
“How do you bring a positive impact to your customers’ lives?”
The aim of every business should be to satisfy a need and fill a void. Ryan mentioned how product research is essential in today’s competitive digital space.
Develop a global point of view
“It is a global market and we need to have a global perspective more than ever”
Ryan touched on the importance of having a global outlook as an entrepreneur. Whether or not your business currently sells products globally, other parts of the world should not be ignored. Consideration for things such as social issues and cultural sensitivity will play a role as an entrepreneur.
A limited worldview can result in issues for your brand. For instance, choosing not to create a social post about a trending world issue may leave your audience concerned. The stances of your company are being judged as well as your product and services.
Ryan shared his experiences involving dealing with his first few clients when starting his business. He mentioned that his first clients did not originate from Toronto, Canada but overseas instead.
Business exists beyond the neighbourhoods and communities we live in. So remember, if you’re starting out as an entrepreneur, cater to clients across the globe in addition to local clients.
If you’re an entrepreneur, focus on developing these skills
When a successful entrepreneur such as Ryan Hinkson lists the top skills you need to develop and grow your business, you take note. Here’s what he recommends:
The ability to communicate properly
Being able to articulate your ideas clearly will be important because you will often talk about your brand with others. Motivating your team, speaking with clients, and partnering with other business owners will require you to have sharp communication skills.
Visualizing your success
Cultivating that habit of positive thinking and seeing yourself in a position of success will help your entrepreneurial career.
Understand the concept of branding
Branding is key in today’s digital space. Ryan recommends that entrepreneurs study and understanding how to brand themselves.
He shared that Maker Pizza is a good example of a company that branded itself well through digital marketing in three ways.
- Use of their app rather than just delivery services
- Presence on Instagram with a distinct, welcoming brand voice
- Influencer marketing
Interested in taking a deep dive into branding? Read our blog: Revive Your LinkedIn Personal Brand With This CPR Method
Understanding how to market yourself
Impactful marketing that distinguishes your brand and sets you apart from the competition will be a great advantage for all entrepreneurs.
Data analysis
Being able to understand relevant digital marketing metrics will help you critically examine the success of the decisions you make.
Following these vital tips provided by Ryan’s experience as an entrepreneur will help steer you in the right direction!