The ‘American Dream’, as it is categorically known, is all about freedom and opportunity; the opportunity for anyone to pursue their dreams and ambitions, no matter their background. Countless entrepreneurs have come from all over the world to America and achieved great success in their respective fields, creating a blueprint of a successful life. In turn, this has spurred the imagination of entrepreneurs everywhere to turn the dream into reality.
Now more than ever, the hopes and aspirations of ambitious entrepreneurs with big dreams can be more easily achieved, regardless of where you’re based. Europe is home to countless businesses and innovative ideas, so if you want to achieve success as an entrepreneur and live the American Dream, there are certain steps you can take to make it happen.
Re-evaluating Your Goals
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Define Your Activity: To become an entrepreneur and follow the path of chasing the American dream, it is important to take stock of what activities you want to pursue. Are you a developer looking to take your software development skill to the next level? Are you an inventor looking to create an innovative piece of technology? Are you a creative looking to sell art or stories? Defining the kind of business activity you want to do will act as the foundation of your success and the necessary next steps you need to take in order to make it a reality.
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Research Your Market: Researching the target market and the industry you are looking to become part of is an invaluable step to take. Take the time to research your competition and understand the challenges and opportunities that exist for you. Understanding the industry will also help you get insights into valuable knowledge and develop the right contacts to help you hit the ground running.
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Plan Your Finances: Financials are a crucial part of the journey, and it is important to plan ahead and understand the financials that you will need to set up the business. This includes understanding the different options for funding, whether it is through venture capital or business angels, or through personal savings or crowdfunding. Understanding the financials aspects of the business can help you make important strategic decisions for the success of your venture.
Mapping Your Journey
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Pick the Right Place: It is essential to pick the right location for your business. While almost any location can be a great starting point, it is important to determine whether Europe is the right destination for your business. Although Europe offers great economic opportunities, especially in the technology sector, it also has its challenges, such as the high taxation rates, legislative and bureaucracy red tape, expensive labor costs and cultural differences. Deciding the right place to call home should be carefully considered, and understanding its pros and cons will make sure you make the right decision.
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Get the Right Team: Businesses are built on the foundation of great teams and understanding the right people to bring on board is key for success. For entrepreneurs looking to make the move to Europe, it is important to understand the cost of labor, the difficulty of regulations, and the time required to hire local talent. It is also important to look beyond just the skills, and to find the right people who fit the culture and values of the business, and can contribute to the success of the venture.
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Design Your Product: Once the product is finalized and the team is in place, it is time to design the product. If building a software or a technology-based product, it is important to have a deep understanding of the latest technologies and to envision how they can be used to develop the product. It is critical to understand what the competitive landscape is like, and to understand the right entrepreneurs and companies that will help in the development of the product.
Reaching the Dream
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Generate Demand: Hollywood movies and books have glamorized the idea of the American Dream, and it is important to understand how to generate the requisite demand for success. While nothing beats the power of word of mouth and personal recommendation, other methods such as social media and large marketing campaigns should not be overlooked. Generating demand through marketing activities is essential in order to reach customers and build a sustainable business.
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Understand the Market: Once the product is live, it is time to understand the market and know exactly who your customers are. Understanding the customers and the trends in the market is imperative for success. Knowing what content is doing well, and what platforms to use to reach potential customers, is an invaluable resource for the growth of the business.
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Grow Your Business: Once the product and the customer base is established, it is time to grow the business. Growth can come in the form of increased sales and marketing activities, launching new products and services, and understanding what activities are having the most impact. Services such as analytics and data can help you measure the success of campaigns, and it is also critical to continue to keep an eye on the competitive landscape and to stay ahead of the curve.
The American Dream has become a beacon of hope for aspiring entrepreneurs all over the world. For those based in Europe, the dream can be broken down into achievable steps, such as evaluating goals and re-framing the activity you want to pursue; understanding the market dynamics, picking the right place and the right team; and designing products with the right marketing and growth strategies. With focus and dedication, the dream can become a reality.