As independent business people, entrepreneurs work to satisfy the needs and wants of their customers, rather than those of a boss who pays them Their customers are their “bosses”.
Some independent business people aren’t entrepreneurs, though.
Want to set yourself apart from those who just sell what others are selling? Read on for tips to become a successful entrepreneur.
Brief Intro about Entrepreneurship and the Successful Entrepreneur
First, let’s identify the difference between an entrepreneur and other business people.
Many business people set themselves up in a competitive business selling what others are selling. They strive to differentiate themselves by offering a lower price than their competitors. Or, they compete by offering better service or product quality. Those who compete that way can sometimes hit on a unique combination of those features. They may be moderately successful with that style of competition. However, they’re usually trying to convince someone else’s customers to buy what they’re selling.
An entrepreneur identifies a gap in a market or even an entirely new market. When they find the solution to customers’ needs in that market, they have it all to themselves. They generate new business, new customers, rather than competing for someone else’s existing customers.
As in so many aspects of success, a big part of this is mindset. If you’re thinking “inside the box” – thinking like everyone else – you’re unlikely to find a revolutionary new business. Think outside the box – look in obscure places and markets – and who knows what might happen?!
A little further along, we’ll list some tips to become a successful entrepreneur.
Why Follow These Tips?
If you decide you’re going to sell shoes, or cars, or service air conditioners, you’ll be competing with others. Unless you’re in a remote area (likely without many shoe, or car, or air conditioner customers), you’ll be competing with others doing the same thing. Your only hopes for attracting customers are:
- Offering unique shoes, cars, servicing a different type of air conditioner
- Offering lower prices than others in your business.
- Offering a unique service in connection with what you sell. Find some twist on the business no one else has thought of or is offering.
With options 1 and 2, you’re not creating a new business. You’re trying to lure the same customers as everyone else offering that you do.
With the third option, you’d be getting entrepreneurial. If you’re offering something the
competitors are unable o\r unwilling to offer, you’ve created a new niche in the market.
Tips to Become a Successful Entrepreneur
To illustrate the points I’ll list below, I’ll tell a story. My friend and his wife visited a very high-end millinery (hat shop). Linda, the proprietress, made and sold unique ladies’ hats. Every hat came with a hatbox.
Since many of the hats had very broad brims, they didn’t fit in the boxes she could buy when she started her business. In a conversation with Linda, my friends learned this story.
She had talked with her box supplier and asked about making larger boxes. He said his die-cutter for large boxes had broken down and not been repaired due to low demand for the large boxes. She asked him what it would cost to fix the die-cutter. A few hundred dollars was the answer. Linda offered to pay for that.
So they fixed the die-cutter. Linda got her large hatboxes. The box supplier found that large hats had become more popular, and providing boxes for them was a lucrative new line of business for him. He declined not to charge Linda for the machine repair.
Everybody won! Linda got her boxes so she could enjoy the expanded hat business. Her customers enjoyed the convenience of having a storage place for their big hats. The box supplier found a new line of business he didn’t think was there. And all because Linda took the initiative and offered to pay for the machine repair. As a bonus, in the end, she didn’t have to pay for it.
What are the takeaways from this story? The tips for entrepreneurs to be successful?
- Be observant. If you or your customers have a need that’s not being met, probably you’re not alone. Solving your problem may lead to a whole new business.
- Be ready to step up and take action. Without Linda’s offer to fix the die-cutting machine, none of this would have happened. The box supplier also was ready to move at Linda’s suggestion.
- Listen open-mindedly to your customers and clients. Are they crying out for something you and others can’t supply? There’s likely an opportunity there.
- If you’re in a competitive business, look for unique ways to serve your customers. Do something no one else is doing.
Entrepreneurs have the potential to be more successful financially than those who compete to sell what others are selling. They also find their work more personally fulfilling. I wish you great success as an entrepreneur.
Note: Archived issues of The Unity Community are available here. Search that page for keywords representing your particular interest. Most articles offer suggestions for ways of improving business and personal relationships. Keep in mind that business is done by…people. Every business concern is essentially an inter-personal concern.
A “Shot in the Arm” Every Day!
Eric Lofholm is my friend, mentor and sales coach. He hosts a 30-minute motivational call every business day. The call is at 7:45 AM Pacific time. Register for it here. You’ll find instructions on how to join the call on Facebook, Zoom, by phone, or in a recording you can access on your time.
How’s the teamwork in your organization? Do the teams have the tools they need? Want to talk about it? Reply to this message or click here if you’d like to chat by Zoom or on the phone.
Do you like The Unity Community?
Do you find value in the articles?
