“Eagles don’t flock, you have to find them one at a time” – Ross Perot
You know being useful is better than being interesting. They are both important into anyone’s life, but being useful serves much better. And when you are both useful and interesting, that’s even great, you become hard to beat. Don’t we all want to be in that position?
For a young entrepreneur like myself, even though entrepreneurship is about ideas and making them come to life, I found out its easy saying than done. It’s just that the making the idea to life is the most difficulty and ambitious part. Everybody can dream, but not always everybody ends up living the dream.
So what advise I would give to a young entrepreneur like myself? The following are few aspects of entrepreneurship to consider I have discovered that will be useful to know for those starting new businesses.
- Keep the cash flow going
Many entrepreneurs find cash flow to be a major roadblock. Which is basically how much comes in and how much comes out. For a young, budding entrepreneur this will be very crucial; you want to have much money coming in than going out, but you will find out usually that isn’t that the case. In accounting, cash flow is the difference in amount of cash available at the beginning of a period, your opening balance and the amount at the end of that period, your closing balance. Depending on your transactions and activities, your cash flow will be positive if the closing balance is higher than the opening balance, or else it will be negative. This is what will mostly likely happened; in the beginning stages you will be fighting to get your first customers and sales, which could mean you may need more funds to spend to promote your business, your brand, products, and services, let alone making, creating, and producing them, and maybe funds to cover hiring or outsourcing costs. In all that you do, it’s important to keep the positive cash flow going. When you make profit, put the money back into your business so that you can make more profit.
- Identify your competitive advantage
Do what you are passionate about, or you are good and skilled at, this will give you a room to be more creative and stand out. You want to be unique and differentiate your products and services than copying whatever else your competitors do. Your uniqueness is your brand; your competitive advantage. It’s why people will come to you and not others. This will help you create and serve something that can truly dominate in your industry that way you will become not just one in a million, but number one. One thing about being irreplaceable is that nobody can do like you do even if they try. There is something about being yourself. A lot of people can try to be for example; Beyoncé Knowles, Alicia Keys, but when they step on stage, or hold their microphones, or when their beats are being played, you will know the real ones and their difference because of who they are, and what they have become after they have established themselves in their industries. Pick a niche that you can truly dominate, and may be you can try to expand your horizon as you keep growing.
- Your customer base and service
Improve your customer service. It will help you build your customer base. Keep your customers happy, and it will save you lots of marketing costs because the word of mouth is very powerful. We may be selling products and services, but most businesses are in the relationship businesses. Sometimes business is not about your products or services features, it’s ‘whom and how’ you are serving. Your customers are the ones who are paying your office rent, your salary, other utilities cost and expenses such as production costs. Your customer base will be the group of customers who repeatedly purchase the goods or services of your business. These customers will be the main source of revenue for your company. Customer base are considered to be the business’s target market where customer behaviors are well understood through market research or past experience.
- You have got to be tenacious
Secure your confidence to the point where failure won’t affect it. For every entrepreneur, failing is part of the journey of becoming successful. Entrepreneurship is about ideas and how to put them in reality. It’s all about your mindset and eagerness to see it come through. So you have got to persist, and be determined to reach your end goals. Remember that in life, timing is everything, which means being in the right place at the right time matters, when supply meets demand. Be that kind of person who never gives up and never stops trying. Be someone who does whatever is required to accomplish a goal. You never know when the right time comes for you to dominate in your industry. A lot of us, especially entrepreneurs give up just before they’re about to make it. Thomas Edison said, “Many of life’s failures are people who did not realize how close they were to success when they gave up.” So you have got to be tenacious, however it means to you.
To be successful in today’s business world, you have to be unique, work hard and smart, and be tenacious enough to accomplish your business mission, objectives, and end goals.
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To your success,