Success is part knowledge, work, faith and luck. But if you do not consider yourself very lucky then try increasing on the others. In this post I will focus on knowledge. Many entrepreneurs attribute their success to knowledge, maybe from school or experience. There are 5 things you need to know so that you can increase your chance of becoming successful.
- Know what your customers want. Knowing your customer profile is very important for an entrepreneur. When you know who you are selling to and what they want, you can deliver products or service that best fit their needs. And when there is a fit between what you offer and what the customer wants or needs, then you become valuable to them.
- How to motivate people. People are the most important resource in your company. They are the force that keep the operations going. To be able to motivate them make sure they are always happy. Money is not the only way to motivate them. In a survey done, training is preferred by most employees as a form of motivation.
- Manage Your costs. Know your costs. Know where they are spent and what they contribute back to the company. A good entrepreneur knows his costs and it’s impact to the financial statement. If you are not a numbers person, hire someone to help you.
- Know the Trends in your industry. Trends talk about opportunities and threats, opportunities you can exploit for growth and threat that you must avoid. Factor like politics, economics, social, technology and environment have impact on the business.
- Know how to invest back. Entrepreneurs must know how and where to invest the income of the business. Investing back your profit can increase the value of a business. Investments can be inventory, technology upgrade, new business, or investing in financial products.