Entrepreneurship is risk taking, but it is fulfilling, lucrative and pays big. Yet at the same time it can dampen your spirit, make you feel dull and broken hearted. Learning from online platforms on how some entrepreneurs faired in the year 2014, I felt that there is need to write some tips which can come in handy for those who want to be successful entrepreneurs.
Below are nine useful tips collected from successful entrepreneurs:
Be a risk taker
It is common for every person to be worried about being perfect, entrepreneurs included. They hold back fearing failure. My advice is to just start with your ideas, get the tools, skills, resources and the required structure and expand your business or start a new one. You will never know until you start. Engage yourself fully in your project, however, be flexible. Things may not go the way you have pictured in your mind.
If you want to know how safe it is to make such a move, the answer is ‘ it is not safe’, and that is why you are required to be a risk taker. Understand your self well and take a calculated risk. And one more thing, don’t think too much about what people say, just hit the ground and carry on. Waiting for the perfect time will tie you down.
You should know that being an entrepreneur is involving. A business venture will take your time. As you pump in your resources, you will have good days and bad days, but most importantly, your business venture is your life. Love everything about it.
At the back of your mind, you should know that things don’t normally work out the way you want them to. In fact about 90% of new business ventures fail within the first one or two years. The love for what you are doing is the only thing that will see you through and keep you going. It is this same love and passion that will take you to the next level.
Know what you are worth.
Being an entrepreneur in any field is as much about understanding your worth as it is about understanding the product that you will be presenting at the table.
The entrepreneur first has to understand who they are within the context of an industry and secondly they need to be fully aware of, and understand their product, strengths and weaknesses.
Knowing your net worth involves knowing and fully utilising the social capital that you have amongst your pools and peers, partners and other stakeholders in your industry and related fields. You need to translate your name into something tangible. Brand yourself and your business to stand out. And finally, build yourself in a specialised area, create a niche for your business. Be different from your peers and your competitors.
Invest in information.
Things is an information era where information is now the most valuable asset. Entrepreneurs need to seek information in terms of time and resources. Get your valuable information and timing right, and you have the edge that will see you create a bright path for your business future.
Quality of service and products matters when it comes to Entrepreneurship. Customers and clients make their choices based on the quality of product compared to other products in the market. Entrepreneurs should know that superior quality products, then you are strengthening your position. It doesn’t matter how strong the other players are, you will break into that market if you have quality products.
Be a leader
The first thing an entrepreneur should have is confidence and belief in himself. With this confidence come focus, determination and vision. Those people working for you, or under you need a leader, and it’s your ability as a leader that can make or break things up. For example you can’t lead them if you do not know which direction the company should take. Have a vision as an individual and a vision for your company and you will begin to see the larger picture and begin to take futuristic risks and strategic moves.
Be patient with those working under you so that you can understand one another, and they will believe in you. Once that is accomplished, it is then your duty as a leader to show them best practices that will see you grow together as a company and individuals.
Imagine what you could accomplish in your business and your personal life if you are 5 times as productive. Take a minute and seriously think about the life long dreams and goals you have had for you and your family and how quickly you can accomplish them if you were just two times as productive.
Productivity is powerful in most areas of life. Generally the most you can hope to improve things is may be 10%, or 15%., but productivity is one of those rare areas where you can multiply 100% or more.
Why do brands, or for that matter, entrepreneurs need influencers?
Consumers trust recommendations from a third party more often than a brand itself. When you align with an influencer not only do they bring their audience, but they also bring their audience’s network as well. Because almost all businesses today are done online, and because of the loyalty of the influencer’s audience, an influencer has the ability to drive traffic to your site and increase your exposure.
The customer is king
This is a very well known saying. Any inspiring entrepreneur should first make a breakthrough realisation that the customer is everything. Only the customer injects money into the business. Everyone else, the owner of the business, the employees, the suppliers withdraw money. This realisation is crucial, if the entrepreneur does understand this, nothing else will matter.
On the other hand, the employees can only make customers happy if they themselves are happy. Unhappy people cannot serve anyone well. The entrepreneur must build a team of engaged, committed people. This cannot be done if they are regarded as ‘resources” to be abused. The ability to give purpose to others sets great entrepreneurs apart.
It is also important to realise that customers don’t just consume a product or a service. They consume an experience. Everything matters, from the tone on the telephone, to the smile at the door, the speed of the email response, to the follow up after the sale. The little things matter as much as the big ones. Great customer experience is not one off; it is everything done with every customer every time.
Entrepreneurs need to know these things deeply, and make sure every employee know them. Set high standards and keep it high. The long term success hinges on having customers who get a unique experience from your business.