Getting to start your own business can be really exciting especially when you think about the prospects of building something really big, valuable and beyond you but, to become a successful entrepreneur, you must navigate many to find a pathway to build your own success.
Unfortunately, many entrepreneurs never get to find their own pathway to success. For different reasons, many new businesses today have fallen off the path, while on the brink of building a ground breaking success, just as many more have fallen off before even getting off the ground.
Regardless, quite a number of entrepreneurs are finding ways to build businesses that stood through the test of time to become wildly successful. As someone who’s worked with different businesses to navigate their pathway to success, in this guide, I’ll be sharing with you some of the key strategies you can use to become a more successful entrepreneur, in the following paragraphs.
Develop & Clarify your Vision
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One of the things easily identifiable with successful entrepreneur is that they have a clear vision. They also understand their goals and objectives clearly.
If you want to become a successful entrepreneur, you must develop your vision and identify your goals clearly. Because success won’t just fall on you, it’s something you have to be very intentional about from the get go.
So, you want to find out, what do I want to achieve with my business in the first 6 months, 1 year, 5 years and or 10 years? Having or creating this clarity gives you an idea about what you should do or spend your time and resources on.
I totally understand also that in some cases, you don’t get to start out with a complete knowledge of what you want to achieve and how you want to achieve them from the get go or on the first day you’re just getting started.
Sometimes your paths will only get aligned along the way as you keep building. And of course, you’ll also find opportunities and ideas that were not there from the beginning stages but regardless, having some sort of clarity gets you the needed guideline as a beginner.
So, find time to outline your goals, objectives and vision clearly before you get started. Besides, your vision and your goals are part of what you’re going to use to measure the success of your business.
Know your Clients
The know-your-clients in this case is not about the classic KYC cliché popularized by businesses in the financial sector. This is about you going out of your way to identify and clearly understand the needs of your customers.
This is one of the easiest ways to become a successful entrepreneur – knowing your client, what they want, their purchasing power and being able to provide a product or services that meet their needs and at the right price.
Knowing your clients helps you to understand what matters to them. So, when you know what matters to them, you can focus on creating this kind of products.
Also, when you know your customers clearly, you get to understand their geographical location as well as the market and economic realities and how they affect the forces of demand and supplies in that area.
This knowledge is very critical as you align your product to meet these realities.
I’ve seen a number of businesses that started out with the right product for the right market audience but they still fell out of business because their pricing wasn’t competitive enough.
Regardless of your location to stay in business and build real success, you need a well-grounded knowledge of your audience. And if you’re bigger, knowledge of the political and economic terrain will be your icing on the cake.
Sell Solutions over Ideas
A lot of entrepreneurs are onto the concept of getting the big one million dollar idea that can change the world but really the things that actually transform the world are great solutions to problems that real people are already experiencing.
That’s why anyone planning to become a successful entrepreneur must think beyond ideas and their worth. Instead of that, they must think about real time solutions that can meet the needs of one other person. This is what sells.
And quite frankly, this is the idea that’s building the trillion dollar net worth companies, solutions. The founders and entrepreneurs behind these businesses are focused on creating on demand solutions to their thriving customers.
And in return, these customers are trooping out in their numbers to patronize these businesses. Not necessarily because they like their names but actually because, these businesses are providing the value they are in need of. And in exchange for this value, the customers will gladly part with their cash.
As an entrepreneur aspiring for tremendous success, this is the model you should work with, solution over ideas.
People believe the wise saying, a good product will always sell itself but in the real world, a good product without visibility will never see the light of the day.
Take it from me. When we started in our early days, we clearly lacked visibility. And this threatened our survival as a business. but the moment we changed our strategy and started getting visibility, we began to make sales.
As a business, the more people see and know about what you’re doing, the higher your chances of building real success with that thing because only what gets seen is what gets talked about. And when you get talked about, more people want to experience your services or products.
So, to become a successful entrepreneur in the midst of the mad competition going on out there, you want to create as much visibility as you can get. This is very important.
For example, instead of staying only in your brick and mortar shop, get your website and create an online experience where people can reach you, outside your location.
Promote your Business
The problem with some entrepreneurs is that for some reasons, they are not too comfortable with the idea about promoting their business. I was here at some point so, I can definitely relate.
Again, the idea about a good product speaking for itself comes to mind. Especially down in Africa here but this doesn’t always work out that way when you’re getting started because you’re only known by a few family and friends and a handful of customers.
