How to Recognize You are on The Right Path as an Entrepreneur
Entrepreneurship is not only a lifestyle but also a mindset shift and sometimes it can take a while before a lot of people get adjusted to the new way of life and doing things. In the early days of your journey as an entrepreneur, you will make several mistakes. Some mistakes may lead to catastrophic consequences and some may simply require a slap on the back of the hand. To help you cope with the ups and downs of being an entrepreneur, here are 7 steps to help you keep on the right path as an entrepreneur.
Stop Complaining and Start Doing
It is easy to make several excuses why you believe things are not going the way they should. It’s easy to blame everything on the economy but the truth is it’s never about the economy and it’s always about you. Entrepreneurship has nothing to do with your idea, previous experience, education and training. It is not even about how much money you have in the bank. The journey of the entrepreneur is always down to the individual. It’s about how you organize resources and manage them. Its about your product, your market and most importantly your determination to make it no matter what.
Numbers Don’t Lie
The life of an entrepreneur is one of a Sales man. Apart from making sure you have the perfect design and the right combination of services, you need to be able to convince customers to buy from you and investors to be confident that they will make their money back. Rule number 1 of the sales game is that it is a game of numbers and by default the more customers you pitch to, the more you sell.
The Internet has completely transformed the way we process information and do business. As a result, an entrepreneur at the start up phase needs to build innovation into their business model from the beginning. Innovation influences the way you market yourself as a brand and involves everything from website, blog and social media marketing. Through innovation, you are able to reach more customers and turn traditional sales methods on its head by engaging with customers to ensure they receive a better user experience.
Customers are more than just data
As important as data is for the smooth running of an organization, it is important to also have a humanistic approach towards your customers. They are more than intelligence gathering on a CRM (Customer Relationship Management) application or financial data. It is important to understand that no matter how great your idea is, without it being able to satisfy a tangible need for the customer, it becomes redundant. Your number one priority should be serving customers to the best of your ability and finding innovative ways of solving their problems.
Remove your emotions from sales process.
As entrepreneurs it can sometimes be difficult to separate your emotions from business decisions. Entrepreneurs are people too. They have needs as everyone does and sometimes their needs overrides logical business decisions in the sales cycle. The customer is king and it is only by serving the king can an entrepreneur achieve real success in business.
The Power in the Vision
Entrepreneurship itself is a visionary endeavor. Only the entrepreneur knows the vision of the business and where he intends for the company to end up. The vision for the organization must be flexible and responsive to adapt to external factors without ever losing the essence of why you started the company in the first place.
What’s is your Road Map?
The entrepreneurial journey can be a long road with no clear insight of how that journey will end. One of the most important tools to help you navigate this complex terrain is a road map or the business plan. It is important to have a well-documented business plan, which will serve as a guide for when you need to refocus on your entrepreneurial journey. That plan can be adjusted as often as you need to ensure that it is in line with current trends but it is imperative you write you plan down.