Oxford Dictionary defines “entrepreneur” as “a person who makes money by starting or running businesses, especially when this involves taking financial risks.” The latter part especially makes it rough for people to pursue this path, never mind the daily grind of managing a business. It has become such an intimidating feat that many, despite having great ideas, feel averse into starting their own business and calling themselves as entrepreneurs.
Fortunately, here are 6 behaviors that any aspiring entrepreneur should exhibit to successfully establish and run the business of their dreams:
1. Serve the customer, and serve them well.
The temptation to put profit at the forefront of every agenda is certainly enticing- after all, profits signify growth and allow for a greater capacity to achieve personal goals while maintaining the business. However, customers possess the power to make and unmake any company and so any business must address their needs before anything else. Accepting feedback from surveys and addressing complaints swiftly and appropriately can satisfy customers and guarantee their loyalty.
2. Be open-minded and flexible.
The market changes every day. New trends explode and old ones fade, and the flow of information is so fast that it’s very hard to remain traditional in the current landscape. Entrepreneurs must be receptive to these changes and adjust their strategies accordingly. It’s no longer practical for businesses to not have a social media page, and entrepreneurs must constantly be looking for ways to improve their product and reach for maximum impact. Bringing in different ideas from varied sources and then selecting ones that would complement and improve the product prevents stagnation and continues growth and evolution amidst the changing face of the market and its customers.
3. Assert your place as an inspiring leader.
Entrepreneurs often must make tough calls that will determine the future of the business and small decisions in the everyday. Authority is a good foundation in any group effort, and defining how power is distributed in a company will prevent personnel from overstepping boundaries. However, the best kind of leaders can inspire and keep team members in line. Leadership is more than “being feared than loved” like how Machiavelli would put it, so why not strive to be fair and compassionate instead?
4. Set clear and incremental goals.
Often, people think that goal setting is an abstract affair and working hard will be enough for someone to achieve what they want. While that is good as a motivational exercise, it is far more practical and effective to set small but achievable goals that can be accomplished in service of that dream. It is best to assign and accomplish tasks that are important but not demoralizing to maintain a constantly high morale among the staff while still progressing toward the end point.
5. Spend prudently.
Capital is essential for establishing a business, and canvassing costs for it may be harder than expected. The daily costs of running a business are no joke either, as they must be met to avoid serious short-term and long-term consequences. It is therefore important to only spend when necessary and cut out expenses that won’t benefit the company in the short or long term.
6. Efficiency is key.
No one likes a cluttered table, much less a disorganized business. Efficiency saves the amount and frequency of issues that a company encounters, so whether it’s organizing contracts using effective contract management software system or delegating tasks to the right people in the right roles, it is something to be promoted at all levels of management.
These behaviors are surefire ways to improve an aspiring entrepreneur’s road to success- after all, with the right and well-informed mindset, anyone can reach the top. Carpe diem and be fearless, entrepreneurs!