Entrepreneurs are always hard-working people. Running a business is not a walk in the park. Ultimately, they put in the hours to get the job done and make sure that the business achieves its full potential. With time, a clever entrepreneur delegates to reliable employees.
You need to build a top-notch business team. No one person
can build a successful business alone. It's a task that requires a team that is
as committed as you to the business and its success. Of course the most
important team members will be your customers or clients. Any or all may have a
say in how your business will function and a stake in your business future.
A big driver to
starting one's own business is the desire to work for oneself; what I’d call
loosely call independence. Entrepreneurs are notorious for this characteristic.
They generally hate having a boss and having to report to someone else. They
want to call the shots and make their own "destiny."
Entrepreneurs have an
uncanny ability to take strategic risks
while reducing risks in day-to-day operations. Few people in this world take as
much personal and professional risk as small-business owners do. But that doesn't mean small-business owners are reckless or without calculation. The most
successful entrepreneurs cover their bases whenever possible. What
vulnerabilities does your business have?
The reality of owning
a business is much more daunting today than it was even a generation ago. The
most successful entrepreneurs aren't afraid to navigate change, and they can thrive on it. Many small retailers
have found it difficult to take advantage of technological advancements. How
equipped is your business to change?
Planning every aspect of your
business is not only a must, but also builds habits that every business owner
should develop, implement, and maintain. The act of business planning is so
important because it requires you to analyse each business situation, research
and compile data, and make conclusions based mainly on the facts as revealed
through the research. Business planning also serves a second function, which is
having your goals and how you will achieve them, on paper. You can use the plan
that you create both as map to take you from point A to Z and as a yardstick to
measure the success of each individual plan or segment within the plan.
The lifeblood of any
business enterprise is cash flow
management. You need it to buy inventory, pay for services, promote and
market your business, repair and replace tools and equipment, and pay yourself
so that you can continue to work. Therefore, all home business owners must
become wise money managers to ensure that the cash keeps flowing and the bills
get paid. There are two aspects to wise money management.
1.
The
money you receive from clients in exchange for your goods and services you
provide (income)
2.
The
money you spend on inventory, supplies, wages and other items required to keep
your business operating. (expenses)
You have but a passing
moment to make a positive and memorable impression on people with whom you
intend to do business. Business owners must go out of their way and make a
conscious effort to always project the most professional business image
possible. The majority of business owners do not have the advantage of
elaborate offices or elegant stores and showrooms to wow prospects and impress
customers. Instead, they must rely on imagination, creativity and attention to
the smallest detail when creating and maintaining a professional image for their business.
Entrepreneurs ought to
create a competitive advantage. A
business must have a clearly defined unique selling proposition. This is
nothing more than a fancy way of asking the vital question, "Why will
people choose to do business with you or purchase your product or service
instead of doing business with a competitor and buying his product or
service?" In other words, what one aspect or combination of aspects is
going to separate your business from your competition? Will it be better
service, better selection, longer business hours, more flexible payment
options, lowest price, personalized service, better customer service, better
return and exchange policies or a combination of several of these?
You must remain
cognizant of the fact that few people will work hard, go out of their way, or
be inconvenienced just for the privilege of giving you their hard-earned money.
The shoe is always on the other foot. Making it easy for people to do business
with you means that you must be accessible
and knowledgeable about your products and services. You must be able to
provide customers with what they want, when they want it.
It's difficult for
most business owners not to take a hands-on approach. They try to do as much as
possible and tackle as many tasks as possible in their business. The ability to multi-task in fact, is a common trait shared by successful entrepreneurs.
However, once in a while you have to stand back and look beyond today to
determine what's in the best interest of your business and yourself over the
long run. Most highly successful entrepreneurs will tell you that from the time
they started out, they knew what they were good at and what tasks to delegate to others.
Constant
contact, follow-up,
and follow-through with customers, prospects, and business alliances should be
the mantra of every home business owner, new or established. Constant and
consistent follow-up enables you to turn prospects into customers, increase the
value of each sale and buying frequency from existing customers, and build
stronger business relationships with suppliers and your core business team.
Follow-up is especially important with your existing customer base, as the real
work begins after the sale. It's easy to sell one product or service, but it
takes work to retain customers and keep them coming back.
You may have realized
that most of these traits are not in-born but more or less acquired. Success doesn't come easy but once you understand how to operate, it becomes much
easier.
Next
several lessons will dwell on pooling resources in groups (chama): ingredients for
success and / or failure.
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