According to a survey conducted by small business administration, only one third of the new businesses survive 10 years and more. Have you ever thought why? The reason is simple. They lack the required skills and traits of an effective entrepreneur. For being a successful entrepreneur you need patience and dedication.
Entrepreneurs, unlike other businessmen, do not easily find a mentor who can guide them step by step.
However, they can learn from the people who are already in the field. Following are some tips and tricks which will help you to become a more social and effective entrepreneur:
Building a Team
For smooth running of a business you need to have well-trained and groomed team members.
Say Yes To Talent
If you are a new entrepreneur with limited budget then look for talent not expertise. Experienced people demand high salaries. Experienced staff is good for the startup but talented members can take your startup to the next level.
Set Out The Positions
It is essential that you label the positions for your business. This will help you a lot in recruitment process. If you will hire people haphazardly, it will cause a mess in the business. Set a meeting with your partner and decide the positions wisely. You need to devise a flow chart of the team members and assign them work according to it.
Personality of the members
Personality of a team member effects the progress of the business. Most of the time we ignore this crucial step. Try to hire people who are self-motivated, determined and adaptable to changes.
This should be the matter of life and death for you. While interviewing try to ask question which will extract maximum information from the candidate. Through your questions, try to assess the abstract thinking, problem solving, and decision making and personality traits of the employee.
If your selection plan is flawless only then you will be able to succeed. Select the candidates wisely and interview them.
Relationship of boss and employees
An entrepreneur need to have excellent leadership qualities. An ideal enterprise have a friendly and warm environment where everyone is treated equally without discrimination. An ideal entrepreneur mentors his employees, guide them and provide them with directions.
You must have read that “every idea counts”. Sometimes we have a flood of ideas in our minds but for some reason we fail to express those ideas.Idea is everything when it comes to effective entrepreneurship.
Sit aside and brain storm for an effective start up idea. Focus on the costs and benefits of your products. Evaluate top ideas and opportunities. Do a research on customer types and pricing as well.
Refine your idea
Sometimes your idea is great but you find it financially unworkable. At this stage, you need to refine our idea. Think and rethink on your idea. Consider all risks and consequences.
Test your idea
After the formation of the idea you need to test it. It includes verification and validation of the idea. You need to convert the raw and qualitative idea into more precise and quantitative data that can be measured and observed.
Best way to test an idea is to conduct surveys, polls and focus group. This will help you to get the opinions and thinking of the customers.
Customer validation is all about getting the products people need. Your stat up idea need to revolve around this concept. Take a trip to different stores and markets to get the idea about latest products and services and shape up your idea according to it.
A good idea should be two things: applicable and profitable.Your idea should be unique and valuable. A profitable product is always pocket friendly and has the ability to solve the problems of its customers. You don’t need to invent something new. You can also revamp an older version into a profitable business.
Execution of the IDEA
Execution of an idea means to putting it into reality.
Every great idea needs time and patience. Just believe in yourself and give your best. Without firm believe in yourself, all your actions would be useless.
Get a mentor
Take guidance from the people who are already in the field. They will provide you with some life changing tips and experiences. So put your ego aside and seek guidance from others.
To bring your idea to reality you need to dare yourself. Take risks in your life because most of the times, risk has proved to be a life saver for entrepreneurs.
Your new idea may give rise to some problems and issues which you have not faced before. You should stay focused and strong at that time. Adapt yourself according to the changes and try be as much flexible as you can.
Just do it
Stop wasting years of your life in planning and just planning. Get up and do it. There is no rocket science behind it.
Building revenue chains
For building revenue chains you need to have improved product availability for the customers. Moreover, you need to recognize the revenue faster. This will be accomplished when you have active staff members.
Financially sustainable idea
A financially sustainable plan helps the organization to continue in the long run. You need resources and trained staff for a financially stable idea.
Building a strong system
You need to maintain low costs and smooth flow of cash in order to maintain a strong system. Keep a strict check on revenues and expenditure.
Say no to funding
Taking money from friends and family has some serious disadvantages.
Try to start your business on your own
Self-fund your project through saving and personal debts. It gives you certainty about the cash and full control and ownership of your business.
Always try to come up with a new product or service. Do not restrict your skills to one product only. Be creative and imaginative.