Becoming a successful entrepreneurBecoming a successful entrepreneur or business owner isn’t as easy as everyone thinks it is. If it was, everyone would be doing it. It takes a lot of hard work, dedication foresight and training. Whilst the basics of starting up a new business are important there are many other things to consider such as education, skills, research and tools. There are several factors that are important for any start-up or expanding business to engage in but the five top reasons as to why new businesses can and do can be found at forentrepreneurs.com A surface look at the top five main factors can be below.
Becoming a successful entrepreneur involves conducting your Research Properly
Why do people just launch straight into a business start-up with an idea? If you haven’t done your market research properly the odds on your business failing are pretty high.
Startups mainly fail due to a poor fit in their market. For most, they find a great product or service that they love and apply their own thoughts and needs to the product or service without actually Identify the value it will provide for their chosen market and how it will impact on the market and potential customer base. Neither do they consider how they will reach customers effectively and efficiently.
So, you have a business product, service or idea, the question you should be asking yourself is, not how many I will sell or how much money I can make but does it show irrefutable value to the customer, does it cater for supply and demand, is there any demand? Is your target groups problem significant enough to sustain your success? How will your product or service change with time? What are the triggers that will make your customers purchase from you rather than your competition? What value are you offering? Etc., etc.
Recent studies have been carried out on what factors make a business successful or not and out of every possible factor, timing came out as the top factor for success. If you have the right product at the wrong time, you’re not going to succeed. The question is: Is your market timing finely tuned? Is your market ready for your product or service, if not change your product, service or idea until it becomes finely tuned with what the market needs and wants.
Becoming a successful entrepreneur means you have to use the right tools
The internet is absolutely choker block full of useful business tools but how do you know which tools will work best for you and your business. If you focus on what existing successful business owners have to say on which tools work best for them and follow their example you won’t go wrong.
Tools such as Wyzowl.com, MailChimp.com , Jing.com , SEMrush.com and Zopim.com are great if you are just starting out marketing your business. Make sure you test an array of marketing tools before you settle for one or the other. You need to find the best fit for your business and your skills in terms of budget and usability in order to get a great return on your investment.
As for specific business tools which are necessary for the efficient and effective running of any start-up, we’ll cover them in the next blog.
Becoming a successful entrepreneur means preparing for change
Change – what a dirty word? Change is one of those words that send most people running in an opposite direction. However, it should come as no surprise that successful entrepreneurs and business owners welcome change. The business world and the global economy are anything other than predicable and as such a level of calculated risk has to be undertaken to survive in the business world. In order to make the change to your business in order to move with the times you must prepare for a change in market expectations, trends and products/service needs.
Change is the constant in any business environment whether you are an entrepreneur, SME or a global company. Having the willingness and eagerness to embrace and adapt to change will give you a competitive edge over other businesses in your market. By positioning yourself to stay on top of trend shifts you can strive to always remain ahead of your competition. Whatever the trend is do it well, do it better than your competition and do it before your competition.
Whatever problem you may be facing or are projected to face, make sure you implement change quickly regardless of any challenges that you may face. Don’t give up at the first hurdle, change, change and change again until you have overcome the obstacles and get your business back on track for success. Successful business people do not give up and they are not resistant to change.
Successful entrepreneurs apply Pareto’s Principle
In business as in life, 80 percent of all results are achieved from 20 percent of our efforts. Most of us waste the majority of our time, resources and money doing what we think is right, or how we’ve been told to conduct our business or affairs, or how we are expected to conduct our business. If your business has the ethos of, ‘it has always been done this way’, change it. Change the ethos and your mind set fast. The times are changing, what is needed and expected is changing and more importantly you need to change the math. Make sure 20% of what you are doing reaps in 80% of the money/income/dosh. If you’re not prepared to make this change, you may can end up losing everything whereas; successful business owners focus on the 20 percent that matters the most, and outsource the remainder to virtual assistant companies.
Becoming a successful entrepreneur means providing customers with amazing service
Many businesses fail due to customer service, or the lack of it. When customers buy from you they expect to go on a journey. A simple example would be when I was in Rome. I went to a simple and small cake shop for cheesecake as it was my birthday. The shopkeeper was happy talking away about how the business had been in his family for over a hundred years and that the recipes were authentic. The shop looked like I’d stepped back in time and was just wonderful. Although I was overwhelmed by the look of the shop and the specialness of the cheesecake I had chosen, the journey didn’t stop there. I took the bag from the shopkeeper, wished him a good day and returned home. When I opened the bag I found a lovely little message and the cheesecake was wrapped in gold tissue paper. What a lovely experience and yes, I went back again and I told my friends too, who also went to the little cake shop. You see, the owner offered more than just the product, he offered an experience, and he took me on a journey. There’s a valued business lesson to be learnt from this story. Don’t focus on the sale; focus on providing great customer service.
Customer service isn’t just about handling complaints and resolving issues; it involves creating loyal customer service program, staff loyalty programmes and incentives for customers and other businesses alike to embark on the journey that you offer by referring others to your business.
If you are interested in growing your business with us, we can help you embark on your journey in a positive and successful way. For more information contact us.