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9 Keys to Success Strategy Guide

StrategyDriven Entrepreneurship Article | 9 Keys to Success Strategy Guide1. Start with a Clear Purpose.

Successful entrepreneurs are driven by a purpose bigger than themselves. While they realize they need to make money to be sustainable, none of the 100 entrepreneurs we interviewed mentioned money as a primary driver. It is not what motivates them. Instead, they want to do something they are passionate about, solve a problem that intrigues them, create jobs in their town, provide phenomenal customer service, and change the world in their own way.

2. Build on What You Know.

Successful entrepreneurs build companies in industries they understand. About one-third of the entrepreneurs we interviewed worked in the industry in which they started their business. Another third had worked in a related industry. The remaining third were serious and frequent users of the products, so they understood the industry from the customer’s perspective. The better you know your industry, the greater your chances for success.

3. Launch Opportunities Not Ideas.

Ideas and business opportunities are not the same thing. Our business failure rate is high because people launch ideas. A true business opportunity meets the conditions of the NERCM test: (1) Need, (2) Experience, (3) Resources, (4) Customers, and (5) Model. Your chances for success go up significantly when you prove there is a need for your product, you have adequate experience, you bring together sufficient resources, you have customers committed to buy, and your business model is sound.

4. Develop Your Supporting Cast.

Successful entrepreneurs thrive on the experience of others. They recruit talented individuals to fill in the gaps in their skill set. They build teamwork at three levels: (1) they create a “Brain Trust” of mentors with expertise they need, (2) they build a core team of partners who join them in the venture, and (3) they develop strategic partnerships with individuals and companies who can help them grow their business. Talented teams can go further and faster than any individual working alone.

5.Maximize All Available Resources.

Effectiveness is achieving important company objectives. Efficiency is doing it with as few resources as possible. Successful entrepreneurs are masters of efficiency – they have a real knack for finding and utilizing a host of resources other than money. They borrow rather than buy, defer compensation, partner with their first customers, negotiate excellent terms with suppliers, and use someone else’s plant rather than build one – they think resources first, cash second.

6. Work with a Zealous Tenacity.

Successful entrepreneurs are high energy people. They have two related and vital qualities: (1) a tremendous zeal for their business, and (2) a dogged tenacity to win. Zeal is the fire that fuels the venture, and tenacity is the trait that produces the results. These two qualities combined get you through the challenges of building a business and dramatically increase your chances for success.

7. Build a Community of Raving Fans.

Customers approach companies with preconceived notions of how they should be treated. If their expectations are met, they are basically satisfied. The problem is, satisfied customers are not always loyal customers – they will patronize competitors’ businesses as well. Giving customers more than they expect to receive will set you apart from your competitors and help you create a community of raving fans that love your business.

8. Pivot to Multiple Revenue Streams

Winning entrepreneurs continue to seek out and develop multiple streams of revenue. They do this by (1) offering related products to their growing customer base, (2) finding new markets for their growing product line, and (3) utilizing their growing resources to create new ventures. Over time, they end up juggling a reasonable number of projects in the same or related industries. Having multiple revenue streams reduces the vulnerability of a single product line, and increases the chances for long-term success.

9. Serve Your Broader Community

Successful entrepreneurs are intimately involved in the fabric of their communities. They are using their resources to assist individuals and organizations that need their skills, experience and expertise. They are addressing issues in education, literacy, health care, and the environment. Their communities end up saying, “This business supports us, so let’s support this business,” even though this was not the original intent of the service offered. Serving communities is good for everyone.


About the Author

Mike GlauserMike Glauser is an entrepreneur, business consultant and university professor who has built successful companies in the retail, wholesale, and consulting industries. His passion is helping people create successful businesses, gain financial freedom, and live the life of their dreams. His latest book, Main Street Entrepreneur: Build Your Dream Company Doing What You Love Where You Live (Entrepreneur Press), is a roadmap for doing exactly that. Learn more about Mike at: www.mikeglauser.com.

A Few Ways To Start Your Entrepreneurial Lifestyle

StrategyDriven Entrepreneurship Article | A Few Ways To Start Your Entrepreneurial Lifestyle

Being an entrepreneur is something that you ever want or you don’t. When you are an entrepreneur you commit to working for yourself and do whatever you can’t make yourself and your company or companies in some cases succeed. There are lots of different ways to become an entrepreneur and lots of different levels to start at, you need to find what’s right for you with your age and budget that you have and what level of investment you want to make, to begin with. Being an entrepreneur is a wonderful thing. It gives you flexibility, freedom to choose how you spend your days as well as a better work-life balance. It also allows you to further your career as much as you want to without any restrictions from companies that have their own rules. Where is it a normal 9-to-5 job he may only ever reach 40,000 a year whereas when you’re an entrepreneur the possibilities are endless.

