Now is a great time in history to be an entrepreneur, in the last 10 years, the internet, and other technological advancements it has introduced have drastically leveled the playing field and prompted the resurgence of this entrepreneurial revolution.
As entrepreneurs, we now have access to more people and potential customers than ever before. This growing level of connection allows us to make friends, clients and customers quickly, even if they are miles away.
All this immediate access to our market offers an advantage over even some of the big businesses. As startups can be more nimble, flexible, and faster in adjusting their business activities in response the information received from customers. The information available from the internet and social networks can help target new markets more quickly, and we can turn on a dime.
However, being a successful entrepreneur requires a disciplined plan and constant looking at the big picture. I’ve seen many promising businesses become distracted by going after every suggestion from on-lookers and fans. Or attempting to implement the latest shiny business strategy presented online. You must have a way to weed through the random requests of fans and focus on your core strategies and strengths. Here are some practical advice that can help you stay focused when beginning and growing your own enterprise:
1.Don’t Quit Your Bread and Butter.
Stay with your core services/strategy to fully see its potential. It usually takes six months to a year to get a business going and get serious traction in an industry. Dramatically changing your business model or business plans on a regular basis doesn’t allow for you to establish yourself in market, and rarely produces efficient growth. You don’t want the ability to pay your mortgage to hinge upon your company being an overnight success in a constantly changing strategy. So start with the products and services you can manage, financially and time-wise, then scale up as your business and offerings and the business grow.
2.Focus on Your Niche.
The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You should cater to a need, or something a specific group of people want, but can’t usually find at the big chain stores. It hard to compete with the big guys, in the beginning of your venture, so you have to find out where the big guys aren’t willing to go, and dive into your profitable niches to live beside your customers.
3.Refuse to Quit.
Successful entrepreneurship requires creativity, energy, and a drive to keep going when a lesser person would fail. Few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which flopped but he kept at it. And that stubborn determination and defiant refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. Arm yourself with the knowledge and optimism from your market to get beyond the fear, and the noise. There is nothing wrong in failure just don’t repeat the same mistakes and your market will be forgiving when they see you making an honest effort.
Having an online presence eliminates the limitations of physical locations and broadens your customer access by, literally, millions. Its also a great tool for promoting yourself and letting people, even in your own area, know you’re there, and what you’re doing. So as you are growing, embrace the online experience, but beware of its ability to be sidetracked if you pay to much attention to the many conflicting voices of the inter webs.
What do you think? How much of a voice should your customer have on your small business adjustments? Let me know in the comments below.