Small business owners have to deal with reality. You cannot solve a problem by ignoring it. Bad news will not get better with age. An open culture means being open to honest feedback of any kind, whether positive or negative. Mistakes are ok, but you have to recognize them and move on.
It’s not use to be afraid of failing. Everyone fails. The difference is how you respond to adversity and failure. Successful people get up, think about what happened, identify ways to get better, and use that knowledge to succeed the next time. Do you see failure as an obstacle, or an opportunity?
Do you ever wonder how people at the top got to where they are? The answer is simple: hard work and fundamentals. It can be tempting to look for a shortcut to success, but the only route to lasting, sustainable success is through perseverance and a focus on getting the basics.
When you first started your business, you looked at your competitors with the eye of an upstart. But what do you do when a new competitor arises—and suddenly you are the old establishment? The new competitor is eyeing your customers, your employees, and your profits. You can’t afford to make a mistake.
It seems like there’s never enough time in the day to do all the things you want to do. In fact, sometimes it seems like there’s not even enough time to do all the things you need to do! Entrepreneurs must prioritize their most important tasks to create a strong foundation for the business.
More and more companies are citing “entrepreneurial experience” as a key factor when they hire new employees—even for entry level positions! Entrepreneurial candidates offer great benefits to business owners, including the work ethic and drive to improve that are so critical to success.
For a business to be able to grow, it needs to be flexible enough to adapt to changes as they happen. You have to be willing to examine everything you do with a critical eye, and reinvent yourself every day. Never take a strategy for granted!
Organizations of all kinds have a bad habit of growing more and more complex. But an important feature for an organization focused on growth is keeping things simple. A clear, simple organizational structure will help everyone understand what is happening in the business and where to go next.
A business can only be built on the strength of its customers. You can maximize the support you get from customers through effective market segmentation. Two of the segmentation strategies you can use are attitudinal segmentation and demographic segmentation.