Many people especially the young population always have dreams and aspirations to be entrepreneurs who would grow their businesses from scratch to news-making business empires.
However, there has been a high mortality rate of businesses in many countries which can be attributed to information asymmetry, lack of inspiration, deficiency of capital among other limitations. This article is an eye opener to those who dream to grow from being mere entrepreneurs to business moguls.
Below are insights on how one can grow his or her business:
Know What Your Customers Want.
This is the starting point for any person with zeal of being an entrepreneur: One has to identify a need in a society or within a population and then come up with viable ways to meet the need or mitigate the problem.
The products that a business wishes to introduce into the market should be in sync with the need in the society. An example is Jack Ma (Founder and CEO Alibaba) discovered the need for marketing products in China via the internet. The society in proximity with the business is what provides the market (or what is referred to as customers or consumers).
Some business gurus recommend that more attention should be given to the customers rather than the employees or the shareholders as we witness in some cases. The premise for this argument is that if customers are happy with the product, then they will go out of their way to purchase more of it hence generating profit for the business enterprise. Once this is done, the business owner will have money to pay employers’ salaries.
With time, investors will become confident in your business and they would express their desire to buy shares. Therefore, the entrepreneur should always ensure that the customers are happy. Where possible, the business owner could stay in touch with customers e.g. through e-newsletters and let them know about promotional events.
Get Funds For The Business.
Many start-ups collapse because of insufficient capital to finance the business. One may have a brilliant idea on how to start an enterprise only for the idea to go up in smoke when he/she is financially sorry.
In such a scenario, one could try borrow from friends and relatives. If that does not work or is not sufficient, then it is advisable to apply for loans so as to finance the business.
Many get scared out of their wits whenever the idea of getting loans comes knocking on their heads since they think they may not be in a position to pay back in due time. An entrepreneur should therefore research and partner with appropriate banks and lending firms after a clear understanding of their requirements and interest rates.
Hire Great Employees and Reward Them Appropriately.
It is pretty clear that success of a business enterprise is positively related to the quality of employees.
That said, an entrepreneur has to ensure that he/she has the right team to work with, who will also help the champion the idea of growing the business to greater and greater heights.
The employees should have a sense of purpose for the business idea instilled into them by the business owner. The entrepreneur can also send employees to training sessions and seminars so as to better their capacity building which would culminate into improving the quality of the product and service delivery.
In addition to that, the employees should also be rewarded accordingly since this would help motivate them.
Make Use of The Internet and Social Media Platforms.
Many experts have raised an alarm over businesses that are not yet online on the grounds that they are in danger of extinction.
This is a digital world and as a result many entrepreneurs have opted to use social media platforms such as YouTube, Facebook, Twitter etc to attract more customers to their products. On these platforms entrepreneurs get feedback about their products and as a result will be able to tell the areas that need to be improved.
Apart from that, social media not only reaches many people at once, but also helps one to stay relevant. That said, entrepreneurs should strive to improve their homepage since this gives the first impression to the customers.
Host and or Participate in Events.
As an entrepreneur, you should always be on the lookout for opportunities such as trade shows or trade fairs. Such events pull massive crowds, majority of whom are interested or may develop interest in your product.
In such events entrepreneurs have auspicious opportunities to market their products, reach out to more customers, identify potential investors and many more.
Therefore, it is the responsibility of an entrepreneur to select appropriate trade fairs and shows to attend
Help In Solving Community Problems.
We have seen many entrepreneurs over the years engaged in activities which may not necessarily be related to their business. Examples include charity, garbage collection, etc. Sometimes, these are the things that communities identify with. One does not need to spend a lot to engage in such activities. This is where I say business is more than a mere imagination of making money only, it goes an extra mile.