04/07/2019
MANAGEMENT & STRATEGY BUILDING #3.1
Before you begin your business, research your market and your competitors. What can you do differently than your competitors to make you stand out? How are you already different from your competitors? Why should your targeted group purchase your product over any other product?
Answering the following questions will guarantee that your product or service is not too similar to anything else in the market already.
As the prime stakeholder in your business, you are seen as a figure of seniority and authority to those who work with and for you. Do not take advantage of this powerful influence! Instead of asserting your authority over employees, work to teach them positive aspects of leadership. Focus on what your employees do right as opposed to what they do wrong. Congratulate employees on their successes as much, if not more than you reprimand them for their mistakes.
5 Steps to Successful Market Analysis
Define the kind of business you want based on market demand
Research your competitors
Define the uniqueness of your product
Identify key suppliers
Create focus groups with customers to address their particular needs
1. Know your business
Knowing your place in the business world is important for maintaining respectful boundaries. However, as a young entrepreneur or outsider, you will need to prove to others that you know what you are talking about. You have just as much, if not more, experience! At the same time, you need to make sure you do not get in over your head. That is, know when to admit you do not know everything about a situation, but express your desire to learn!
2. Consider new ideas and take calculated risks
Part of what makes someone an entrepreneur is a willingness to consider new ideas and take risks to invest in them. Once you have your business running at a steady level of inputs and outputs, keep your mind open to diversifying your products or services. Whether this means reinventing your business or changing the look of a product, remember that people are naturally attracted to modernity paired with quality. Be creative and try new things!
3. Your business is like a living creature.
It is something that needs constant attention! You constantly have to take into account many unpredictable factors. Just like a child might require extra attention in certain areas, so does your business! While these factors may not be as pleasant as others, they are very important. If you make mistakes, learn from them, and move on! The lessons you learn are extremely important on the road to becoming a good business owner.
4. Managing a business requires self-kindness and self-forgiveness.
You will inevitably face hardship and make some mistakes on this journey of entrepreneurship. Be kind to yourself as you reflect on those experiences. Process what went wrong and how you can improve on it in the future. Reflect on your strengths and successes as well as your weaknesses and do not let the difficulties cloud your vision or deflate your confidence in yourself.
