The Main Concepts Every Entrepreneur Should Constantly Keep in Mind
by Terje Sannarnes | on February 6, 2013
An entrepreneur has to take into consideration the fact that any business direction is not standing still. It constantly develops and changes in order to survive under the conditions of business competition. It should be mentioned that small business life cycle can be rather short – several years or even months. It all depends on the way an entrepreneur runs and brands his business. According to the key concepts of business theory, every business system has the following stages of its development: beginnings of business (when you start a business and it enters the market); business development (business growth and promotion); business maturity stage (the most successful period of your company’s activity) and failure (either complete or partial bankruptcy). Most beginning entrepreneurs believe that they achieve success when they start a business. In fact, they are successful entrepreneurs if they manage to fight for place in the market and outstrip competitors. There is no doubt about the fact that while starting a business it is necessary for an entrepreneur to think over his strategy. If you’ve failed to create a proper business plan and have no experience in business management, your project may be a simple fizzle. Moreover, well-organized advertising campaign is indispensable for achieving success. Due to contemporary promotional methods and other marketing techniques you can build a client base and therefore make your business profitable. You should treat seriously the advertising campaign for your business. That’s why it would be reasonable to hire a highly qualified advertising specialist and marketer on condition that you can afford it. Not everyone succeeds in passing business development stage. But those who manage to reach the top of the market can make really big profits.
Why it is problematic for an entrepreneur to get income from small projects
Very often beginning entrepreneurs choose small business as the main sphere of their activity. However, small businesses can sometimes be so small than even no employees are needed. It should be taken into account that the other entrepreneurs spend the same amount of time on their businesses, but make much more money. That is why from the very beginning you must be ready to change your existing small project into a big business project. Otherwise, you will be completely absorbed by a small project and won’t be able to change it for something better. However, it is neither good, nor bad. It’s just the law of time. Everything changes and moves forward. And you want to achieve success, don’t you? An entrepreneur should follow carefully all the market changes. It would be great if you decided to visit different conferences and seminars dealing with your business directions. In this way you will always be aware of the new information that appears from time to time. You will always know what’s going on and how to react to things happening. Small projects still work, but some time later they may become less successful. So, an entrepreneur must be always up-to-date and ready for changes from the very beginning of his activity. He must be ready for expanding and modifying his project. Get ready right now, otherwise much time will pass and it will be too late to do something. Keep in mind that planning your business activity is extremely important. And if you start planning before launching a business of your own, you will undoubtedly achieve success.
How an entrepreneur can expand and develop his business
If an entrepreneur wants to develop his business and receive positive results, then he should pass several stages of effective development:
- Try to get as many steady clients as possible.
- Increase the variety of products or services, offer bonuses that would attract more clients to your business.
- Try to enter new markets. Here we talk about regional market of your country. However, entering a new market requires big investments and a highly effective marketing strategy.
- Find new methods to promote your products or services. But you should start doing this after working out new products and entering new markets. It is extremely important especially if the promotional methods you use prove to be ineffective.
- Consider the idea of entering international markets. However, it’s possible on condition that you have already used all the opportunities of work on the markets of your country.
- After entering international markets, sales growth can pose some problems and demand more investments. That is why it would be reasonable to take part in mergence. At first sight it may seem that further development of a company is impossible, however the company can keep on developing without applying any marketing tools. For this purpose an entrepreneur should buy the other companies or merge his company with them.
If you follow all the above-mentioned recommendations you have a chance to stay always afloat. If you feel that being an entrepreneur is what you really aspire for, then go ahead – start a business, but remember that big project are waiting for an entrepreneur!
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To your success!