Nobody starts a business with the intention of failing. However, most companies cease to exist within a few years of starting up. Here are 7 tips to help you succeed as an entrepreneur.
Entrepreneurs should keep in mind that a well-written vision statement is critical to business success. A vision statement describes the long-term direction/goals of a company and also serves as a tool for strategic decision-making. It must also provide the foundation for everything a business does. Policies and operating plans must align with a company’s vision statement.
Entrepreneurs should strive to ensure that their business has a mission statement, as a mission statement sets out how a business intends to achieve its vision in practical terms.
A mission statement focuses a business on what really matters to itself/its stakeholders and should be reviewed periodically to meet changing needs.
The core values of a company are very important as they are the ones that guide the code of conduct of a company, as well as its relationships with its stakeholders.
To be successful, every entrepreneur must have these as their personal and business core values.
• Hard work
CREATING BUSINESS OPPORTUNITIES
Every entrepreneur must continually create and identify new opportunities to remain competitive.
Business opportunities could arise from expanding your geographic market base, leveraging the Internet, developing new products/services, partnering with other entrepreneurs.
Entrepreneurs must have delighting customers as a top priority. Customers are the reason businesses are established.
Wikipedia defines customer delight as ‘surprising a customer by exceeding their expectations and thus creating a positive emotional reaction’.
Delighting customers is a critical success factor for any business as it drives customer satisfaction, which leads to brand loyalty, business development and profitability.
Nothing great can be achieved without enthusiasm.
To be successful, an entrepreneur must have a passion for what they do. It is the enthusiasm/drive to succeed that will make you persevere even when things don’t seem to be working.
Most successful entrepreneurs have seen their businesses fail in the past. It is the drive to succeed that kept them going.
PREPAREDNESS TO TAKE RISKS
Entrepreneurs must be willing to take risks to be successful.
Some enterprising people do not take risks for fear of failure and miss out on great business opportunities. Fear of failure also stifles initiative.
Successful entrepreneurs are not afraid of failure. They analyze and take action.
“Success is not final, failure is not fatal, it is the courage to continue that counts” – Winston Churchill