Starting a business is one thing, growing a business is a different thing altogether. Some aspiring entrepreneurs think that starting a new business requires only the capital, but I can assure you that money is the very minute resource needed to start a thriving business.
Although there is no precise route to success no matter the field of endeavor, but with the right map and a good navigation skills, one stands a better chance at faster arrival.
For a new entrepreneur, there are business ethics that, if applied, are certain to give you the right start and the needed edge over your competitors. Some of them are:
Every day of your business activity brings you closer to the clients that are yet to be reached or your target audience. So no matter how infinitesimal the effect of your effort might seem, be rest assured that it is making the necessary butterfly effect and in a short while, the effect will become conspicuous.
Consistency is how you build a stable community. So as long as what you are bringing is good, if you can be consistent, then rest assured, eventually, clients will naturally gravitate towards you.
Inventors are not always the people who created the idea or vision but they are the people who acted first on the vision.
Whenever you think up a business idea, chances are that somebody, somewhere, have also thought of it. So your ability to act on it first is what makes you the pacesetter that you want to be. And the last time I checked, inventors usually control at least 50% of the market.
Being an entrepreneur without the ability for foresight can only make you a follower of trends and not a creator of trends.
Being proactive might involve taking certain risks because sometimes you win or become perfect by trial and error but that is a sacrifice that every entrepreneur should be able to make.
There is something about humility that makes you very attractive. It can cover any flaw that you might have and present you in a much better light.
It will take an arrogant person three times the time it will take a humble man to accomplish the same thing. The reason for that is that an arrogant person thinks it is beneath them to ask questions or ask for help. One of the causes of failure is pride and a self-imposed sense of superiority.
An entrepreneur who is just starting cannot go far without humility because it is what will attract and retain a client.
One great advantage that you can have over your competitors is your ability to inspire trust in your customers.
In a market filled with fraudsters and unscrupulous people, an honest person would be the much needed fresh air that a lot of people would give anything to breathe.
It takes integrity and principle to honest and that is what a majority of the customer base are looking for. It does not matter how quickly the dishonest people who are climbing the success ladder are moving; know it that is not how fast but how well.
Any entrepreneur who is looking to build a business that will stand the test of time should start the foundation on honesty because that is what will give them the power, control and security that they are going to need in the long run.
Be a courageous entrepreneur.
No lily levered entrepreneur can attain lasting success because it takes courage for a person to take the money that is safe in the bank and invest in a business that has the probability to fail—every business does.
The thing is: every success is as a result of trial and error. In order to be courageous, you have to be mentally prepared to handle the initial failures that might occur as a result of inexperience and also be determined to rise up again after a failure.
Courage is the one tool that no new entrepreneur should lack because there definitely will be some initial painful and scary occurrences that will make them want to quit. And if they do quit, after a while they will start wondering if they gave up too soon. Then they will decide to give it another trial and going back and forth is what every entrepreneur should desist from.
Be a tenacious entrepreneur.
There is no business that becomes a money mill over night. It takes tenacity to get it to that level of fruition.
There will always be road blocks on the way but with tenacity and resilience you can maneuver them all.
To develop this tenacious mindset, you have to lose sight of the shore. By that I mean you have to stop seeing or thinking about how far away you are from the place you want to be and just have a little faith that one day you are going to get there.
Hire the best hands.
Starting and growing a business requires more of technical skills than financial power. This is why you need to hire the best brains in the game.
As a new entrepreneur you should invest more in production ability as well as in the production itself. ”production ability” refers to the human resources.
It is true that the more skilled an employee is, they more pay they will receive but that should not deter you from hiring the best hands. This business strategy will help you grow more quickly. One intelligent input from one skilled and experienced employee is worth more than a thousand ramblings from a not-so-skilled employee.
Don’t worry about limited funds.
Starting can be such a pain when there is limited funds, but don’t be discouraged by that.
The thing about limited funds is that it teaches you how to identify shorter routes to achieving your goals. Also, it teaches you how to become a good manager of limited resources.
Although these lessons are learned the hard way, but they are lessons that will come in handy for you as you progress.
As a matter of fact, there is little or no gain in producing little from so much. Your ability to produce more from your limited resources is what qualifies you to be called an entrepreneur.
Limited funds are a blessing in every sense of the word because it challenges or tickles your intellect, making you to think outside the box and come up with as to how the same result could be achieved but with fewer resources.
Your purpose is the compass with which you navigate the different aspects of your business.
These aspects are: what to produces, how to produces and for whom to produce.
When your purpose is to add value to your customers, then you will not produce substandard goods and services; when your purpose it to attract customers from a particular geographical location then you will know the quality of products that will appeal to that customer base.
A purpose driven entrepreneur begins with the end in mind. Even their products are produces with consideration of how it is going to be received in the market place.
Set short term goals.
At any turning point of your business there should be a set goal to be achieved. You don’t have to wait until there is a quantum leap before you can set a new goal. Continue to push and challenge yourself to do more.
Mediocre success is as result of becoming too comfortable with less. But, of course that is not what you want; you want to build an empire that will stand the test of time—a name that will transcend generations. With achieved short term goals, you can achieve all that and more.
Every entrepreneur is the first ambassador of their brand. So your work ethic and your lifestyle reflect off their brand. The light in which people sees you, is the same light in which they will see your brand, so as you work on growing your business, also work on self growth.
Let your lifestyle be the best encouragement that your clientele needs in order for them to know that they are in the right place.