ENTERPRISE!
Every entrepreneur, business idea and strategic execution are different. Because of that, there is no one-size-fits-all guide on how to make your business stronger and better or how to deal with failure. It takes a lot of trial and error that you personally have to experience.
However, that doesn’t mean that you have to go through the very negative experiences of others before you can acquire the experience you need to run your business successfully. Though as a start-up, a lot of entrepreneurs has been in your shoes at some point in time, so you can actually learn from them.
Here are Nine important lessons that will help you position your business and product for market competition and dominance.
1. Think more like a teenager.
Teenagers think faster, reacts fast and imagines solutions faster than adults. If there aren’t any teenagers in your house, think about your younger siblings or cousins. Creativity is in them as it is normal for them to think of doing things in different and sometimes abnormal ways.
The Teenagers search online for facts or answers to questions. Entrepreneurs say Vanderbloemen, “will take note of this and build their businesses with models that lean into instant learning and fast solutions.”
And, teenagers are also social. In fact, they are “the most hyper-connected generation ever.” Just like teenagers, people want to know what your company has been up to and wants to interact with you. Whether if it’s attending networking events or being active on social media.
Overall, learning from teenagers can help you learn to become more adaptable to change, as well as understanding the needs of your target clients.
As a young entrepreneur looking to follow in the footsteps of these successful niche businesses, here are some tips on how to create your own demand by redefining the market:
2. Identify users' needs.
By disrupting an established market, entrepreneurs can gain knowledge pertaining to what is missing in the current offerings. Listen to consumers on social media and forums for complaints, demands and recommendations. Some of the best inspiration comes right from the horse's mouth, making it easy for you to discover untapped demand.
3. Make your product stand out.
If you want to create demand for your product or service, you've got to offer the world something they haven't seen before. Whether it's a new experience, a twist on a popular product or an added service, pinpoint the difference and shout it from the rooftops. Not only should you focus on value creation by identifying your unique selling proposition but also treat your customers as people first, not dollar signs.
4. You learn as you go.
Yes. While there are now legit entrepreneur classes being offered at colleges and universities, and an endless amount of online resources, nothing can compare you for the entrepreneurial journey like on-the-job training. And, that means making mistakes like hiring the wrong people because you’re impatient, trying to make everything a priority, attempting to do everything on your own, and being terrified of failure.
The sooner you admit your mistakes, own up-to-them, and use them as a learning experience, the stronger of an entrepreneur you’ll become.
When John Rampton founded Due, he thought it was just going to be merely an invoicing and time tracking platform for freelancers. However, he quickly learned, just like teenagers, that the payments industry was rapidly evolving into one that he was focusing on digital wallets and cryptocurrencies. He tried to catch-up as much as he could, but he couldn’t possibly learn about all of these payment trends and run the day-to-day functions of a business. John had to rely on hiring the right team that he could trust because they had the knowledge to start building content and educate me on the changes in the payment industry.
5. Customer-centric begins with being employee-centric.
We live in a customer-centric world. In fact, we focus on our customers so much that we neglect the fact that it’s our employees who need to come first. After all, how can we make our customers happy if our employees aren’t?
And, the best way to keep your customers satisfied, is to turn your company’s culture around by;
- Listening to disenfranchised employees so that you can address their questions or concerns. If they are continuing to cause trouble, you may have to replace them with someone who is a better fit.
- Encourage employees to offer feedback, but make sure that they share solutions as well.
- Don’t punish employees for giving criticisms.
- Have one-on-one meetings so that you can discuss any problems, concerns, and address their feedback.
- If you make a mistake, own up to it.
6. The more transparent you are, the better off you’ll be.
How can you expect to turnaround a dire situation if you aren’t honest not only with yourself but also your team and stakeholders? Denying how bad a situation is only to dig yourself deeper and deeper into a hole. And, the last thing that you want is to have employees show up to work one day and the office is locked up for good.
Besides, being transparent with your team and stakeholder could lead to a brainstorming session where someone comes up with a solution that’s going to save day.
In other words, get over your ego trip and admit you’re trouble and you need help.
7. Don’t take yourself too seriously.
We all make mistakes. We all stumble and fall. We even make fools of ourselves from time-to-time. Instead of getting frustrated about it and freaking out, which can distract you fro the really important things like building a great product, you have to learn how to smile and not take yourself so seriously so that you can move on. It’s good for your mental, emotional, and physical health.
8. Tell a story.
If you are positioning your product to disrupt an established market, chances are you have a distinct offering. Great. Tell people about it. Consumers love a great story. By providing background information and a little narration, you can set yourself apart from every other company slinging the same product.
9. Get the word out.
Once you've created a distinguished product or service, manufacture more demand by generating buzz. One low-cost strategy is to build up your brand ambassadors-- the people that can't stop talking about your product. Ask for their feedback, give them sneak peeks into new offerings and provide incentives to spread the word.
CONCLUSION:
It is important to understand that an entrepreneur is competing with every other business in its area of operation and facing the customers who are looking for quality service, better products are reduced or fair prices. Majority of the customers are out there to empathize with a start-up business just because it is a start-up.
The earlier the start-up entrepreneurs realize this point and plan their operation and activities around their core skills and competences, the better it will be for them. The nine points above illustrate the fact that charity must also begin at home, even for businesses.
The CEO must employee-centric, if he really wants to be customer-centric - You know why, it is your staff that the customers will meet first before meeting the CEO. Don't even begin to imagine the damage a disgruntled staff can do to the business,
Then also, you should identify the real need of your customers and design the strategy to their and even surpass their expectation.
Be open and honest as you go, Learn on the job and how to react with speed and accuracy to the needs and demands of your customers.
Don't forget to be friendly and as Richard Branson has said: "don't be too serious not to be willing to crack jokes and have a sense of humour.”
FIRE...
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