Peter Drucke -an Austrian-American management consultant- once said that “in every success story, you will find someone who has made a courageous decision.” That’s just the way it is for entrepreneurs. An entrepreneur is always faced with tough decisions where courageous actions must be taken. Here are our favorite 11 nuggets for entrepreneurial success to help you stay on your grind:
Focus more on building your business than sourcing for funds from investors
Focusing on your business and constantly iterate your business to make it attractive till it becomes a sought after by the ‘money bags’ should be your goal at the early stage.
Learn from your mistakes
As an entrepreneur, making mistakes is inevitable but what you do after the realization comes is what determines if you’d be a success or not. If you are afraid of making mistakes, you won’t get very far. From every entrepreneurial mistake or loss, there is always a lesson to learn.
Do not stack up too many liabilities during the early days of startup
This is a key business management issue you must get right from the start!
During the early days, you should be careful with liability such as accumulating debts, wasteful spending etc. so that your business doesn’t 'die' in the embryonic stage.
Your network is your net worth. Be deliberate about growing your network, proactively.
Seek new grounds for collaboration
This is the bane of successful businesses in the 21st century. The power of collaboration cannot be overemphasized. A business should always find new ways of collaborating with other businesses to form profitable partnerships. Like the Liverpool Football Club motto: ‘You never walk alone’.
Put your customers in mind when forming your business objectives
It is safe at this juncture to say that, 'customers are always right.' They are the ones who will determine your business profitability, so you must always consider them.
Employ appropriate marketing strategies
You could invest a fortune into marketing your business to your prospective customers and in the end lose everything if you do not use the appropriate marketing strategies that would communicate your service to your target audience.
Paying it forward and leveraging existing and new relationships works everytime!
Conduct regular market surveys
Use DATA!!! As an entrepreneur, you need to always conduct regular market surveys to be abreast of competition in your sphere of business and at time same time the ever-evolving wants of your customers.
Surround yourself with like-minded entrepreneurs
The quality of people you surround yourself with influences who you become. Successful entrepreneurs surround themselves with like-minded entrepreneurs. You want to be successful, stay around successful people.
Believe in your Brand
As a startup, you may still be in self-doubt of the potentials of your business, but despite this, stay at it and do not give up. You heard that right, hang in there!
Redesign your mind by building the greatest start-up: You!