These days, being a successful small business owner is more difficult than decades past. Today's entrepreneurs must constantly keep abreast of changing technology, market trends, e-commerce strategies and constantly evolving customer behaviors. Members of the Young Entrepreneurs Council shared their best tips to help you keep up with the race.
Streamline Your Focus
Far too many entrepreneurs attempt to diversify their products and services too early in the game in an attempt to attract a broader range of potential customers. This often leads to early burnout. "Know what problem your business, product or service solves and to whom you are selling, and then perfect that message," advises Lindsey Groepper from BLASTmedia. "Stick to your core benefits and customer targets before trying to please a disparate group with an inferior product."
Tell a Story
In today's overly competitive and intensely saturated market, it takes more than differentiation to really succeed as a small business owner. The more technology and social media progresses, the rarer it becomes to encounter a truly genuine original idea. Your product, service or business must tell a compelling story that connects and resonates with your target market, as they've undoubtedly already encountered something similar to what you're offering.
Think about what kinds of values are important to your customer.
Nowhere is networking more important than in the world of small business ownership. Entrepreneurs march to the beat of their own drums, so it is crucial to find like-minded individuals that think outside the box and are willing to go above and beyond for the success of their projects. "Association is absolutely critical to one's success," says Mike Podesto of Find My Profession, Inc. "Get yourself in a group of people who think and act differently, and you will thrive to your fullest potential."
The most successful small business owners know they must be on top of changes in the industry that affect their bottom line. Don't wait for "best practices," advises Dan Suski with Credit Card Rewards. "The game is constantly evolving, and by the time people have developed and begun preaching a set of best practices for marketing, UX, etc,. you're looking at incremental improvements at best - the smart entrepreneurs are already two steps ahead,"
Don't Wait for the Right Time
Many would-be entrepreneurs stunt their own growth by constantly searching for more information, studying the market, and reinventing their own ideas, in order to step into the market at the perfect time. The fact is, there is no perfect time to become a small business owner. If you have an amazing, unique idea, bring it to the table now.
Use these tips from successful entrepreneurs to help boost your existing small business or get it off the ground. Staying successful as an entrepreneur depends on your ability to focus, take calculated risks and stay two steps ahead of the industry.
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