ENTREPRENEURIAL TIPS- TIPS FOR BUSINESS GROWTH

                                             

World domination is the dream of most startup entrepreneurs. The dream to attain a level whereby billions of people use your product around the world.

However, attaining this level  requires constant growth.

                                

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Growth in business is not really about “hitting it big” but about developing the right processes. The best type of growth any business can have is one that is carefully thought through and planned out. Growing too fast without proper planning is likely to harm or even destroy a business. 

                                          

When businesses expand too fast, the quality of service often drops ,which can have a negative impact on the reputation of the brand.

Before undertaking major growth initiatives, an entrepreneur needs to understand the future of that particular industry.

There are several ways to grow businesses but choosing the suitable one(s) will depend on the type of business you run and the resources (time and money) available to be invested.

Here are some tips that can help the growth of your business:

v Diversify your business – Diversification of your business allows you to have multiple streams of income that can fill seasonal voids in your business and thereby increasing your profit margin. An example is by going into sales of complementary products or service in your line of business.

v Target a new market – Even though your current market is serving you well, determine other markets that could use your product . Expanding by opening a new location is also a good way.

v Get your company registered and your product licensed.

v A great way to expand quickly is by forming an alliance with a similar type of business. 

v Win a government contract – Usually, having the government as your customer is one of the best ways to grow your business.

v Expand to the internet – Having a heavy web presence is an integral part in today’s  business environment. A lot of times, customers discover businesses through online search engines. To maximize your exposure, ensure that your business has a heavy online presence.

Indirectly, your business has gone global

Hope this article was helpful.

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ENTREPRENEURIAL TIPS - NETWORKING TO GET AHEAD

         

Someone smart once said, the opposite of "networking" is "NOT WORKING.

 It’s important to network thoughtfully and effectively. To be the best at what you do, you need to surround yourself with people who inspire you, who motivate you, and who challenge you. 

          

People who ask you difficult questions and provide honest feedback. Networking is the practice of intentionally seeking out these people. Your personal network is your resource — it’s just as tangible and necessary as your technical skills. 
Let’s go over some of the important, necessary networking skills. 

  

First, just be open to meeting new people, listening to new ideas, and engaging with people outside of your specific business or industry. Be authentic in how you present yourself and your business. Networking requires a genuine interest in others. They deserve your respect and your attention. Be a good listener for common goals and interests and establish useful relationships. Be punctual and respect how much time your contacts are able to give you. Be proactive and conduct research on the individual, the employer or the industry with whom you would like to connect.

                   

Here are some ways to develop your network:

1. Reach out to friends, family members and alumni - they are a rich pool of people with connections.
2. Seek to connect with people informally at conferences and meetings or at  formal networking events. Begin your conversation with what you know about the person, or the organization, talk about your common interests, and build your conversation from there. Let them know how you possibly can help them.
3. Make connections through social media such as Linkedin. 
4. When you communicate with people through face to face interviews, over the phone or through skype or some other system, be prepared with questions. Use the internet if you have access, choose and adapt questions that will be personally and culturally relevant to you. if a chance meeting offers you an opportunity, ask for contact information and a business card.
5. Reciprocate - be a resource for those in your network. Your network is built over time because all connections you make become part of your personal and professional network. 

Think of your network as something that is alive and requires your time and attention to stay healthy and relevant.

Here are some ideas on how to maintain your network:

1. Reach out to your contacts when something reminds you of them. Let them know you are thinking about their needs and not just what they can do for you. This will help you build a strong foundation for a continued relationship. 

   Send along occasional updates or interesting relevant information about yourself .

   Reach out to your contact in advance of coordinated job searches. Send your resume and the job description to the position that you are applying. Keep your contact informed about the outcome and write them a thank-you note if they in any way help.Remember what you talked about with your contacts when you met them. A good way to remember is to write quick notes on their business card. 

   Be sure to follow up with a new contact within 24 to 48 hours. If your contact connects you to a valuable resource, please let that person know what happened as a result of this connection. Be sure to thank both of them. 

   In conclusion, you need to understand that networking is an ongoing process, not a discrete event. success comes from continuously making new contacts, following up and keeping in touch.

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