Posts Tagged ‘entrepreneur’
If you are a business owner and you’ve seen your business grow to a level where you can manage a team to help steer the business towards profit, you may be at a turning point. Management techniques should always be adapting with time. Many small businesses may reach the level of $1-3 million in annual sales, or 5-15 employees. This is the perfect time to revamp your management techniques.
A manager of a business must evolve from technical thinking and expertise to a manager of people and strategy. It is critical to learn how to manage your company in a way that will grow long-term.
There are 3 aspects of successful business owners listed below that will help you succeed in business, in relationships, in life, and in whatever you choose to put effort into.
Positivity, Persistence, and Patience
Successful business owners have a level of commitment to their goals that is difficult to find many places. The dedication it takes to nurture your projects will not just be handed to you, it must be earned. Entrepreneurs are one breed of a few that understand there is not too much of a difference between an obstacle and an opportunity. Successful entrepreneurs know how to turn both to their advantage.
Strategic Business Plan
Having a business plan is great, sticking to it is even better. Many of you reading this post will feel reassured; of course you have a business plan. However, when was the last time you updated it? Obviously if you are going to change your managerial tactics, your whole business strategy needs to be updated with the times as well. Stagnant businesses are the ones who fail.
Organized Company Structure
According to Robert A. Normand, a writer for Business Know-How this system should have policies and procedures that encourage all associates to perform to their utmost capabilities. It should reward those who excel in proportion to their contributions. It also disciplines those who deviate from acceptable behavior. Positions, tasks, duties and responsibilities are defined and communicated and performance is routinely measured. Training, job enrichment programs and incentive compensation plans are designed to encourage each associate to excel. Successful owners view their associates as their most valuable asset and resource.
In conclusions, successful business owners have a positive outlook on their business and their lives that helps them stay persistent, committed, and patient. They have a living strategic business plan that they stick to, and update as times change. They also have an organized company structure that helps their associates perform and excel, all in the best interest of the business.
Having an online presence is the most important thing your small business can do to gain exposure, build a customer base, and establish credibility. Most businesses have an online presence to make themselves available to consumers who turn to the Internet for all of their resources.
There are many reasons why being a part of online communities contributes greatly to the success of your business.
Universal exposure
As part of an online community, you are able to reach people around the world and it is as though you are all in a room together, interacting on issues that are important and interesting to all of you. It is incredible that you are now capable (through social media) of reaching numerous people at once from one location. This allows you not only to market your business easily and successfully but also lets you do a large number of other things connected with your business. Remember that connecting with your online communities does not mean that you should be giving those people a hard sell. You should be sharing valuable information with them.
Learning from others
As a member of an online community, you have the opportunity to learn new ways to market your business to other marketers. You should take advantage as much as possible of the expertise of other people who are members of your online communities and put their principles into practice, where appropriate.
Strategic partnerships
You will have many opportunities to form strategic partnerships with other members of your online communities. There will be a lot of synergies between you and others and if you find that your skills and expertise compliment those of people in your online communities, you should approach them and see how you can work together most effectively.
Build your online relationships
It is very important to continue to develop relationships with those people with whom you interact online. A good way to do this is by continually sharing information with them that you feel they will find valuable and that will help them in some way. Not only will your online connections want to interact with you but they will also speak favorably about you to others online.
Having an online presence is the most important thing your small business can do to gain exposure, build a customer base, and establish credibility. Most businesses have an online presence to make themselves available to consumers who turn to the Internet for all of their resources.
There are many reasons why being a part of online communities contributes greatly to the success of your business.
Universal exposure
As part of an online community, you are able to reach people around the world and it is as though you are all in a room together, interacting on issues that are important and interesting to all of you. It is incredible that you are now capable (through social media) of reaching numerous people at once from one location. This allows you not only to market your business easily and successfully but also lets you do a large number of other things connected with your business. Remember that connecting with your online communities does not mean that you should be giving those people a hard sell. You should be sharing valuable information with them.
Learning from others
As a member of an online community, you have the opportunity to learn new ways to market your business to other marketers. You should take advantage as much as possible of the expertise of other people who are members of your online communities and put their principles into practice, where appropriate.
Strategic partnerships
You will have many opportunities to form strategic partnerships with other members of your online communities. There will be a lot of synergies between you and others and if you find that your skills and expertise compliment those of people in your online communities, you should approach them and see how you can work together most effectively.
Build your online relationships
It is very important to continue to develop relationships with those people with whom you interact online. A good way to do this is by continually sharing information with them that you feel they will find valuable and that will help them in some way. Not only will your online connections want to interact with you but they will also speak favorably about you to others online.
What Makes A Great Entrepreneur?
Posted on: August 24, 2010
If you are an aspiring entrepreneur, your biggest question may very well be: “How do I get to the next level?” Many entrepreneurs make common mistakes, so I have compounded several insightful details from a Harvard Business Review article series about Advanced Entrepreneurship.
How to Generate Income
Entrepreneurs need to begin focusing on how to generate income, as opposed to how to raise seed cash to start their business. Fund-raising is important of course; any entrepreneur understands the importance of raising cash to keep the business alive until there is self-sustaining cash flow. Generating income however, is the proof that a business contributes long-term value to the marketplace.
What Makes a Great Entrepreneur?
The three factors all great entrepreneurs have in common are scalable business models, effective distribution methods, and genuine consumer engagement methods that directly contribute to their revenue.
Great Entrepreneurs Take Risks
However, what separates an entrepreneur from a great entrepreneur is that great entrepreneurs recognize that business plans are good for illustrating assumptions, but they aren’t truly useful for projecting the realistic outcome of future events.
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