3 important tips for creating a very successful business

Source: Shutterstock.com
Source: Shutterstock.com

These are:

Act first, think later

As weird as that may sound, it is what famous successful entrepreneurs today did and are still doing. Bill Gates, Richard Branson, Elon Musk etc. all took bold steps at starting their businesses without wasting much time thinking. You cannot win as an entrepreneur if you are afraid of starting or of failure or you want everything to be fully set before starting. Take that giant leap-of-faith and begin with what you currently have knowing that the outcome will either be a win or you become one step closer.

Stay competitive

Competition makes better entrepreneurs or companies, depending on how it is perceived. Use it as the push to differentiate your offerings in a way that adds much better value to customers and consumers of your product or service, and create a successful business. Try not to lose sight of those competitors also. There is a need to be aware of what they are constantly up to because every competition out there is not willing or ready to give in for you. They want you to pack up your business and leave the entire market to them. They want your customers and to win, you have to be aware of industry trends and what your competitors are up to, stay innovative and most importantly, continuously ensure you are meeting your target customers’ needs, better than competitors.

Lend your voice constantly for a cause

Join a movement or create one that speaks up and support initiatives that makes the world a better place. Entrepreneurs that speak up for a worthy cause today stands a chance of being known for something and they can benefit immensely from being the first and last thing on prospects and customers’ mind and lips daily, if the cause is similar to what they also care about.

Kindly share vital tips necessary to create successful businesses in today’s environment by dropping a comment in the section below. Thank you.

Advertisements

7 thoughts on “3 important tips for creating a very successful business

  1. I’ve found that the hardest parts for me revolve around staying motivated. Sometimes I don’t know how sustainable my products are going to be in the marketplace, sometimes I have a hard to measuring my progress, and sometimes I just run into poor planning problems. I’ve found that what always works for me is to slow down and keep accomplishing tasks. Good luck.

    Liked by 1 person

  2. Thank you Mike for your input. I like the “keep accomplishing tasks” part the most because one of the best ways to know the unknown is by continuously doing. Thanks for sharing what works for you!

    Like

    1. Thanks for your comment Joseph. As you might know, business growth is not only dependent on these three tips but on a whole lot of factors. I assume the growth you desire is financial and there are various strategies a business can adopt to boost its financial performance. If you built your business to learn what works and what doesn’t, it becomes easier to keep at what works and improve on it as you progress, and cut out what doesn’t to achieve growth. The tips shared here are what will help you start the journey (Act first), survive in the harsh business environment (staying competitive) and achieve success that comes from building or joining a community that contributes positively to the society (Lending your voice).

      Like

    1. Hello Joel,

      Thanks for your message. Good to know you took the crucial step of starting your company by registering it first.
      I can go on about the industry you are entering but in a nutshell, it is an industry that requires high startup capital and as a result have high barriers to entry and can have good profit potentials.

      There are various techniques that can help you identify your competitors. Doing a strategic group analysis is an easy way to identify who your direct competitors are so you don’t have to worry much about the others in the same industry. You can do this by yourself simply by researching on the current market size of your industry and the knowledge of different service ranges offered by different players or companies in this industry. Then draw a simple graph with Product range in the Y-axis (high or low) and market size on the X-axis (high or low). Categorize the companies according to these variables on the graph (e.g competitor A has offers a wide range of construction services and dominate the market i.e Company A belongs to the high product range and high market size category.) to identify which category your company will fall into and who your direct competitors are so you can focus on a strategy to compete successfully. You can also consult me further on this. My contact address is info@itshcl.com or adeyemiaadelekan@gmail.com for faster responses. Hope this helps.

      Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s