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10 BUSINESS TIPS EVERY ENTREPRENEUR MUST KNOW 2020

10 BUSINESS TIPS EVERY ENTREPRENEUR MUST KNOW 2020
Written by ishan mishra
ENTREPRENEUR MUST KNOW 2020
ENTREPRENEUR MUST KNOW 2020

It looks way too classy when you are a business owner but to actually be that classy you are supposed to be good at running your business. Being an Entrepreneur is not so easy, it takes a lot of hard work and patience to reach a height. You might be an expert in your field, but running a business is a whole lot different experience. Therefore, degrees such as MSc in Entrepreneurship is gaining quick traction these days that helps you hone your entrepreneurship skills. 

With being an expert, you need to be a businessman as well. You need to be able to know how to deal with complex business problems and varied people, to face challenges and to overcome situations. Every entrepreneur should know some of the smart tips which can help in running a business. These tips can save your business from reaching a difficult spot and can help you find success. 

1. Understand your Market

Understanding your market and researching upon it is the first thing you should do.    You should always have an idea of which businesses are excelling today and what they are doing differently from you. This is one key factor which helps you analyse your business activities and helps you in enhancing them.    

It’s important for you to give time to your research on the market you are a part of.  You should be well aware of how businesses are operating in this environment in terms of their strategic planning, customer services, and product designing. Conducting a thorough research will help you learn from them. You need to observe the activities of other businesses in order to learn how to be efficient and effective in selling your products and marketing them. 

2. Give priority to your clients

Every business’s main purpose is to serve their clients in an efficient manner. So, you should always listen to what your clients or customers are speaking about you. This will help you in enhancing your behaviour and your services towards them. 

Take feedback through conversing with your customers through different platforms such as Facebook or send feedback forms on emails.You can also ask your employees to take feedback from your customers who visit your shops. This will directly be your guidance on how to improve your activities.  There are also customers who will give suggestions to you on how to do so. Therefore, when you keep your customers happy with your behaviour, they will ultimately be good to you and will help you in your journey.

3. Business Planning

Business planning is one of the key factors that keep your business running. Why? Because when you do your work according to the plans you have set, you are likely to achieve goals on time. Planning your tasks ahead will always help you in handling your work in a proper manner.

Make your plans before a day or in the beginning of the day. Also, keep time for urgent work as well which may arrive on the spot. This will help you in managing your time in an efficient manner.

4. Manage your finances

For every businessman, it’s important to be well aware of the cash flows. When you are aware of the cash flows, you will be able to manage them efficiently. It is very important for businesses to control their expenses so as to be able to survive for a longer duration. 

Finance plays a vital role in starting a business as well as the survival of it. Everything depends on how much investment you can make. When you are able to manage your finance, you are able to expand your business.  Therefore, you should always make a budget on how much to spend. This will help you to know how much money you have saved for further investments.

5. Be willing to take Risks

Risks are a part of every business. If you are not willing to take risks, you are not willing to go for success. As the famous proverb says, “Higher the risk, higher the profits.” This is so because if you will not bring something new in your business, how will you know if it will be successful or not? Nobody is ever sure of what will work, therefore you need to take chances. These chances are what is known as risks in a business.

It’s important for businessmen to experiment with their products in order to bring something new to the table. This is why taking risks can lead you to success. You will have to take a chance for introducing a new product in your business. There might be a chance that you fail but there are also chances of success. 

6. Expand your networks

Networking is important in every kind ofbusiness. You need to have networks in your industry so as to know if any new firm has entered the market. In short, your contacts or networks help you to know about the market needs and your competitors. Expanding your network will help you get feedback, suggestions as well as help youfigure outyour faults. People who know you willtend to talk without any hesitation about what is not upto the mark, what needs development and what not. 

Therefore, network is one of the factors which helps you towards success. Through the network you also get the opportunities to promote your products. For instance, on social media you can talk to your networks and tell them about your products then they will tell others. This is how networking works in taking your business at a height.

7. Hard Work

Nothing can get you success if you are not hardworking at what you’re doing. Whatever planning you do, whatever goals you set, you can only achieve it with yourhard work.

Whatever task you are doing, put your best in it. It’s not a matter of one day, it’s about every day. A person achieves his dreams when he works hard for it. Therefore, everyday hard work is essential to reach where you want to be.

8. Keep your business updated

The world is changing day to day. New technologies are making their way into the business world way too fast. This is impacting the people as the needs of people change with the change in technology. When so many opportunities are coming on the daily basis, a business also needs to be dynamic. It needs to update itself with the environment.

This can happen only when you are aware of the changes that are coming. Therefore, keep yourself updated with new technologies and the changes coming with time. Accordingly, keep your business up to date.

9. Build a great team

A team can impact your work a lot. Therefore, employ the people who you think will do better in your business. Know them properly, their abilities and their skills. Your team should not only consist of people who are skilled but also people who are hardworking, focussed and capable of handling multiple tasks. 

Building a great team of skilled and hardworking people will help you in your business immensely. Therefore, look for people who have efficiency and will do great in your business.

10. Be Respectful

Respecting your employees and colleagues is an etiquette which you should always have. Don’t be overconfident if you’re the boss. There will always be people who know better than you. So, respect people who are around you. They deserve as much respect as you do. 

If you are a respectful boss, people would want to perform better in your business. Therefore, it’s always good to be respectful to everyone around you.

Conclusion

Running a business is not a play rather it is the result of a lot of small efforts and contributions of you and your employees. Therefore, these 10 business tips will help you know those small efforts which makes a business run and helps it to achieve success.


About the author

ishan mishra