6 Secrets to Quickly Grow Your Business

Category: ENTREPRENEURSHIP Published: Saturday, 27 October 2018 Written by Life Coach Efosa Emovon Print


Entrepreneurship


As an entrepreneur or someone that is about to start-up a business venture, you must before anything else understand that you have reached a decision that will make or mar you.

Yes, why it is true that many are using this path to arrive at success, it is also true many have become more susceptible to poverty by following it. It is obvious there is something those who fail on this path don’t know that those who succeed on it know and do isn’t it?

The questions below and the answers provided can help you to succeed beyond all measures on this misunderstood path. What does working as an entrepreneur means? Working as an entrepreneur means many things.

It means you have identified a human need

. It means you have resolved to satisfy a need

. It means you have become a risk taker

. It means you are gainfully self-employed

. It means you are not going to get a query from anyone.

. It means no one is going to tell you what to do and what not to do

. It means that no one is going to pay your salary at the end of the month.

. It means playtime is over

. Working as an entrepreneur means that you have become your own boss and can no longer afford to make those mistakes you made as an employee. Who is an entrepreneur?

In every environment, there is always a need an entrepreneur is that individual who takes extra effort to search, identify and satisfy these needs. The word Entrepreneur was coined from the French word “Entreprendre” meaning to undertake.

Any man or woman that has possession of an enterprise, or venture, and accepts full responsibility for the inherent risks and outcome of the enterprise is an entrepreneur.

Who is not fit to become an entrepreneur?

An individual whose measure of success is a steady job that provides security is not fit to be an entrepreneur. And if you are not ready to accept full responsibility for the inherent risks and outcome of an enterprise or venture you are not fit to become an entrepreneur.

How does one succeed as an entrepreneur?

1. Know what you have become

No matter how small or big your enterprise or venture is you have become a leader, a boss and to succeed you must act like one.

One of the reasons many fail in business is that they hardly come to terms with this fact. In fact, not until you let go of the employee spirit in you, you will keep making those costly mistakes that easily crumble a business venture.

It is the failure to accept this position and shoulder the responsibilities that come with it that kicks many out of the business world. What do you think would happen when a military commander starts playing the role of a private on the battlefield?

Of course, you and I know that defeat is inevitable. Diving into the water of business remains one of the fastest ways to get rich. In fact, if you don’t experience success two to three-years after starting up a business venture knows there is a missing link somewhere.

The first thing to do is to lock yourself up in your room to ask yourself this simple question. Am I acting like a boss? Remember, a boss does not procrastinate, does not give excuses and set unrealistic goals.

A boss is someone that fully understands what the phrase, time management means. After evaluating yourself if you find out you are not, look for a leading entrepreneur to model yourself after in order to be in control of your business venture.

2. Have confidence

Lack of confidence affects sales because most people rely a great deal on information provided by a seller on the point of purchase. An entrepreneur must have confidence because selling is all about convincing people.

You can make people buy anything by simply standing tall in front of them and looking straight into their eyes. According to a business mind, “You have 90 seconds if you are lucky if you can’t make your point persuasively in that time you have lost the chance for impact. Facts and figures are important, but it is not the only criteria, you must present in a manner that generates expertise and confidence.”

Customers want to be sure what they are buying can be of use to them. Simply put, they want a guarantee! Your confidence is the guarantee they need. The fact is when you believe in your products you will enjoy a high degree of confidence.

That is why as an entrepreneur, you must always strive to improve the quality of your products.

3. Have a sound knowledge of the people in the environment you intend to set up your enterprise or where your venture is located

In fact, this should be done before anything else; because the service to render or goods to sell and produce is greatly influenced by the identification of the needs of the people.

Man’s personal and cultural beliefs influence both his perceptions and his interpretations of natural phenomena. Therefore, you must strive to know what their beliefs and ethics are before anything else.

Because this will help you in no small measure to recognize their need, measure the size of their pocket, and know where there are going. Microsoft co-founder Bill Gates said, “The secret of success in business is your detecting where the world will go and getting there first.”

Understand that the key to your success is in their hands. Therefore, if you want to succeed in your business venture there is no alternative to understanding their ways.

4. Be innovative and creative

The world is moving fast you must move accordingly if you want to succeed as an entrepreneur.The need to be innovative and creative as an entrepreneur cannot be overemphasized.

In fact, an entrepreneur who wants to succeed in today’s fast-moving business market must strive to dominate an emerging market by blazing the trail in the implementation of a new idea.

Most of the money bags in the business world today are those who have contributed to the new ways of doing things. If you want to make it big as an entrepreneur before you go to bed at night use at least twenty to thirty minutes to think of one thing your competitors are not doing and start to do it.

There is a big difference between an entrepreneur and an owner-manager. While an owner-manager conducts his business just the way everyone else does it, the entrepreneur does his business in a significantly new and better way than the competitor.

Choose to be different! Don’t use the pattern they use to sell your product. If nothing is wrong with it, they would have all be millionaires. Believe me that little extra will make all the difference in your business.

According to Greek shipping magnate Aristotle Onassis, “The secret of business is to know something that nobody else knows.”

5. Planning function

No matter how big or small an enterprise or a venture is an entrepreneur must set realistic goals and objectives.

To achieve these goals within a specific time frame he must plan and strategize effectively by deploying schemes and methods. It should be understood that planning is a business function which every entrepreneur must contend with throughout the business life.

The whole truth is a plan and a dream are like a husband and a wife, without one success cannot be born.

6. Be willing to take risk

A Mexican leading entrepreneur Carlos Slim Helu once said, “When there is a crisis that is when some are interested in getting out and that is when we are interested in getting in.”

in fact, Mr. Helu has just exposed his money-making secret to you. Facebook founder and billionaire Mark Zuckerberg once told a group of young entrepreneurs that it’s risky not to take chances.

According to Zuckerberg, “In a world that is changing really quickly; the only strategy that is guaranteed to fail is not taking risks.”

In a world where companies and organizations recruit only the best hands Oracle founder Larry Ellison is reputed to hiring unqualified people and training them with manuals and books.

It is said that he would promise people non-existent features and demand that his developers build it. In the fall of 2008, when global markets were falling and companies going bankrupt, Berkshire Hathaway CEO Warren Buffet was busy buying stocks that were rapidly falling in prize and companies going bankrupt.

That year inflation in the U.S brought the unemployment rate to ten percent. In fact, in a single day, that year the U.S stock market lost $1.2 trillion in value.

Buffet in an interview admitted the year was like an economic Pearl Harbor, So the question now is why was he buying stocks that were rapidly failing in prize why everyone else was selling and sacking cash under their pillow?

The answer is simple. Mr. Buffet was able to spot goldmine were everyone saw landmine because he is a risk taker. It may interest you to know that that year Warren Buffet became the richest man in the world with a total net worth estimated at $62 billion by Forbes.

To succeed, an entrepreneur must be willing to face failure by stepping his feet in an unknown path. He must be willing to stand where everyone runs.



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