No one starts a business with the intention of failing. However, most companies cease to exist within a few years of their start-up. Here are 7 tips to help you be successful as an entrepreneur.
VISION STATEMENT
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 operational plans should align with a company’s vision statement.
STATUS OF THE MISSION
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 the business on what really matters to itself / its stakeholders and should be reviewed periodically to meet changing needs.
CORE VALUES
The core values of a company are very important, as they are what guide a company’s code of conduct, as well as its relationships with its stakeholders.
To be successful, every entrepreneur must have these as personal and business core values.
• Hard work
• Honesty
• Commitment
• Integrity
• Excellence
• Discipline
CREATING BUSINESS OPPORTUNITIES
Every entrepreneur must continually create and identify new opportunities to remain competitive.
Business opportunities could arise from expanding the geographic base of your market, leveraging the Internet, developing new products / services, partnering with other entrepreneurs.
CHARM CUSTOMERS
Entrepreneurs must make customer satisfaction a top priority. Customers are the reason companies are created.
Wikipedia defines customer delight as “surprising the customer by exceeding their expectations and generating a positive emotional reaction.”
Enchanting customers is a critical success factor for any business, creating customer satisfaction that leads to brand loyalty, business development, and profitability.
ENTHUSIASM
You cannot achieve anything great without enthusiasm.
To be successful, an entrepreneur must be passionate about what he does. It is the enthusiasm / drive to succeed that will keep you going even when things don’t seem to be working.
Most successful entrepreneurs have failed at their ventures in the past. It’s the drive to succeed that kept them going.
AVAILABILITY TO TAKE RISKS
Entrepreneurs must be willing to take risks to be successful.
Some enterprising people don’t take risks out of 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 act.
“Success is not final, failure is not fatal, it is the courage to continue that counts” – Winston Churchill