So, even if these few people were to patronize you every now and then, how much of their patronage will get you the success you deserve?
At the end of the day, when you’re set on the path to building lasting success with your business, you’ll find that oftentimes, your family and friends are not your ideal clients.
So, you have to go out there and find your ideal clients where they are.
And in most cases, you can’t achieve this except by promoting and getting your business across to the right audience.
I know a lot of entrepreneurs worry that promotion is capital intensive. On the contrary, there are a lot of low budget ways to promote your business without breaking a bank.
This can include using strategies like content marketing and blogging, social media marketing, email marketing etc. to create and attract the right audience.
There are also the aspects of paid promotions and budget marketing approaches that could lead to great results for anyone seeking to be a successful business man or woman.
Delegate & Collaborate Rightly
As you keep growing your business, there comes a time you get so much to handle that you now need more hands to get the work done more efficiently.
If you’re a perfectionist like some of us, you may find it really hard to delegate some important tasks because you feel you are the most capable person that can handle such.
Be that as it may, you have to find a way to understand and manage delegating your tasks just exactly as you should. Because as your business keeps growing, there’s no way you’re going to take care of all the tasks by yourself.
As you continue to get more hands for your business, pay attention to getting together the right team with the right motivation that will keep your goals on track.
As someone journeying to become a successful entrepreneur, outside delegation, pay attention to collaborations. Collaborating with the right brands or businesses can lead to very decent gains for you in terms of growth and visibility.
Manage Time Properly
Proper time management is an important skill that can lead to increased efficiency and productivity. And when there’s an increased productivity, growth and productivity are always in the offing.
As an entrepreneur running a business on a budget, you might have difficulties in getting around with time management initially but you can always build systems that will enable you to manage your time more efficiently.
To get started with time management, build systems. Focus on building repeatable system that will lead to specific results. Doing this will be helpful both for you and your team members.
To truly become a successful entrepreneur, outside building systems, find ways to automate your business processes, especially those ones that can do well with automations. This will free up the time that would be put into repetitive and mundane tasks.
Engage in Budgeting & Fiscal Discipline
Building a successful business is never a sprint, it’s a marathon. You need all the financial resources you can muster along the way to build and evolve success for your business.
To get this, you want to engage in efficient budgeting and financial discipline. What this means is that you’ll need a budget to run your business so you don’t spend recklessly.
Also, outside creating a budget, you want to stick to it. Take care of your important business needs from your budget, before spending on other things. This is very important.
Furthermore, for anyone seeking to become a successful entrepreneur, you need a decent financial literacy and accompanying fiscal discipline.
This will involve making effort to identify the key growth drivers that matter to your business and taking steps to fix these, finding key investors or sources of finance to drive your next level of growth and finally, re-investing in your business.
Of course this step also demands you know when to get financing, the kind of funding you can opt for and when you should totally avoid external funding like loans, depending on your realities.
Done well, your budgetary and financial discipline can lead to great outcomes for your business.
Review & Evaluate your Performance
No real business man or woman seeking to become a successful entrepreneur goes out building without taking time to evaluate what they are building or how they are building it.
As a businesswoman, at certain intervals, you have to take out time to assess your business, find out what’s working and what’s not.
This feedback gives you ideas on areas you need to improve on. It also gets you to understand how close or how far away you are, from your goals.
Away from goals, insights from your analytics and other tools will also shed some lights on what product, services or content is creating the right outcomes and why people prefer that.
Also, other indicators like customer feedbacks will guide you on your customer preferences. This gets you to understand what works for them and what does not.
When you’re able to review and evaluate your business performance you find enough data to identify high performance strategies, steps or ideas and the non performing once.
With this you can decide what needs to be overhauled and the others that needs to be adapted for even better performance.
In a nutshell, starting and building a successful business comes with immense benefits but it also involves identifying and setting the right goals, pursuing your goals with the right strategies as listed here and taking time to measure and evaluate your outcomes.
Now, these are not just the only steps you can take to build momentum with your business but using and adapting these strategies will get you started on the journey to achieving immense success with your business.
And of course, where you find it difficult to embark on the journey all alone, you can engage our professionals to help you in getting your business structures in place here, get you through some trainings or get you the needed support and mentorship here.
Now, it’s over to you. What are some of your challenges when it comes to building a thriving business as an entrepreneur? Drop your comments below.