How to turn your business around by utilizing these 10 practices that every entrepreneur must follow

Case Study , Posted by on 2019/11/12 0     Comments

Becoming a successful entrepreneur is no easy task, there are zillions of considerations that you have to make even before you think about being a successful entrepreneur. Let’s consider a watchmaker (indeed a seasoned example to use in this era of technology) who is responsible for making a watch or a clock to deliver it to his potential customers. At first, the watchmaker will scoop out his target audience then start building the watch. He will carefully design the watch that his audience will appreciate and purchase. 

We at Vyrazu Labs plan out our every step, even before I start writing an article I plan out what my approach is going to look like. Making a framework makes the task easy and the data accountable. When the watchmaker does his job he focuses only on making those kinds of watches that he knows will be a huge success or both his time and effort will go in vain. A man who knows his next step is the man prepared for the rest of the steps that will benefit the potential business or strategy that he will be considering.

Among the zillions of considerations, there are 10 such practices that can’t be overlooked.

10 practices that every successful entrepreneur must follow 

Push yourself to success 

When you will be setting up a business you are the only person who will be responsible for developing that business. Hence, you are solely responsible for pushing yourself to success. There will not be a single person who will do that for you. You are an aspiring successful entrepreneur who should be able to concoct the upcoming challenges, by persistently looking for new challenges that come your way. Let’s take for instance a child who is learning to swim. 

At first, that child will be a little astounded and scared to take the first leap of faith. Eventually, overcoming the fear will jump in the water just for a few minutes, even though he would be petrified. With time when the fear disappears completely that child will be able to swim for hours laughing on that day when they first started. Ergo, if you take the first leap of faith there will be further challenges but you will be gaining experience taking those exceptions to overcome the hurdles to reach success with tenacious measures.

Contemplate your goals accordingly 

You will have to come up with the goals that you want to achieve like the audience you will target, the profit that you can make from the product that you are launching, and other such considerations. This doesn’t mean that you will start drooling on your goals. What you will do is seek out the true definition of your strategy and figure out what outcome it will bring about, these will be real as well as tactile. First, your motive should be to figure out what you truly want to accomplish. 

It is up to you if you just want to be a successful entrepreneur or that successful entrepreneur who wants to start a business that can be taken into account when it comes to serving the audience for any particular requirement they have. The visual goals that you come up with should be intelligible and visual that will help you reach your goal at ease. Suppose you ask a successful entrepreneur they will be able to show and explain to you their goals in detail. 

In the initial stages, you can share your idea with someone who in the future can be your partner helping you to proceed with the business or you can use different pictorial representations like a mind map, funnel chart, bubble chart, concept map, depleting chart, iconographic, etc representing your business. Following this process will bring you great precision and planning before you can start with your business. As I said, planning is very important to proceed with the strategy you are thinking to execute.

Thinking about capitalizing 

Any kind of business start-up needs capital. It is a vital part of any business that you are planning to start. Even if you are thinking about making a second-hand goods store you will have some stock and you will have to purchase the rest. There are few entrepreneurs who spend a lot of time looking for cash without acting wisely. 

This doesn’t mean that you will jump into the void which has no research or planning at its base. You can consider starting your business using the money that you have saved, as most entrepreneurs do this will help you diminish some of the risks that come your way. 

What you will have to do is, start making the financial plans that you will be able to stick with till the end, on the contrary, you will have to know how to adapt according to the increase and decrease in customer demand. The monetization strategy that you make should be dependent on certain factors. Such as:

  • The customer you intend to sell your product to. 
  • The product or service that you will be selling if you have already done that earlier, then good.
  • If not then do a lot of research on how you will establish the business and make a profit out of it. 
  • More such factors which you will have to take into consideration looking at the business you are going to do

Administer risks 

Of course, you will take risks, or you will not be able to cope with your business. There are times when you have to take a certain risk or you might lose that single opportunity coming your way. Take calculated risks that will push you to success and those risks which will hamper your business has to be taken care of. As a successful entrepreneur, you should have the ability to recognize the risks that you can take and the one you can not. 

If you think that this way is too complicated and you are not that typical entrepreneur to think about these subjects, you will have to seek out the right measures. This means that find out techniques in which you will be able to adjust that risk and restrict your risk of being frisked over for not being that typical entrepreneur and having a different approach.

Building up a company heritage 

Back in the day, it was not important to set up a company heritage when regular news circulation and social media were farfetched. Now everyone in your company, your employees and clients are well informed about what is going on and what are the recent updates on the company. As we as children adopt our culture, a way to present ourselves was taught to us by our parents and grandparents, the same has to happen in a company. Your beliefs, attitudes, and morals set the work environment in your company set up a culture that is followed by everyone in the company. 

