Nov 05 , 2019

Robert Harris

Business Secrets every entrepreneur should Know

Business is dynamic, succeeding in business is elusive. No one has ever succeeded in business who did not learn their hearts out; They learnt everything, soaked up knowledge, drenched themselves in ideas, sought wisdom.They researched, pored over books, reveled in new discoveries, browsed countless sites and blogs to stay ahead. 

 Every successful businessman and woman, has a unique story, a knee jerking story, about overcoming overwhelming difficulties. They have stories of how they chose not to quit in tough times, of how they believed in their dreams, pursued their passions, followed their hearts, ignored the pain of setbacks, and succeeded.  

 Though they celebrate every milestone of success in their business, they do not rest on their laureates and gloat over yesterday’s success.  They are constantly in motion, seeking new avenues to generate income. Looking for new ways to improve their products and services. They are on a perpetual discovery for new markets and new customers. 

 

Martin Luther King Jr's advice; “If you can't fly then run. If you can't run, then walk. If you can't walk, then crawl, but whatever you do, you have to keep moving forward” applies to businesses with futuristic mindsets. Motion is like a breath of fresh air to any business. It rejuvenates, reinvigorates, and refreshes.

 Small businesses, just starting out, have little experience of what to expect on their quest for success. They need all the help that they can get.

 As a new business owner you have the option of learning from others, or learning by default from from your mistakes. Learning from others will cost you nothing, and is the surest way to succeed.

  1. Stand out from the crowd

 Nobody likes to be different, society has trained us to conform. We live in communities that look down on anyone trying to be different. You are expected to stay in line or risk being ostracized. This expectation to stay in line and to conform is what kills creativity.

 Succeeding in business is about expressing your creativity. Doing what everyone else isn’t doing. What distinguishes your business from your competitors? What new angle or feature can you apply to an existing product or service that will set you apart from everyone else?

Market leaders in every sector have managed to differentiate themselves from competition. They do this by excelling where they are different. Amazon, Facebook, Walmart and Walt Disney have all excelled by offering products and services that are unique to their brands.

 Customers develop sentimental attachment overtime with consistent businesses that offer quality. New startups do not have a track records. So when starting out, do not fear standing out from the crowd, develop a product or service that is uniquely yours. Fight to keep your unique brand, embrace market dynamics to stay ahead of competition. 

  1. Grow your existing customers

As most businesses grow they have a tendency of pursuing new business at the exclusion of existing customers, this is a mistake. Businesses that understand their existing customer’s value grow rapidly.

Providing exemplary service to your existing customers will retain your business and tap into the most reliable marketing strategy - word of mouth. Happy loyal customers eventually become brand ambassadors who go out of their way to recommend your product or service.

When starting a new venture, have a powerful customer strategy, that is committed to offering an out of this world experience to your customers. The saying that, “The customer is king” still holds true.

  1. Build strong relationships

Successful businesses build strong relations in three areas:

  • Networks

Every successful entrepreneur understands the power of networking. A business network is an interconnecting, mutually beneficial relationship that connects like minded people who support the business’ vision.

Networks are exponential, they grow. When starting your business, strive to grow thriving networks that will add value to your business.

  • Advisers/Mentors

No one has a monopoly to knowledge, however, businesses that succeed, secure their knowledge in trademarks and patents. This means that you must generate fresh ideas to succeed. Identify experienced advisors and mentors who will help you generate these ideas.

  • Talented people

A business cannot grow without the help of skilled and talented people. Successful business people have a knack for identifying talent and retaining it. Learn the secrets of successful headhunting to acquire talent for your start up.

  1. Keep in constant motion

 Motion is what keeps a business energized. Calculated, focused motion keeps the product or service fresh in the customer’s mind.  New marketing strategies to reinvent and recreate the product or service in the customer’s mind will spur motion.

 The business world is constantly evolving, successful companies, recognize that what worked yesterday might not work today. To stay ahead, they continuously search for better ways of reinventing and reaching out to their customers. 

  1. Adapt and Remain Agile

Do you know why dinosaurs became extinct? They failed to adapt to a changing environment. To succeed in business, you must adapt and change to a dynamic environment.

 You have to be alert and watchful, ready to change with the times. That’s what has kept companies like Coca Cola, Amazon, Microsoft and Facebook, leaders in their Markets.

 Agility in business is a skill that is developed by visionary leadership. Your vision for the business will prepare you for unexpected changes.

 Ability to adapt coupled with agility in decision making is what will keep your business flexible and ready to roll in times of crisis. This will protect you from paralysis by inertia, a serious ailment that destroys corporations.

In Summary

Starting a business is easy, succeeding in business is not. Successful entrepreneurs learn from others’ experiences. 

The business secrets shared in this article, are not really ‘secrets’. They’re time tested principles used by all successful business men and women.

Incorporate them in your startup. Infuse your business with power. Prop your business to remain relevant in a competitive world.