Being an entrepreneur is exciting and fulfilling – if you are able to stick to your passion and make a success of your business! It’s easy to get tangled up in the complexities of running a business, when that happens it can be good practice to focus on some of the fundamental aspects of the business to bring you back down to earth.
When running a business you are essentially trying to get your money to work for you. Using capital to provide goods or services that provide a greater return than invested. This blog will focus on some of the most basic elements of running a successful business!
Next week will expand on this list with a more growth oriented approach.
- Identify the needs of the market
A business must fulfill a need, so you must identify what services are needed and what problems you can find solutions for. Whether it is a new solution or an established solution that can be improved, there are always gaps in the market.
So the first principle is identifying the needs of the marketplace and then directly or indirectly filling those needs. In other words – either you offer a service, your skills or a product that will fill a need, or you become an agent (or broker) to somebody else who is capable of producing the product or service that will fill the identified need.
- Find your place in the market
Once you’ve identified needs, you need to find the ones that you are inspired to solve. As the saying goes: “Choose a job you love, and you will never have to work a day in your life.”
A passion for what you do is key to making a success of what you do! If you believe in the work that you are doing then others will too. You now have the two driving components of a business, a need from the market and a place in that market.
- Take charge of high priority actions.
Next you need to prioritise the actions that are required to fulfill the needs that you have identified. If you are dealing with top priority actions that fulfill the mission of your business with enthusiasm and passion, you are going to increase your business.
- Delegate low priority items.
While you are handling the high priority actions you should delegate low priority items that you are not keen to do, but need to be done. By delegating uninspiring tasks to employees you can stay focussed on your actions with a positive and unencumbered attitude.
- Make sure you expand the vision.
You’ll only grow as far as you believe to be possible. Keep expanding the vision of your business and you will keep expanding your potential as a business.
Be sure to check back next week for five more fundamentals for business success.
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