Starting and growing a business are not easy tasks.
Pursuing entrepreneurship hasn’t ever really been easy, but there have always been core principals that keep business moving forward.
The first and most important factor for a young business is having a product or service that is in demand and appropriately priced. This core hurdle needs to be jumped before any other factors can even be considered. For this reason, figure out the market before moving forward with any grand plans.
The second factor that hasn’t changed over time is that when it comes to growing a business, the business owner needs to take a hands-on approach. Being active and meticulous is critical during the stages leading up to a successful business. Small things should be noted, and attention to detail is important.
The third factor is enthusiasm. Despite the fact that the internet and other facets of modern life have grown less personal, enthusiasm and personality are important. Think of selling a product or service as a transfer of enthusiasm. As a business owner, people (whether you realize it or not) will expect you to have a certain level of passion for what you do. The same thing goes when the business is not doing as well as it should be; always be optimistic and enthusiastic.
Fourth, focusing on the customer is the easiest way to attain business success. If you think of your business as just a source of profit, you won’t succeed against competition that takes their customers into greater consideration. Try thinking of your mission as not one that requires profit, but as one that requires you to gain and KEEP customers. Listen to them and take their thoughts and concerns as the core of your business.
Fifth, become more competitive. If you have an exclusive monopoly or a completely cornered market, this won’t apply to you, but otherwise you need to do things that others don’t. Differentiate your business from your competition by coming up with anything that sets you apart from them in a positive way.
The sixth principal is minding your money. Track your numbers religiously so that you may adequately identify points of weakness and improve upon them.
Finally, measure your success in a way that matters to you. By default, try to make sure that you enjoy what you do, so that you will enjoy making your business grow.
