Entrepreneur’s motivation and innovation are what drives a fair chunk of economies throughout each country. As there are many good and well known entrepreneurs, there are many entrepreneurs that are not successful.
What makes a successful entrepreneur?
- High adversity quotient – Challenges are part of an everyday business. No matter how severe the challenge will affect the company, an entrepreneur must be able to identify and solve it. Adversity quotient is a measure of how well an individual can face challenges. People with a high adversity quotient are those who are able to take these challenges and flip them over to create opportunities for the company.They
There was a time when entrepreneurs were all hankering for advice from anyone and anywhere. Now, everyone seems to know everything about operating and starting a new business that those who plan to start their own business become disillusioned. Truth be told, gurus of small business started out with probably as much hesitation and uncertainty as the next person.
Small businesses tend to overlook the importance of hiring a management consultant; they don’t realize that big businesses are into this kind of stuff because they know that this can greatly affect the return of investment.
Expenses can be a burden for any particular company. This is something that a business owner cannot avoid. Of course, the prerequisite for a business to operate is start up capital. You can’t manage and operate a business from an empty pocket. You need to shell out money in order to start your business operation.
The success of a small business relies on how the entrepreneurs manage and operate the business. There are a lot of people starting a small business everyday, but because of the lack of knowledge, they end up with an empty pocket. It is critical that one must consider how the business should operate. As a business owner, you should have clear understanding on your business plan and this should include your operational decisions in order to meet your business goals and objectives.
We hear story after story about organizations trying to reinvent themselves or wondering why they have lost market share or stakeholder support. Often times they are so close to the root challenge that they overlook it and try to advertise or promote their way out of slumping sales. A better approach: look deep to examine and refine your true brand essence and never loose sight of the essential emotional connection your brand must make to each guest, customer or stakeholder.
Staff reductions are typical targets for controlling costs in tough economic times. This can be particularly challenging as you attempt to balance responsible fiscal management with fluctuating sales while maintaining customer expectations for quality, support, and customer service. The answer to this dilemma involves embracing a return to basics, i.e., examining your business processes and understanding the role they play in getting your product or service out the door.
