Being a 21st-century startup entrepreneur isn't just about setting up a business, making a little profit, and then leaving it and jetting off to go set up another one elsewhere. No, you need to give your business the needed time and attention necessary for growth in a highly competitive industry, if you want it to survive.
Impatience for the business to bloom, before setting sail on another business, is a strong factor responsible for business failure.
Below are six shrewd business tips for every 21st-century entrepreneur who wants to start and build a profitable and sustainable business that will still be standing a long while.
1. Network and make solid business connections.
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As an entrepreneur in the 21st century who wants to succeed and stay afloat in business, you need a strong network of high net-worth, influential connections in your environment or state. You can easily do this by reaching out more through corporate events, getting involved in partnership deals, and forming alliances to promote other stronger brands than yours.
How do you think Bill Gates got his big break? Of course it was when he signed a deal with IBM.
Yes, I know it is pandering to the big boys, but in the end it will pay you really well. It’s just a matter of time, you need a strong foundation. Some business mentoring might come highly recommended too.
2. Hire only necessary staff.
You do not have to hire people you do not need and create an unnecessary work station. You will likely spend more than you bargained for, paying for running costs and other recurrent expenditures. So, by the time you add that to the cost of paying extra staff, your financial base will be in a mess.
Hiring the right staff is the key. But do not go overboard by doing favors and employing family members or friend of friends who need jobs. You need all the good hands necessary on staff, and you could source out other jobs to freelancers.
3. Capitalize with online marketing tactics.
This may look like flogging an already dead horse, but some startup entrepreneurs have still not understood how obsolete it is to be solely running a brick and mortar business in the 21st century. They have still not accepted the trend to opt for ecommerce.
Any startup entrepreneur that knows, wants to go far, and maximize profits will readily take his business online. But the smart ones won’t stop there.
As SEO expert Christian Habermann notes, “Be sure to utilize time tested local SEO tips that work for small businesses today, because an investment in SEO will definitely yield maximum ROI.”
4. Maximize the social media.
Why are start-ups shying away from leveraging the power of the Social media? The simple answer is that lots of startup entrepreneurs still don’t understand how powerful social media is.
Your performance and visibility on social media can earn you much more patronage than your larger competitors. For instance, Facebook is now responsible for a whopping 15.8 percent of total time spent on the internet. If nothing else the statistics should convince you to get a slice.
The social media alone could determine how successful your startup will be to a very large extent. So now is the time to learn the ropes and make the most of it.
5. Keep it simple.
Simplicity is the new Sophistication, haven’t you heard? At the initial stages of a business, you will doubtless be bursting with ideas. Heck, your mother and all your customers will have a new idea and a new suggestion every day. You have to learn to just keep it simple.
The key is to grow gradually. You need to put the necessaries in place such that the business is ticking and basically efficient, then as your customer base expands you introduce new innovations. This way you don’t invest in something that turns around to bite you.
6. Encourage competition.
Yes, you heard me right... what I mean is that you need to develop courage and learn to embrace competition. There are many reasons why competition is good for business.
What keeps you on your toes constantly as an entrepreneur is competition. Competition moves your business forward. It is a very healthy way of testing the popularity of your product in the market.
Competition will enable you to stay ahead by building and growing your own brand. The competitive advantage that a small business has is enough to be a saving grace in times of financial hardship.
The foundation is the most important part of the structure, so go on and make it solid as rock!