We live in the most economically stable point in history. According to the Global Entrepreneurship Monitor, 14% of the world’s population (approximately 1.04 billion people) are entrepreneurs. Are you one of them or do you aspire to be one?
Many individuals today with aspirations to be an entrepreneur often do not fulfill their desire over several excuses. Many individuals I’ve met tend to give the same excuses over and over again like broken tape-recorders such as, the government is not good, the taxes are too high, the dollar rate is going on and so on. Present businesses also do not spend on promoting and elevating their products and services over the same concerns.
Most businesses I’ve met, during tough times they try to save themselves by cutting the marketing budget of the company, which is a very senseless thing to do as it will trigger a high chance for the business to plummet. They tend to blame others during tough times and are blind to their own mistakes. Of course there may be troubles because of the government, the ascend of the dollar rate and so on but those things are out of our control. Learn to bear the troubles of the business, blame everything that happens to be on you which will strengthen you mentally to take on the challenge and break the barriers.
Let me jot down a few key reasons as to why your business might fail.
A human mind usually does not like being blamed, therefore prefers blaming others. If you can stop this, you will be able to see the flaws in you and therefore causing you to blame yourself, which your mind does not like. Thus, your mind will think of various ways of overcoming a problem instead of complaining.
Gary Vaynerchuk an American entrepreneur, author, speaker and internet personality sums up the above paragraph,
“You know why I am always happy? I blame myself. When you blame yourself for real, you are gonna always be happy, because you don’t feel like somebody else controls you.”
This is quite an interesting piece of advice and one of my favourites. Every second you spend complaining, a second which could have been used to spend on your business is wasted. Like mentioned above, stop complaining about things beyond your power to change and focus on how you can be the change maker for your business. Change begins with you, start today.
Do you know how to market your business?
Believe it or not, not every business owner is good at marketing a product. If you own a business and do not know how to market properly, I have no doubt that you might be the reason your business might face terrible consequences. If you do not know something, leave your comfort zones and start learning. Investing a little time on improving your knowledge by reading a few books, blogs and articles are not gonna cause you to lose anything. Well if you are very sure that you are not gonna be good at marketing step aside and give it to someone else or hire a marketing company to do it for you.
Who are your customers? Do you know what they want?
Being a business owner, you should always take a look at the demographics every once in a while to have an idea of your customers. If you sit comfortably on your chair and expect to understand a customer’s mind, you are making a huge mistake. Once again move out of your comfort zone and go talk to customers, meet them individually and ask them their experience with your product or service. You could also carry out surveys, polls and other activities on social media platforms to understand more about the audience you are catering to. Interact, Understand and Execute.
Thinking that social media is not effective? Rethink.
If you think social media is not an efficient tool for marketing, oh boy you missing out a lot. In 2018, social media is one of the cornerstones for a successful business. Gary Vaynerchuk says, “Money is not my God, attention is.” This attention he is speaking about is given in abundance on social media and just like one believes that God gives, social media is sure to give several advantages. Executing an effective social media marketing strategy is also something doable as an individual. Once again spending some time reading books and blogs on the relevant topic will surely help you gain sufficient knowledge to carry out a social media strategy or to work with a digital marketing agency in Sri Lanka. However if you think that you do not have enough time in your hands and the resources to do so, hiring a digital marketing agency will be the best way to carry out your social media campaign, even though hiring an agency, having a basic knowledge about social media marketing is necessary for you to be able to communicate your ideas to them easily.
Do you really love your business? ♥
Love makes the world go round. I think loving your product could have a massive impact on the way you think and strategize. Love for something increases the effort given by an individual.Loving your product is one of the most important factors to help your business flourish. This is an aspect not found in many of the entrepreneurs and business leaders today. They consider profit to be their satisfaction. This may lead to ill planning and doing things for granted. No matter who tells you are gonna fail, you’ve gotta love your business and say that you will succeed. Many successful entrepreneurs and business leaders attained their goals because they loved the product and their job. Love what you do…
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Thilina Deepal 🤟🏾