Any size of business will have paying customers. But customers will always vary in terms of their wants and needs; however one thing is common among them, they all want good customer service. When we talk about customer service, we mean how one deals with his buyers before, during and after a transaction. Continue reading →
Pattern recognition is a skill every entrepreneur must develop. First, let me define pattern recognition. This pertains to the ability of a person to spot small changes in the environment and make sense of it. Over the years we have seen many changes that have happened, like martial law, coup de tat, economic downturn, boom in the IT and nursing industries. We have noticed them and labeled them because they are big events but these events have originated from little spark of events. In the book Tipping Point by Malcom Gladwell, he said that small events will lead to a tipping point and after the tipping point, events become viral and hard to stop. These group of small events are like small ripples in the sea that expand and eventually go big over time. These Events can be anything from disease to fashion. The role of the entrepreneur in such events is to spot the wave of trend early; to either exploit the opportunity or protect the business from the threat. The key to unlocking the trend is Pattern Recognition. Continue reading →
The fate of a small business depends on the foundation it was built upon. The most important factor during the start up phase is the owner; for he lays his vision as the foundation, and his values serve as the cement that binds the corporate culture. However, having good vision and values do not ensure the success of a venture. Both are only concepts and will remain as concepts unless it is being acted upon. Continue reading →
Passion can be interpreted in many ways. It can mean love to a teenager who sees a beautiful girl or handsome boy, or it can mean anger to a basketball coach who is frustrated about the outcome of a tournament. For the entrepreneur, Passion is the key to success. Passion is what drives the entrepreneur to take action and to last long. Passion is what makes him do things for the sake of it. Passion is what gives him the positive side of things when situations get bad. Continue reading →
Risk is something that is avoided by many people. Some even do not get into business because they are afraid of risks. Risks have been known to be the cause of business downfall, but very little is known that risks can also serve as a catalyst for business growth. When risks arise, businesses are put in a disruptive and uncertain environment. At times like these, the capacity of an entrepreneur to manage risks is tested.