According to the Sure Payroll Scorecard the small business owners who cooperated in the nationwide survey are happy with their businesses today and 80% are optimistic about the future of the U.S. economy in general. Also they admit that they had to face various unexpected objectives and challenges throughout their journey. Every small business owner carries their business out with a dream or a goal of developing their business and to convert it into a large scale Organization. This would not happen overnight, it does need a large amount of hard work and dedication which includes various strategies at the same time.
At first a person should value his time; he should make sure to choose the right business that would worth his time and effort. For this, he should do his homework. He should do enough of market researches to make sure that the business he wants to start would carry him towards his goals and objectives. And then correctly utilize his time in an organized way.
Entrepreneurs are known to be as great risk takers. An Organization wouldn’t succeed if they safe play; the owner has to risk his business at certain situations. Bezos the owner of amazon claims that he made billions of dollars of failures at Amazon.com. “Companies that don’t embrace failure and continue to experiment eventually get in the desperate position where the only thing they can do is make a Hail Mary bet at the end of their corporate existence,” Bezos says. Therefore the owner should take risks to succeed and gain competitive advantages. For an example trying out or introducing a new product to the market is a risk that might be worth taking than steering clear from it.
According to www.mindtools.com goal setting is an important and a powerful process, it helps you to motivate yourself to think about your ideal future and then to turn them into reality. Therefore a micropreneur, ever before starting up his business should set his goals and objectives. He should have a clear vision towards his future and know what he is working for. Creation of this big picture would help him succeed in his business and life.
Having financial problems while running the business is one of the main reasons towards the failure of small businesses. Since the business is not well established it is a tough task to receive loans. Therefore budgeting and having an adequate capital is a mandatory duty that every small business owner should accomplish. He should budget the amount that would be needed to run his business and then collect the necessary funds before starting up the business.
Patience is another important characteristic that any Entrepreneur should possess with, to be alive in the market. “We’ve had three big ideas at Amazon that we’ve stuck with for 18 years, and they’re the reason we’re successful: Put the customer first. Invent. And be patient.” Shares Bezos. The Business would face so many ups and downs, the owner shouldn’t give up and get frustrated when the business fails, he should strive up and be patient till the end.
Competitors are the major threats for every business. The business owner should always make sure that he is one step ahead of his competitor. He should always try to be innovative and creative. For this he should frequently identify new market opportunities and try to update his company. This would help him to succeed and fight his competitors. Usage of new technology, introducing new products or services to the market is few ways to gain competitive advantage.
A good mentor makes one’s life easier. He or she can help when you’re in trouble; get the capital you need, find the perfect location and more. Therefore it is always beneficial to get help from your family, friends, business consultants, anyone who has knowledge about business and whoever you think would be ready to help you out. This would grow the confidence in you and help you get through obstacles in ease.
A small business owner should always focus on customer satisfaction. They should come up with various strategies to satisfy their customers and to retain them by delivering more value to their customers than their expectations. For this the business should anticipate customer needs in advance by having proper market researches. Since customers are the key for a business success the main focus for every business should not be curtailed with customer satisfaction, they should make sure that they create a set of loyal customers who would retain with the business and build a positive word of mouth. By focusing on the given facts it’s pretty obvious that a small business would take a step forward towards success.