In the Information Age, things change fast, more often than not faster than we can keep track of. Such constant change can often make entrepreneurs feel overwhelmed. Yet there are certain sure-fire, timeless strategies that offer a path towards success. Here are some of them, based off an article written by entrepreneur Timothy Sykes:
Study your competition: Entrepreneurs should know their competitors as well as possible, understanding who they are as well as the product/service they’re offering. This will help you better market your product to stand out, utilizing your competition’s weakness to your advantage.
Always conserve cash: Even if you’re flush with cash, you want to maintain a conservative approach. This will ensure that you can deal with any potential rough patch, foreseeable and unforeseeable.
Don’t start out big: In the initial stages of a business, don’t try expanding into huge markets. Niche marketing, on the other hand, is a great way to make your business stand out. By offering something new and compelling, speaking the market’s language and figuring out its hot buttons, you can make a huge splash in niche markets, which will allow you to expand further.
Stay up-to-date: If you rest on your laurels, then you risk becoming irrelevant. Understand emerging products or services to make sure you stay on top. Make sure you’re taking full advantage of everything out there.
Respond to change: Change is inevitable in business, and those who can respond are both flexible and versatile. Entrepreneurs must be prepared to accept change and adapt business operations accordingly. If you need to shift your product or service, then do it. Wherever you are now, and no matter how comfortable it is, you probably won’t stay there forever. Not adapting means loss in customers and profits.
Listen to your customers: Piggybacking on the previous two points, entrepreneurs need to always be adapting. But entrepreneurs can only evolve their business when they’re listening to customer feedback. Some customers are inherently not going to like your product, but if a lot of them are, then listen and be ready to adapt.