When you starting at the very beginning of wanting to become an entrepreneur and work for yourself most people start with a side hustle, this normally goes alongside their normal 9-to-5 job which they are looking to scale and grow their business to a point where they can leave their normal job and follow their passions and their own company. There are lots of different ways you can do this and the top tips everywhere for entrepreneurs and advice to help you start. There are lots of different ways you can become an entrepreneur. There are things like social media managers and virtual assistants. These are service-based companies and something that you can do in the comfort of your own home or even sitting on holiday as long as you have a laptop and Wi-Fi. As a social media manager, you are stuck at the capacity of how many clients you can handle but you are also able to then further and outsource clients to people who can then work for you. Prices vary all over the world in the US the average is about $1000 a month per client so if you have 10 clients a month that’s $10,000 a month before tax. There are lots of online courses to help you train and learn to do these roles and some of them are free too.

If you’re ready to look at more of a commitment and have a bigger investment amount you’re able to put in you could look at buying a business that’s already there and making it your own. There are lots of businesses for sale all over the place as well as franchises and it’s not a look at the top places where the businesses are. This will give you a bit of a head start into being an entrepreneur and having a business as all the base and foundation work is already done. You’ll be able to come in and take over and make it your helping to scale and grow the business which will increase profits, turnover and the growth of the company.

Essential Tips For First Time Business Owners

StrategyDriven Entrepreneurship Article | Essential Tips For First Time Business OwnersRunning a successful business can be one of the most rewarding endeavors an individual can pursue, both financially but also due to the satisfaction it can bring. With that being said, running a business, be that a small start-up, mid-sized enterprise, or a global brand, managing your business is not easy, especially if you’ve never been in that position before.

Many exciting and budding entrepreneurs see their first-time businesses have to fold year after year, all because they may not have been prepared in some way and, due to that, mismanaged the business. If you find yourself in charge of a business for the first time, here are a few vital tips to ensure that you can excel in the role and grow your business too.

Get An Education

One of the best ways to ensure that you’re prepared for all the different responsibilities involved with running a business is to get an education and understanding of everything you’re expected to do. One of the best ways to do this is through a business degree, as this will give you solid foundations in all departments, such as business analytics, finances, team management, and more.

However, this option might not suit everyone, especially those who have too many responsibilities that they can’t give up to get an education. If that’s the case, the next best thing is to learn as much as you can through online learning and tutorials (LinkedIn Learning and Skillshare is fantastic for this). You can also attend seminars, both in-person and online, and read books from industry experts.

Make Sure Your Business Is Efficient

Time means money within business. This means that if you can perform tasks quickly at a good standard, your business will serve more customers and generate more income. One of the best ways to ensure that your business is prepared and efficient is to invest in automation software. With this type of software, you’ll be able to perform certain tasks quickly, giving you more time to work on other things. Automation software can help with financial management, organize calendars, and so much more. Click here to find out some of the best business software you need.

However, with this emphasis on software and digital solutions, you need to make sure that your IT and computer hardware is up to scratch. Furthermore, as you will be utilizing digital platforms, you need to ensure that you are protected and that your hardware and software are well maintained. This can be hard for a new business to do in-house, which is why it’s a good idea to invest in the small business IT support London companies like Computer Being offer.

Listen From Others

It can be easy, as a new business owner, to dismiss the naysayers and doubters. However, it’s actually a good idea to listen to these concerns if they’re coming from people more experienced than yourself. Understanding why people might not support your business proposal can help you tackle the problem head-on and ensure that your business starts with a more solid foundation.

Furthermore, when you hire your first team members, be sure to listen to them, including their advice, concerns, and ideas. These people will likely grow with you and the business, so it’s a good idea to get their insight, as it can be helpful. There’s nothing wrong with being confident in your abilities. However, you should never dismiss and ignore valid criticism and concerns.

With these tips, you should be more comfortable with the prospect of owning a business and should be in a better position to be successful within it. However, these tips are not the be-all and end-all, and it’s a good habit to continue learning and developing as a business leader, as this will drive you forward and be more successful.