What’s good about it?
What would make it even more valuable for you?
Suggestions for topics in future issues? Do you have something you’d like to contribute? It can be your work…or someone else’shttps://smartmoneynetwork.net/what-are-the-most-important-questions-to-ask-your-business-coach-before-hiring-them/. I’ll give you and the author ample credit for your contribution if I use it.
Your thoughts, suggestions and comments are always welcome. Reply to this message, or go here if you’d like to chat on the phone or Zoom.
Get too Much Email?
Today’s issue is going to all my subscribers. If you’re among my monthly subscribers, you’ll receive your next issue on December 7, 2021.
If the monthly schedule suits you better, just reply to this message with the word “MONTHLY” in the message or subject line. If you elect that option, you can still check out the weekly issues at your convenience here. Since your last monthly issue, we’ve discussed:
Importance of Leadership in the Business World – Published 26 October 2021.
What Can a Family Business Coach Do for You? – Published 19 October 2021
Why Effective Leadership Starts With Good Communication – Published 12 October 2021
Want to Do More Business?
Suppose you go to a networking event. You’re amazed to find all your ideal prospects waiting to talk with you.
Our Business Accelerator Platform gives you this kind of exposure to your market. These are the people you want to help!
We find your ideal client prospects and start conversations with them. Then we communicate your value. We get them to schedule appointments with you…all on autopilot. This can happen for you! Learn how here.
When you join Smart Money Network’s Business Accelerator Platform, we:
- Optimize your LinkedIn Profile Page so it better attracts people in your market.
(Hint: What painful issue do you resolve for your clients? If your LinkedIn profile describes how you make your clients’ lives better, it’s rare! Most describe the merchant’s qualifications and expertise. They say little about what he/she does to remove clients’ pain.)
What’s good about it?
What would make it even more valuable for you?
Suggestions for topics in future issues? Do you have something you’d like to contribute? It can be your work…or someone else’shttps://smartmoneynetwork.net/what-are-the-most-important-questions-to-ask-your-business-coach-before-hiring-them/. I’ll give you and the author ample credit for your contribution if I use it.
Your thoughts, suggestions and comments are always welcome. Reply to this message, or go here if you’d like to chat on the phone or Zoom.
Get too Much Email?
Today’s issue is going to all my subscribers. If you’re among my monthly subscribers, you’ll receive your next issue on December 7, 2021.
If the monthly schedule suits you better, just reply to this message with the word “MONTHLY” in the message or subject line. If you elect that option, you can still check out the weekly issues at your convenience here. Since your last monthly issue, we’ve discussed:
Importance of Leadership in the Business World – Published 26 October 2021.
What Can a Family Business Coach Do for You? – Published 19 October 2021
Why Effective Leadership Starts With Good Communication – Published 12 October 2021
Want to Do More Business?
Suppose you go to a networking event. You’re amazed to find all your ideal prospects waiting to talk with you.
Our Business Accelerator Platform gives you this kind of exposure to your market. These are the people you want to help!
We find your ideal client prospects and start conversations with them. Then we communicate your value. We get them to schedule appointments with you…all on autopilot. This can happen for you! Learn how here.
When you join Smart Money Network’s Business Accelerator Platform, we:
- Optimize your LinkedIn Profile Page so it better attracts people in your market.
(Hint: What painful issue do you resolve for your clients? If your LinkedIn profile describes how you make your clients’ lives better, it’s rare! Most describe the merchant’s qualifications and expertise. They say little about what he/she does to remove clients’ pain.)
- LinkedIn has 740 million members. We find the few thousand who match your ideal client profile. You define your best prospect for us. Then we go find them.
(Even if you can find these people by yourself, it will take hours away from your work with your current clients.)
- Invite about 100 of these best prospects every week to connect with you on LinkedIn.
- Send a welcome message to those who accept your invitation and connect.
(Typically 15% or more. Currently, over 25% of those I invite are connecting!)
- Deliver something of value to them from you, and then do it again!
- Begin a “drip campaign” of carefully timed messages, providing more value. These messages give…give… give…and then ask. No pitches!
All these messages come from you personally. We want and expect your input in developing them…unless you want us to just do it. You can follow the threads and adjust your messages as you see better ways to engage your prospects. We’re always ready to talk with you about improving your messaging.
See a “hot” prospect you want to engage with your unique message? Take over the exchange manually!
Click here to learn how you can put this program to work for YOU!
Would You Like to Publish a Blog Like This One?
Want new ways to engage your prospects and clients? Unity Copywriting writes the materials that help you stay top of their minds. Let’s discuss how these materials can help you with your marketing!