Quick exercise: think of three successful entrepreneurs whose footsteps you’d like to follow.
It doesn’t really matter which three you picked. They all share a common theme: they all started from nothing. Those success stories shouldn’t just serve as your inspiration, though. They should also make you realise that you’ve no excuse for failure. Even as a small business, you are capable of achieving greatness.
So let’s dive into the business bible to take a closer look at the three key elements to drive your venture to the promised land. What are you waiting for? Let’s get started.
Products & Services
The quality of your products isn’t the only key factor that will determine how well your business performs. Nevertheless, if you are lacking in this area of the operation, you cannot expect to see positive results. So the real question is what makes a winning product or service?
Competition in the modern business world is particularly fierce. Quite frankly, if yours are going to stand out from the crowd, they need to be unique. Following trends isn’t enough; you have to set them. Using Sir James Dyson as an example, producing something that blows minds is the only answer.
That sense of individuality won’t only help you establish your place in the market. Once you’ve cemented your place as the market leader, your competitors will be left to play catch up. From this position, you cannot fail.
Business success essentially boils down to money. As such, it’s not all about creating great products. You also need to make the most of your resources, with time and money being the key ingredients. Being a small business will erect a few obstacles, but you can overcome them.
You only need to look at the stories of Mark Zuckerberg or Tom Anderson to see the benefits of resourcefulness in full flow. If you are operating from a small office, external IT support can save you space, time, and money. Likewise, outsourcing certain jobs can have a telling impact.
Efficiency is the target. Your job as an entrepreneur is to become a problem solver. Quite frankly, the method of achieving those goals isn’t important. As long as it’s the option that offers the fastest growth, it is the perfect answer.
The importance of branding and marketing cannot be underestimated for a second. Take a Starbucks coffee as the perfect example, and it’s not hard to see that these factors influence everything. Creating a name that can be trusted can increase the sales price along with the sales volume. But it’s not all about the brand itself.
People buy from people, which is why you must invest in better interactions. Whether it’s human conversations or through social media, this will increase the trust. The added insight into the personalities behind your company can actively encourage increased sales.
Every successful brand you can think of has made customers believe that their lives will be improved by interacting with the brand. Achieve this golden reaction, and your dreams will become a reality in no time.