Categorizing the problems and growth patterns of small businesses in a systematic way that is useful to entrepreneurs may seem overwhelming for any entrepreneur who is new to business. Small businesses vary widely in size and capacity for growth. They are characterized by independence of action, differing organizational structures, and varied management styles. Yet on closer scrutiny, it becomes apparent that common problems arise at similar stages in their business lifecycle.
As your venture has taken off and is now a realistic business in an operation, aiming to target greater profits is every entrepreneur’s dream! So the time to take the first right moves, impress clients, build a name, develop a market, establish a sustainable network and make the right decisions early on can be extremely beneficial to the sustained growth of any small business owner.
To therefore help entrepreneurs in anticipating the key requirements at various points and reach their end destination at a certain speed passing by all the weather bottlenecks, the attached strategy workbook provides a good guideline for entrepreneurs to consider implementing as an “internal strategy” workshop to decipher the next steps they need to take for growth and scalability.
Below are some of the strategies employed by the most successful entrepreneurs:
- Learn from prior work experience. Many entrepreneurs don’t become successful overnight: they often begin at the bottom of a traditional corporate totem pole. Starting out as an employee, rather than an entrepreneur, is an opportunity to learn how organizations work. Use your early job roles to observe how management teams make strategic decisions and to develop the humility, resilience, and competitiveness you will need as a leader of a startup business.
- Develop a diverse set of skills. In many ways, an entrepreneur is a full-time problem-solver first and foremost. Therefore, it’s important for an entrepreneur to develop a wide skill set in various fields so that they are prepared to tackle different types of problems in their eventual leadership roles. Start by analyzing your own strengths and weaknesses, and seek to fortify your knowledge base in areas that you’re unfamiliar with. For instance, if you are great at coming up with innovative ideas but lack a fundamental understanding of business administration, try shadowing someone who works in that field to learn from them.
- Identify a problem that needs solving, then solve it. The best entrepreneurs build their businesses by surveying the landscape, identifying a problem, and then constructing a business idea that seeks to solve that problem. For instance, Amazon recognized that online shopping was complicated and non-intuitive, and solved that problem by creating a streamlined interface with a vast inventory.
- Surround yourself with people you trust. Your primary job as an entrepreneur and leader is to build a team of people with diverse experiences and expertise but like-minded values. Seek to recruit candidates with two essential characteristics: domain expertise in a skill base beyond your own, and a value system in alignment with your own.
- Remain curious. Curiosity is one of the most important traits for entrepreneurs of every age. To constantly learn and maintain your competitive edge, you must always seek out new people and new experiences. Never lose the curiosity to see around corners.
If you are ready to be the success story you deserve, grow your business and personal life, then visit our website (www.theunconventionalca.org) for our #EntrepreneursWheelofLife coaching programme on how we can help you create your personal and business blueprint, all in one!