Entrepreneurs are doers. They see a gap, a need, a problem and they react. Often, things build momentum and somewhere in the future they find themselves running a business. Most business do not fail because they are built on bad ideas. They fail because basic planning was not done.
When businesses started using fax machines, it revolutionised the way documents were sent to clients and suppliers. Gone were the days of using costly courier or postage services to communicate. While most businesses still make use of fax machines, almost all office communication is done via email.
During the course of our careers, in our respective places of employment, we may receive a number of promotions and salary raises that will aid toward increasing our monthly incomes. Despite this, our incomes; or our costs to our respective companies; will never bring us wealth. Our employers will often award us a sum each month that allows us to be comfortable, or at minimum, survive the month. Wealth is created through making clever decisions and having strategic financial plans in place. To grow your wealth, you should seek to have more than one income stream, as it is those extra income streams that create wealth.
For any small or medium sized enterprise, it’s more than likely that the relationship between any given business and the client will be one of a personal nature. Bearing this in mind, it should become immediately obvious that knowing your individual client’s wants and needs could represent a significant advantage in making consistent sales. However, as any person who has gone to a party alone will know, forcing yourself to make friends with a stranger can be hard, uncomfortable and time-consuming work. So, as an entrepreneur, how can you tell which clients are worth your time and which are likely to sail off into the sunset never to be seen again? Continue reading “The Importance of Knowing Your Customer”
Consider the likes of Bill Gates and Mark Zuckerberg, they are both rich, successful and, most importantly, fundamentally different from everybody else.
There’s a very good reason why the weird geeky kids in high schools across the world often go on to make a fortune: namely because it pays to be different. Think about it, in today’s world, even if you are one in a million, there are statistically 7000 people exactly like you.
The exact same principle applies through to running a small business. So, as an entrepreneur, how can you banish the generic business practices employed by most of your competitors and ultimately reap the rewards that come with offering something unique? Continue reading “How Being Different Can Make the Difference”