The road taken by entrepreneurs is a tough one. There are too many risks with too little guarantees — but maybe that’s what makes it exciting in the first place. Going boldly as an entrepreneur is like going blindly into a dark mesh; you have both feet buried underground.
But here’s a secret: there’s a way to come out strong and get a shot at success. An entrepreneur can brave the rough journey if he has most, if not all, of the following weapons:
A successful business begins with one idea shared by one visionary to another. An entrepreneur should be capable of communicating his ideas, goals, and vision to mentors, investors, employees, and customers; otherwise, he can’t expect anything much. If he can’t impart the value of his business to the key people who can help him, his vision will never find life.
- Strategic Planning
It’s true that the business world is unpredictable, but surging forward without a plan and a strategy is just suicide. Business, like most things, is still rooted to science. It can be conquered by analyzing processes and outcomes. The entrepreneur with an unwavering focus on his end goals is the king of the ring. He acts and decides always with the end in mind. Every decision, every action, leads him one step closer to his well-earned success.
There’s only one thing an entrepreneur should remember about sales: do it but don’t do it. Sales is what drives new possibilities to the business; that’s why it is so important to learn this skill of persuasion. However, selling and being conscious about it is not really as effective as one would imagine. Hard pitches don’t cut the deal. People don’t go for the guys who try so hard to sell them something; they go for the guys who only want to help. So be that. Be the guy who lends a helping hand and offers solutions to problems. Don’t be just the sales guy.
- Employee Management
It’s very rare that a one-man team made it to the top of the business ladder. An entrepreneur needs other people to make his vision a reality. And it’s not enough to just know how and when to delegate tasks to others. Keeping a good relationship with employees is an important skill for an entrepreneur to learn. It promotes a healthy and productive work environment that forgives mistakes and encourages growth.
The entrepreneur with unwavering focus on his end goals is the king of the ring. He acts and decides always with the end in mind.
- Consumer Psychology
Consumers act the way they do for a reason, and the entrepreneur who knows that has the upper hand. A smart entrepreneur looks into all possible ways of pulling his business up, and consumer psychology is one of them. Consumer psychology is among the least understood but highly important avenues that an entrepreneur should explore. To illustrate, understanding what colors trigger certain emotional responses can reach a long way in influencing consumer behavior.
All the skills listed in here will make any entrepreneur better, but only branding will set him and his business apart. Consumers love a product they can relate to. They like a personalized experience that makes them feel special and unique. Indeed, branding taps more into psychology than anything else. It is like consumer psychology but wider in scope and more profound in depth.
- Content Writing
Good content is crucial to any business. It’s one of the very few ways to directly communicate with the target market. Copywriting, for instance, is a way of grabbing people’s attention and enticing potential customers. E-mail marketing, on the other hand, is a more focused and personal way of reaching customers. These two, when done properly, can mean a lot in business. Sometimes, all it takes to make a sale is a personal message that appeals to people’s experiences and desires.
Even when an entrepreneur has an accountant to crunch the numbers for him, he still needs to learn the basics of financing. Knowing how money comes and goes will make him wiser when faced with crucial decisions.
- Public Relations
Lastly but equally important is public relations. An entrepreneur can broaden the scope of his brand reputation by building a good relationship with the media. Press coverage means more exposure; more exposure means higher brand awareness; higher brand awareness means bigger business opportunities; and bigger business opportunities mean more proceeds.
There is no standard formula for becoming successful in the business world. All entrepreneurs will have their own share of ups and downs that’s inevitable. But in the end, what will really matter is the tough journey filled with failures, lessons, and small successes. (PA)