Do you love taking risks? Are you a good decision maker; do you have plans to set new ventures? Does a business activity appeal you? Do you have a long-term vision for your venture? If you have yes as answer to all these questions, then you can be a successful entrepreneur. However, amid a cut-throat competition in market, you need to follow the following commandments to become a successful entrepreneur. The 10-point charter that needs to be followed is as following:
1. Avoid complacency: There is just no place for complacent people in the market. If you want to be a successful entrepreneur, you need to innovate at each and every step. In this reference, let’s quote Nokia which once dominated the cell phone market. However, over the years, it lost its market to Samsung mobile because it became complacent and couldn't innovate. However, Samsung continued offering something new to its customers and became a market leader. The entrepreneurs, therefore, need to keep themselves abreast with market trends and should come out with newer solutions quite frequently to win trust and heart of their customers.
2. Stand out in your domain: You should aim at becoming a leader in your domain and your expertise will help you stand out amid your competitors. Your branding will definitely become strong in market if you persistently take efforts to fill in the service gaps and perform the best. Your thought leadership will help you in getting a distinguished image and in getting selected over other vendors. In this case, let’s quote the success stories of Samsung and LG which remain unbeaten brands in white goods market. They stand out in their domain and have earned distinguished credentials by rendering the best services.
3. Develop self-awareness: Make a SWOT analysis for yourself. Evaluate your strengths; mark your shortcomings and then start working to convert these weaknesses into your strength. Or else, if required, try finding ways to overcome them. The need of the hour is to build a unique value proposition for your vendors. You need to have a conscious knowledge of your character, desire, motive and feelings which are sure to contribute extensively to your entrepreneurial business. The self-aware entrepreneurs can perceive others and can take right decision in the hour of crisis. They can also align their team’s strengths to bring out best for the business.
4. Add value to your services: You will become a market leader if you start giving additional services to your customers. You have to be over and above your competitors who will definitely try to offer better customer service to clients. In such a scenario, you will have to create tremendous value for your users.
This will help you to deliver the best when buyers ask for quality solutions for satiating their needs. Make all efforts to ensure that you are differentiating your offerings with the goal of creating tremendous value for your users.
5. Explore newer trends dominating the markets: Create a scenario where buyers as well as media get excited with your innovative perspectives. In this case, no matter how strong your competitor is, you will definitely be making a mark and sailing through in the most competitive markets. In other words, competition will bring out the best in you as you will explore the newer trends to beat the competition.
6. Make alliances that can make waves in markets:
Becoming a market leader looks like a rare dream. But a persistent effort in this direction will never lead to failure no matter what your circumstances are. You need to make constant endeavors for building newer bonds with like-minded people, create alliances, expand your market, learn about new technology, exchange knowledge and make collaborations (Read - How to build your career with the Aid of a Collaborative Platform?) to ensure your consumers benefit out of your services.
7. Keep learning: Always be a learner, learn from everything you can; learn from your customers, learn from your competitors, learn from your surroundings. Let the learning zeal touch new horizons to ensure your knowledge multiplies so that you can generate newer resources. Try discovering newer ways which can enhance your services. Keep hawk’s eye on competitors and learn how they are managing and growing their operations.
8. Create a niche market for yourself: Start rendering the best services to your customers by developing a niche market and ensure you lead this domain. Keep a constant focus on your efforts and remember that your customers deserve the best in terms of services and products and hence you need to think of ways and means to give them quality services. Creating a niche market in this field will help you in accomplishing the aim and you can become a market leader.
9. Emerging strong: A healthy competition will make you a strong player in the market. In the absence of competitors, you might lose your identity and will be unable to evolve yourself. However, amid tough competitions, you will emerge strong and will fight back all challenges with grit and determination and this is what is required to beat the blues in entrepreneurship.
10. Remember customer is king: Make sure that you give the best to your customers. They need to be on your priority list. If you continue serving them with loyalty and passion, they will become your loyal customers and hence none of your competitors will ever be able to lure them.
So balance your energies in combating the competition and invest in becoming a customer-centric organization. Your buyer loyalty will boost ultimately and you can fight tough competition given by other vendors as well with these two approaches. The most basic aspect in this reference is that your users have the ability to make or break your business and hence they need to be handled with earnest care.
Besides following these 10-point charters, you should always remain positive in all your endeavors. Never allow negativity to mark any dent on your business. Cash in on opportunities to be a winner in all aspects.
Remember that successful entrepreneurs are different; they always do the best under competitive pressures; they don’t get bowed down by their competitors, however, they see life as a stack of opportunity. In fact, a healthy competition makes them work smarter.
Hence, more is the competition, more successful you shall be. Hope you are all motivated by now to do your best. Best of luck!