Nobody starts up a business with an intention to fail. Nevertheless most businesses stop to exist within a few years of start-up. Here are 7 tips to help you succeed as an entrepreneur.
Entrepreneurs should note that a well written vision statement is critical for business success. A Vision Statement outlines the direction/long-term goals of a business and also serves as a tool for strategic decision making. It should also provide the basis for everything that a business does. Operational policies and plans should align with the vision statement of a business.
Entrepreneurs should endeavor to ensure that their business has a mission statement as a mission statement states how a business intends to achieve its vision in practical terms.
A mission statement makes a business focus on what really matters to itself / its stakeholders and should be reviewed periodically to meet evolving needs.
The core values of a business are very important as they are what guide a business’s code of conduct as well as its relationships with its stakeholders.
To succeed every entrepreneur should have these as his/her personal and business core values.
• Hard work
CREATING BUSINESS OPPORTUNITIES
Every entrepreneur must continuously create and identify new opportunities to remain competitive.
Business opportunities could come about by expanding your market geographical base, taking advantage of the internet, developing new products/services, partnership with other entrepreneurs.
Entrepreneurs should have delighting customers as top priority. Customers are the reason why businesses are set up.
Wikipedia defines customer delight as ‘surprising a customer by exceeding his or her expectations and thus creating a positive emotional reaction’.
Delighting customers is a critical success factor for any business as it creates customer satisfaction which leads to brand allegiance, business development and profitability.
Nothing great can be achieved without enthusiasm.
To be successful an entrepreneur must be passionate what he/she does. It is the enthusiasm/drive to succeed that will make you persevere even when things don’t seem to work out.
Most successful businessmen have had their companies fail in the past. It is the drive to succeed that kept them going.
READINESS TO TAKE RISK
Entrepreneurs should be ready to take risk in order to succeed.
Some entrepreneur people don’t take risk because of the fear of failure and miss big business opportunities. Fear of failure also stifles initiative.
Successful entrepreneurs are not afraid to fail. They analyze and take action.
“Success is not final, failure is not fatal, it is the courage to continue that counts” – Winston Churchill