Starting an Enterprise is something every entrepreneur dreams of, but only a few make it there. More than 50% of those who start don't last in the business, they end up either leaving for another business or getting bored and then quit. For every successful business owner there were sacrifices they made to get to where they were today and they never stop taking risks to maintain the level they have attained. Below is a list of things every Entrepreneur must do to maintain a successful Business.
1. Hype your business.
Take advantage of both local and online media to promote your business. Make a YouTube channel devoted to talking about your business, including new developments. Overall, your goal should be to build up your business's brand, which is the way that your business is perceived by customers. Your brand needs to link you and your customers within the same shared set of values.
· You can build a brand by working to extend your interactions with customers beyond the storefront or direct, business interaction. For example, adding in community involvement or philanthropy can help build your brand.
· For instance, if you have a snack food business and are about to release a new kind of snack, you could make a quick YouTube video about what the new snack is, how it tastes, what people think about it, and where interested people can buy it.
· Stay active on social media like Facebook and Twitter, too. Advertise promotions, new items, and discounts on your goods and services.
· Additionally, you could call your local newspaper or TV station and let them know about your entrepreneurial career.
· As your business grows, you could add a marketing staff to help you develop proper advertising.
2. Scale up gradually.
As you gain more success and begin to perfect your recipes, scale your business up. If you have a beverage business, cut deals with local businesses to carry your bottled drinks. If you have a clothing line, bring samples of your work to local clothing shops to see if any would be interested in carrying your clothes. The way you scale up depends on the type of entrepreneurial activity you’re engaged in. As you grow, think about:
·
- Hiring employees or volunteer
- Opening dedicated stores
- Getting additional funding
- Advertising
- Expanding your distribution network
- Including new, related services
3. Continue investing.
Don’t stop looking for new ways to improve your business, and don’t let yourself get trapped into doing things just one way. Take the initial income you earn and put it back into your business in the form of advertising, better equipment, or more raw materials.
· Alternately, re-invest your earned income into other ventures or businesses.
· Whatever you do, don’t blow your earnings on toys, games, cars, and other goods. Manage your money carefully.
4. Work hard.
Starting a new business requires hours of dedication and sacrifice. Depending on how young you are, you might be juggling school as well as your entrepreneurial activity. No matter what field you’re in, though, you should establish a regular work schedule and stick to it.
· For instance, maybe you’ll set aside time each day between 6:00 and 8:00 in the evening to build your enterprise.
5. Plan for the future.
Think about both your own life and the future of your entrepreneurial activity. Ask yourself each day if you’re running your business and living your life in the best way. If every day was like today, what would the cumulative effect be? Would you be happy? Would your actions have a positive impact on others and on the environment in the long term?
· If you find that your business or your personal life are missing something, be proactive and make positive changes. Remember, success doesn’t just mean having a lot of money. It also means having personal fulfillment and satisfaction with who you are.
6. Be ready to shift gears
If your initial business idea or organization doesn’t pan out, don’t be afraid to pull the plug. Alternately, if you find that another business sector or a related industry holds more promise, pursue a new enterprise in that sector.
· If your business model needs revision, work with your team to shift focus from, for instance, soda to fruit juices.
· If your business grows too quickly, you might need to downsize by cutting staff, closing unproductive stores, or discontinuing poor products.
· Stay nimble and always look for new opportunities.
No comments:
Post a Comment