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Succeed as a Gig Entrepreneur

Succeed as a Gig Entrepreneur

Gig workers and Gig economy have become hot topics since the pandemic outbreak. While the gig economy is altering the way, entrepreneurs generate jobs and engage workers; there is an imminent new breed of “Gig Entrepreneurs”. This piece of write-up throws light on the attributes essential to be successful as a gig entrepreneur.

What is a Gig Entrepreneur?

While the attempt to define Gig Entrepreneur has been varied, it is widely understood as anybody who is skilled to solve problems, fit for providing a particular service or deliver a job on contract basis.

How to succeed as a Gig Entrepreneur

Generally, when there is an increased traction towards entrepreneurship as a career option across the globe, in countries like India most prefer a salaried job where the risk of failure is least or zero. However, given that gig entrepreneurship is all about harnessing contractual opportunities, sustainability becomes a question. Before plunging into see how could Gig Entrepreneurs succeed, it is essential to see the common factors that take down entrepreneurial ventures in general.

Factors like choice of business, undervaluing the competition, deficient planning-execution, recruiting inappropriate talent, expanding or quitting early etc., cause the fall of entrepreneurs in general.

But, with Gig Entrepreneurs the question of choice of business is void as they float in the market space of their expertise. Yet there are certain aspects that a gig entrepreneur should ensure fulfilling to not only sustain the market demand, but also to bag a customer base and grow.

Value Proposition

Value proposition is something that is inevitable for a business to keep going. Before getting any further, let us look into what value proposition actually means in terms of business; it is a promise of value to be delivered, communicated, and acknowledged. Hence, to arrive at the value proposition of your business, clarity about your business concept and the way you execute it form the basis. Only presenting a proper value proposition any business or service could pre-empt the consumer of the question “Why you?” Here is “How”.

  • Your business should solve such problems of the customer that are highly annoying pain points to them
  • Never confuse a supporter for a customer. While anyone can support your idea of value proposition, only a customer pays for what you offer; construct it for those flow cash into your business and build on who really does
  • Study customer behaviour with respect to the service, solution, or product your offer and craft your value proposition accordingly
  • Based on your type of offering and the customer interest, position only the "must-haves" or “most essential” to the customers
  • Strive and be on a high in terms of providing value to your customers, if you wish to keep competition at bay.
  • Ultimately, if your customers are relieved from their previous worries, your value proposition is sold already.

Relationship

Businesses as such are driven by feedback and critique. While feedback helps in driving the business in a proper direction, critique makes it more competent. Hence, it is literally needless to say, what good building relationships could bring to business. Relationship and its growing strength are required for any business not only to sustain, but also, to get new business and scale; the same is applicable for gig entrepreneurs as well. However, you should not only invest in strengthening your network for cracking deals; nurture it.

Reference:

  1. https://www.forbes.com/sites/brianscudamore/2018/05/09/how-the-gig-economy-is-fueling-a-new-type-of-entrepreneur/#d18ef6f6e117