Most entrepreneurs will tell you that running a successful and profitable business is the most challenging and rewarding way to make a living. Being a successful entrepreneur requires a lot of hard work and sacrifice, but in general, you need to emphasize and rely on a number of personality traits and business practices that are characteristic of a successful entrepreneur. These traits are present in the fundamentals of a business as well as in its daily operations and determine every decision an entrepreneur makes. By following the guidelines below, you can increase your chances of starting a successful business or getting your current business back on track.
Part 1: Creating the Right Mindset
1. Do What You Know
This means that it is best to start a business focused on an area in which you have experience. This experience can be a previous work experience or a personal hobby that you want to turn into a career. Even if a business idea seems very profitable on paper, don’t start the business until you are passionate about it. Even if the profits are great, they probably won’t keep you on top or make you grow every day.
For example, imagine that you are an experienced coffee server who wants to turn your passion for making great coffee into a small business. You have an appropriate level of knowledge in this industry and can use not only your knowledge but also your passion at work.
2. Start with a Clear Purpose
While the financial benefits of owning a business can be significant, most successful business owners don’t have money in mind when they start their business. To grow your business and become a successful business owner, you need a clear and specific purpose. This purpose should be more tangible than money, such as serving the community through a job, solving a problem you see in your daily life, or pursuing a passion. This doesn’t mean that you shouldn’t pursue profit, but simply that your main goal should be to achieve a larger goal.
- In the coffee shop we visited, your goal might be to serve every customer a perfect cup of coffee. Or you could create a community in your coffee shop where people can meet and hang out with friends.
3. Know and understand your customer well
Before you begin, take the time to do some market research and get to know your customers and your industry. Some sources provide ample information on the services and products in demand. You should also think about who will buy your product or use your service and figure out how best to appeal to them.
- In the coffee shop example, ask yourself: am I trying to appeal to “coffee lovers” for whom waiting five minutes for an order is not a long time? Or am I focusing on people who want to grab a cup of coffee on their way to work and get started quickly? Or both? When you understand the people you want to serve, you can serve them better.
4. State the first step instead of the goal
You should always start with a business model that can be implemented and managed quickly and on the lowest budget. There are many small businesses that start with ambitious goals and require a lot of start-up capital and investors. However, successful businesses have a model that can be used on a smaller scale. This shows potential investors that your idea is a valid and reliable way to make money and increases your chances of getting investment money (if that is what you are looking for).
For example, in our example, imagine that you want to start a large business that supplies, imports, roasts and packages coffee beans to sell them raw or serve them to customers in a coffee shop. Instead of thinking about getting a lot of help from investors to buy all that equipment, consider starting your business with a small coffee shop and then probably supplying and importing coffee beans from there to kickstart your branding efforts.
5. Build a Support Network
One of the most important aspects of being a successful business owner is to overcome your pride and ask for help. Your best advisors could be
7. Be responsible about debt
It is very important to realistically assess your ability to repay the debt you take on. While starting and running a business is always risky, try to limit your debt by borrowing only what you need. And when it comes to debt, make sure to structure your cash flow in a way that you can repay it as quickly as possible. Prioritize paying off your debts first.
For example, if you borrowed 240,000,000 Toman to start a coffee shop, don’t think about spending money on improving your production or upgrading your coffee grinders until you have repaid that loan.
Part 3 to Grow Your Business
1. Complete Your Business Cover Letter
Prepare a 30-second presentation that describes your business as succinctly as possible and includes information about your goals, services/products, and objectives. A well-written cover letter that presents yourself very well to everyone can be helpful when you are trying to sell something to a client, and it can also be helpful when you are trying to attract investment. If you cannot describe your business succinctly, your business plan needs to be revised.
- For your coffee shop, you should describe what you do (sell coffee), your service (the drink you offer), why you are special (for example, the coffee you serve is rare or locally roasted), and what you plan to do in the future. Describe what you will do (develop a new location, new products, etc.).
2. Make yourself known for your good service.
Gaining a good reputation is like free advertising; customers will tell their friends about your business and recommend you more often. Based on this, consider each sale as a success or failure for your business. This also means that you must stay informed of all the activities of your business and every interaction with customers. And take another step towards your success as an entrepreneur.
3. Keep an eye on your competitors
You should always look to your competitors for new ideas, especially when you’re starting out. You’re probably doing something right. By understanding what that work is, you can apply it to your business and avoid the trial and error you went through to get to where you are.
One of the best ways to do this when starting a business is to check out your competitors’ pricing strategies. In the example of a coffee shop, it would be easier to price your coffee like your competitors do rather than playing around with your own prices.
4. Always look for growth opportunities.
When you’re starting your business, it’s always best to look for places to expand. Whether that means moving to a larger store, expanding your production space, or opening a new location, it depends on your business and its goals. The owner of a successful business knows that consistency is one of the biggest obstacles to long-term growth. This means taking risks in terms of development and growth and not depending on a single success.
- In the example of a coffee shop, there may be an area nearby that is not well served by coffee shops. Once your main location is decided and opened, it is best to consider opening a new store in that area. Depending on your situation, this may also involve expanding from a small stand to a full coffee shop.
5. Diversify your revenue streams
Another way to increase the value of your business is to explore other areas where you can make money. Let's say you recently opened your home business. Look carefully around you and see where you can offer a different product or service. Maybe your customers regularly visit your store to buy a pen, and then immediately go to another store to buy another pen. Figure out what that other source is and submit it yourself.
- The different options that a cafeteria can have include offering treats, snacks or books to customers.
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