by Emily Bartels
In order to become a great entrepreneur, you must adapt your philosophy, embrace and learn from failure, invest into the business and be patient that success will come your way if you put in the time.
So what does it take to accomplish all of the above? Below is a list of key elements that will help change your behaviour and adapt your business persona.
#1 Way to improve your business persona: Invest profits into the business
When starting a business, it’s important to invest back into it with as much money as possible. Don’t make the mistake of making your first large paycheck and buying new shoes, clothes or accessories. Invest as much money as possible in order to grow in faster succession. For example, just starting out with a small business can often be problematic in terms of income, but the more money you invest increases the growth and overall image. Investing in new logos, branding, hiring professional writers/bloggers to create quality content or social media marketers to boost your social media outreach all aids in growing your business.
#2 Way to improve your business persona: Don’t purchase unnecessary services or items
Don’t purchase what you can’t afford or don’t require. You don’t need the new watch, the new shoes or the latest smartphone, invest smartly into the business and grow your net worth. This also applies to services, don’t purchase a fancy new logo with your entire budget if your current logo is working for you. Invest in this later when you can afford to do so. Establishing basic systems first allows you to focus on the product you’re selling. If the product is quality and the service provided is adequate, you will sell and make more money to improve the other services.
#3 Way to improve your business: Embrace failure and learn from success
Don’t be afraid to fail. Every great business person fails at some point or the other. It’s about how you learn and grow your business. If you never failed you’d never become great at what you do, it’s an essential part of the process. When success finally does come your way, don’t let it go to your head, and certainly don’t slow down. In fact this is the time to invest even more into your business, not allowing yourself to become comfortable and increasing your profits long-term!
#4 Way to improve your business: Work more hours than your competitors
Long hours are hard. Period. However, outworking your competitors is key to the successful growth of your business. Spend time researching your target market, reaching out to clients, reading reviews, developing products and providing great customer service no matter the business. The more hours you’re able to work, the faster the growth due to the increase in content. This is especially true for blogs, the more content you produce, the more likely a potential consumer is to see it.
#5 Way to improve your business: Research your target market
Without fully researching your target market you are setting yourself up to fail. Knowing what you are getting into bed with is paramount to success. Otherwise you won’t know how to target your product at the ideal consumer and be missing out on a window of opportunity for extensive growth.
#6 Way to improve your business: Optimise social media marketing
The use of social media marketing is hugely under-rated, however it’s becoming increasingly popular for small and large businesses to reach large amounts of potential customers. The use of Facebook advertising is increasingly popular, by being able to set a budget to your needs and reach a set amount of people. The use of Instagram can also be used to boost engagement with your business. Consider linking your Instagram and Facebook accounts for ease of posting.
#7 Way to improve your business: Limit number of staff
When starting a business it’s important not to spend too much money on unnecessary resources. This includes staff. If you have the time to do it yourself then do it. Hiring additional staff takes away from profits, which can be a make or break situation when beginning a business.
#8 Way to improve your business: Be patient
One of the most underrated pieces of advice any businessman can receive is to be patient. Success and achieving greatness doesn’t happen overnight, you must be willing to consistently put in the effort to see results, it’s as simple as that.
By taking on some of these tips you’ll position yourself to change your persona and achieve greater business success. If there’s one thing to take away from this article, it has to be the importance of investing back into your business.