The Future Of Your Business Is Now

StrategyDriven Entrepreneurship Article | The Future Of Your Business Is Now

One of the hardest things any business owner is faced with is the task of keeping their business up to date with all the latest technologies. This doesn’t mean you need to have office chairs that have in-built keyboards and fridges integrated into the armrests or anything. But it does mean you need to be abreast of what technology will help your business boom. It may be that your business isn’t interested in having the latest tablet that has all the design features a graphic artist could possibly want because you own a bakery, or an old school sweetie shop. But there is still software that will make your life easier, and your customer’s experience better.

As such, we have compiled a list of tech that will bring your company up to speed with what is on offer. We will bring your business into the 21st Century.

Accepting Payment

Cash is pretty much a thing of the past. Barely anyone carries cash anymore and certainly not Millenials. It’s all about the card these days. Everyone puts everything on cards. May be it is to do with ease, maybe they don’t see it as departing with cash in the same way handing over notes. Whatever the case, your business needs a credit card reader. In addition to this, it’s all about contactless payments too. The tap and go. The ease of it all. Something that has seen a rise in payments through people smartphones.

Slick Websites

No business can hope to succeed without a slick website. A website is the first impression people will get from your business, whatever that is, because once they hear your name that’s the first thing they’ll do. They’ll check out your website. They may even just stumble across it. As such, you need something that is going to be representative of your brand and provide them with all the information they could possibly want from you. It doesn’t matter if you are a plumber, copywriter, IT support company or into digital learning; a website is your best chance at being found and hired.

Blogging

A website is good, but without a decent SEO strategy you may not get discovered. That’s where blogging comes in. Blogging is the most effective way of improving your hopes of getting found on search engines. The best way to do this is to add links to your other blog posts as well as external sources, while always considering what keywords search engines may pick up on. Another great tactic is to link your blog to your social media pages as well, so that every time you post, your social media gets updated too. This will also improve your chances of being shared online, thus bringing in more viewers. The most epic thing that could happen on this front is for something of yours to go viral. How incredible would it be to wake up one day and see that 100,000 people ha liked a blog post that links back to your website and thus your business. Amazing.

Business Owners: Are You Guilty Of Negligence?…

If you’ve recently started a business, I’m sure you’re quickly discovering just how much goes into making it a success. Your big idea is just the start of it. From there, you need to think about your HR, marketing, IT infrastructure and a whole host of other factors. With so much going on, it’s essential to make sure you don’t neglect anything important. Here are some things that you simply can’t afford to neglect…

Office Data Backup

StrategyDriven Managing Your Business Article | Entrepreneurship | Business Owners: Are You Guilty Of Negligence?...
Photo courtesy of Torkild Retvedt via flickr

Office data backup is something that you’ll hopefully never have to use, but you’ll be glad you have it if and when the need arises. Backing up your office data is a great insurance policy against the unexpected. Files can be wiped from your servers, sabotaged by a disgruntled employee, or some kind of freak disaster could damage the servers beyond repair. By regularly backing up all your company’s important data, you’ll be able to get the company up and running again soon afterwards. Despite the massive importance of backing up, a lot of small businesses manage to overlook it completely. If you haven’t already, take a look at your options and set up a dependable system for backing up your files.

The Employee Handbook

Neglecting this part of your business is usually a side-effect of rapid growth. In the early days of your business, when there’s only you and a few employees, any kind of solid HR policies aren’t really that necessary. However, when your business starts to grow and develop as an organization, you’ll need to take on a lot more staff. This means you’re going to need some solid rules in place. A good employee handbook will introduce new recruits to the company’s core values, mission and culture, will tell them what’s expected of them, but most importantly, it will tell them what’s permissible and what’s not. By taking the time to draft an employee handbook, you’ll protect yourself from all kinds of costly litigation and disputes. Whether you do it all on your own steam or reach out to an employment law firm like Ellis Whittam, an employee handbook is an absolute must. Just a few printed words can make all the difference to your company’s future!

A Good CRM

StrategyDriven Managing Your Business Article | Entrepreneurship | Business Owners: Are You Guilty Of Negligence?...

CRMs, short for customer relationship management platforms, are great tools for managing your company’s interactions with both current and prospective customers. With one of these in place, your company will enjoy better workflow, will be able to automate various tasks, increase the number of sales leads you’re getting and generally increase productivity. Although these auxiliary programs were once considered a luxury, an increasing number of firms are using them, and they’re quickly becoming something of an essential resource for any modern business. Despite what you may have been led to believe, CRMs aren’t exclusive to big businesses anymore, and the packages on the market are getting more and more cost-effective all the time.

As you move forward with your business, make sure you’re not neglecting any of these and holding your firm back from what it can achieve!