Become a successful entrepreneur by following these tips
Not everyone, who goes into entrepreneurship, succeeds. More people fail than succeed. Below are some guiding tips on how to be a successful entrepreneur:
Be Ahead All The Time: A successful entrepreneur has to think and act ahead of others. You need to practice and learn the act of anticipating and predicting news, changes and turn it into a profitable business venture.
Passion & Zeal: You need to develop a lot of passion and optimistic enthusiasm. This includes defying fear of the unknown, believing in yourself, grand vision, flexibility, risk taker. Passion will help you to focus on your goal and targets. You need to have a strong resilience, self-reliance, and self-reflection. Eliminate procrastination. Make your strengths your business role.
Target Customers: You need to learn the demographics of your targets and the people who will bring you money. You should learn the scope of service you would need to have to meet their needs. You need to have an understanding of your stakeholders, source of funds, contingency funds, etc. This can be achieved through ardent research and study.
Marketing & Sales: You marketing plan should cover one year. Your marketing strategies should be in four (4) categories; online/digital, email, TV & Radio, Print and publishing.
Risk Analysis & Management: This includes; being aware of changes that could affect your business, keeping watch and track of your competitors.
Operations Cost Reduction: reduce operations could reduce payment of taxes, employee welfare, offer incentives for productivity, motivation should be a daily process.
Team Management: act on what you hear, seek support,
Soft Skills: Develop soft skills: Soft skills to develop include; creativity skills, listening skills, delegation, communication, marketing skills, customer service