Create an Article›User Guide›

How to Become a Successful Entrepreneur in 2021

Jul 13, 2021

iCrowdMarketing powered by iCrowdNewswire

The consumer landscape is different today than it was before the pandemic hit. Consumers are more tech-savvy, they spend more time online, and they’re more selective with the brands they buy from.

So, if you want to be a successful entrepreneur in 2021, you need to understand the consumer landscape and engage with them in the right way.

Fortunately, you’ve come to the right place for answers.

In this article, we’ve outlined five tips for becoming a successful entrepreneur in 2021, including some actionable advice on how to give your business its best chance for survival.

1. Provide consumers with something they need


Our first piece of advice is simple: Offer customers something they need.

Research shows that consumers are more selective with their purchases. So to give your business the best chance of survival, make sure you’re offering consumers something they need.

Take StuDocu, for example. The company was founded by four students who all needed to share class notes.

As a result, the students created a tool that allows students to share lecture notes and educational resources.

Today, it’s a global platform with more than 12.5 million users.


What can you do to make sure your product or service is a necessity?


Here are a couple of our suggestions:

  • Find a gap in the market: If there’s a gap in the market, it means there’s a way to give people what they need. So make sure you find the gaps and figure out what product or service you could create.

  • Do market research: Identifying a gap in the market is great, but you need to speak to consumers to see what they think before you launch any products. This research could be anything from an online survey to a focus group.


2. Identify the best pricing structure


A pricing structure helps you identify the value of your product or service and the costs you’ve incurred to create it. It’s also used to help you figure out the best price to launch a new product or service.

As an entrepreneur, we don’t have to tell you how important this is.

Here are a few of the different pricing structures you might want to consider:

  • Flat-rate: Regardless of any other factors, you set a single price and stick to it no matter what. This method can be risky as a new business, but it does provide customers with clarity regarding your pricing.

  • Tiered: This gives buyers different options of pricing based on the quality of the product or the features involved in the service you provide.

  • Variable: This allows you to offer different prices for each customer based on what they need from you. It’s certainly more time-consuming, but it gives you the flexibility to tailor your prices.


These are just a few examples of pricing structures, so make sure you research the best option for your business.

How can you identify the best pricing structure?


It’s pretty simple: Conduct a pricing analysis.

A pricing analysis allows you to review your options and figure out which pricing method will work best for your business. It also gives you the chance to make sure your pricing structure is scalable, which is important if you want your business to succeed.

You can also look at this article about pricing analysis for some inspiration on how other companies have structured their pricing.

3. Register your business correctly


This might not be specific to 2021, but it’s certainly a best practice that all entrepreneurs need to think about.

You need to make sure you register your business correctly.

Failing to do so could result in unwanted fines, or worse — you might have to stop operating altogether.

How can you make sure you register your business correctly?


Unfortunately, there isn’t a straightforward answer to this question.

Every business is different. There are different rules and regulations based on:

  • The type of company you want to incorporate

  • How many employees you have

  • What industry you’ll be working in


It’s up to you to do your research and figure out how to register your business.

The good news is that there are plenty of online resources for registering your business that can give you a helping hand.

4. Build trust with consumers


For your business to survive in 2021, you need to build trust with your target audience.

Research shows that consumers want to buy from businesses that “demonstrate and build trust.” They’re also more likely to buy from a brand they trust.

So make sure you think about how you can build trust with your audience right from the start. This will certainly influence how successful your business will be.

How can you build trust with customers?


Here are a couple of ways you can start to build trust with your target audience:

  • Outline your moral principles as a business: This can be a scary thought, especially if you’re worried about alienating some of your audience. But research shows that 80% of consumers prefer to buy from brands that align themselves with their beliefs and values, so beoutspoken about your business branding.

  • Contribute to the local community: Because of the pandemic, consumers want to see businesses engage with the local community. This shows them that you have integrity, which builds trust.


5. Pay attention to your communication


As an entrepreneur, communication is key.

From consumers and investors to partners and employees, you communicate with a lot of different people in a lot of different ways. As a result, your communication skills need to be top-notch.

And in 2021, it’s not just about being able to communicate well.

You also need to identify how to communicate to different audiences.

For example, you wouldn’t use business English on a social media post. And on the flip side, you wouldn’t use casual language in an investment proposal.

So make sure you continually review how you're communicating with different audiences and identify areas of improvement.

How can you improve communication?


If you’re not sure how to improve your communication, take a look at a couple of our suggestions:

  • Measure engagement: If you’re communicating with customers online, you can measure engagement to see how they respond to your communications. You can always try A/B testing to see what works best, too.

  • Ask for advice and feedback: Consider asking for advice and feedback from other professionals. This will give you more insight into how you should communicate professionally and some of the pitfalls to avoid.


Author Bio



Reid Burns has his roots in supply chain, handling global teams for private label companies. He has since transitioned to freelance work, providing thought leadership in the e-Commerce domain.

Tags: English