Hence, it is better if you maintain a positive company heritage from the very beginning. With this approach, you will be able to work with people who inspire you and you like working with they will also be able to draw customers to your company. To maintain the best work environment some successful entrepreneurs work their family members right not only from their home but also from overseas. Setting up a culture in the company is essential so that the entire company looks like a like-minded association. 

The first promoter  

You are the first one to promote your business you are responsible for the success of your business. There are some people you hardly talk about their business being too conscious about the others thinking them as a big mouth. There is a difference between being a big mouth and promoting your business. You will just have to know some important stats, which gives enough information about your business. This will help you prep up the short speech on your business. 

This will help you to promote your business anytime someone asks you about your business or you are speaking about your business is a gathering. The information that you give will be quick as well as factual. You can also promote your business by knowing the customer feedback of your customers. So, when someone asks you about your business you can tell them the feedback that you have taken note of. Don’t forget to tell them both the reviews, i.e. both good and bad feedback should fill your update.

Learn while you create 

You are an entrepreneur, it is your duty to learn while you create. It is a character trait of a successful entrepreneur to learn while they create. You will want to take in as much information as you can gather so that you can implement it while you are creating. This might sound like a boring task as well as can be tiring but if you don’t follow this you will not be going anywhere. 

Our parents often say, “child, learn from our mistakes so don’t repeat it” this is how it works, truly. Learning from the already experienced is a way by which avoiding mistakes might be easier. If you want to follow this theory you will have to stay away from social media, television, and movies. These things are distracting and is a one-way flow of information. 

You can choose these as a way of entertainment but mind you that it will consume a lot of your valuable time, which you could have spent reading and researching. When you are free you can check out the case studies or documentaries to reconcile differences. 

It is suggested that you take care of your body and mind equally towards a positive outlook. It might feel good to pursue movies, TV, social media, etc but it won’t regenerate your creative ideas to flow, rather block those ideas and focus you on the media that you are pursuing. Do something that will be able to kick-start your reading and thinking skills.

Public relations is the key to success 

Public relations is the only way using which you will be able to draw your customers. If you stop reaching out over social media and other media it might happen that you miss out on a lot of potential customers. You never know where your customers will be coming from. Remember that they are others who might be thinking the same thing as you are. When you reach out maybe you meet with another entrepreneur. You discuss the ideas you have they might provide you with the right connections.

Even ideas that you were looking for. Being a successful entrepreneur means that you will have to be an extrovert about your business or you won’t know when the right person is right there standing in the same line you are for ordering a coffee on the way to a meeting. The most important aspect of being a successful entrepreneur is that you will never stop reaching out. Once you stop you will get stuck with the age-old ideas you had without a scope of update or improvement, plus the audience will be missing out on your products and services.

Convey the product rather than selling 

Right now, the mindset of your customers is straight and they know what they are there for. It’s okay you don’t have to keep on reminding them about the product. They are there because they want to purchase that product or service and it can also be that they already know enough about the product or service they are there for. So, focus on conveying the product rather than just selling it. 

What you can do is, provide them with a free product for the trail then convey them the product slow and steadily. Research has shown that when you send out free trial products over social media it will be more successful than the age-old tactics. You might have heard that customers get drawn towards something that says, “free” so, this concept is definitely not a failed concept rather a concept that will help you to monetize your business rapidly and spontaneously.

Acknowledging feedback is essential 

This is one of the most essential practices that you as a successful entrepreneur should always keep in mind. When your users/customers give you feedback and it is particularly a complaint you will be able to find the loopholes of your business with those reviews. On the contrary, if you don’t have any customers you will not even have a business, in the first place. While you can have those interested heads who are eager to know about your products or services. 

Anyone it might be you will have to listen to their feedback or complaints as they are the only ones who will be able to recognize the deficit in your products or services. If you don’t account for their views you will lose your customers sooner than you set up your business. For being a successful entrepreneur you will have to address the complaints of your customers, treat them with respect and consider the changes that will be useful for improvement. 

You might feel like you have given them value but how will they trust you if they don’t see the necessary changes. The main aspect here is that you are producing the products or services for your customers hence they will know better what they truly need out of that product or service so they will tell you what they think. If you want to be a successful entrepreneur and you are clever you ought to listen to the complaints via the feedback and treat that as valuable information so that you can grow, by overcoming the loopholes of your business.

Concluding to 

For becoming a successful entrepreneur you will have a zillion considerations but these 10 are the basic consideration that every successful entrepreneur cannot overlook. What I am saying is that you will follow these 10 practices followed by the other practices that your business will demand from you as a successful entrepreneur.

When you follow these basic points first you will see the rest is slowly being clear to you. Once you start working on your idea you will start gathering invaluable information that will assist you in your business. You will also be able to meet a lot of people whom you can interact with and gather information on different marketing aspects.