What does Entrepreneur mean to you?
For me, it means a person who takes a business idea and turns it into action, thus making a viable business. It doesn’t mean that it is easy, nor instant profit but what it is, is worth it.
There are 5 things that as a good entrepreneur you must be.
Persistent, Keep trying to hit your goal or targets even through challenges. If there is one thing that is guaranteed when you have a small business, there will be a lot of downs, sure, there is a whole lot of ups but you must be prepared to ride through the downs to reap what you sow.
Adaptable, as a successful entrepreneur, you will need to know when your ideas need changing to improve success. The most successful businesses are the ones that are open to change, if you dive deep into the history of many big named brands, you will realize that many of their businesses are selling completely different things to what they had originally started off as, and that is okay.
Constantly learning, If you ask what successful business people have in common, it’s usually the fact that they read books. About SIX a month in fact. You see, nobody ever really knows everything there is to know about the category that their business falls into, so reading books that specialize in that area is a sure-fire way to get the knowledge. With this newfound knowledge, you can then adapt your business to thrive in the sector.
Creative, This one is one of the most important ones if you are starting a business in a saturated market. You are going to need to make the business stand out from the crowd. Creativity can mean many things, how the product service is designed, brand through packaging, style and colour choice. There really is a lot to think about but these really do help drive a sale.
Problem solvers, Identify a need for your product. Visionary entrepreneurs see an image of their future which ultimately leads to a product that sells. To get the best in the business world, you really do need to think of a problem then create a product to solve it.
Risk and reward.
This is the category that most business owners try to ignore. However, in order to grow your business, you need to take risks, risk is an opportunity. No risk? No growth which ultimately leads to no profit in your business.
Taking risks opens you up to new opportunities.
Finally, and in the long run, one of the most important things to know in order to be a successful entrepreneur is customer acquisition cost.
Customer acquisition cost is the best approximation of the total cost of acquiring a new customer. It should generally include things like advertising costs, the salary of your marketers, the costs of your salespeople, etc., divided by the number of customers acquired.
Growth is good, but growth where you will pay over the odds for little customers is very bad.
Customer acquisition cost is important because it determines how costly and in turn how profitable growth is for your company. So, say you spent £100 on marketing last month and then £100 on the sales team in the same month and you gained 10 new customers, your CAC is £20. £200 divided by 10 is 20.
So, there we have it, I have laid down a lot of food for thought here. I hope these ideas help you on your road to entrepreneur success.