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Most entrepreneurs want and need things to happen now. Whether you started your own company, are employed as a hired gun to run a company or serve as the CEO of a private or public company, human beings want to be productive. Having a productive day feels good. Productivity equals results and in the business context, should equate to greater revenue and increased profitability. Below, find the essential productivity tips for entrepreneurial success.
Assess the need
Although your ideas may seem amazing to you, your business will only be a success if others feel the same way. Here is an obvious statement: you need products or services to sell in order to make a profit. If your ideas do not grab the attention of consumers, then they will not sell and you will have wasted your time and money.
I’m amazed at how many business people think of ideas and concepts in their office without speaking to the market. Ask prospective customers questions and get feedback. You are not the consumer, they are!
The first step is to consider whether there is actually a need for the product or service you are providing. If it is not something people feel they need, it will have limited chances of success. Next, check to see if there is a gap in the market. You will then need to conduct research to find out whether the product or service you are launching already exists or if there is something similar already available to consumers. If there are similar products or services available, find out how well they sell and who the target market is.
Unique Selling Point
Everything has to have a unique selling point (USP) for it to appeal to consumers, especially if there are similar products or services already on the market. How can you differentiate yours? Many products are commodities; that’s OK, but then it is time to determine what variable makes you stand out amongst the numerous other companies offering your similar product or service.
Without a USP, you will struggle to get your business off the ground and generate interest from consumers. Your USP will then become an important aspect of your marketing campaign when you launch the product into market.
Time management and productivity
Time management is an important element of entrepreneurial success. The first essential step in productivity is to set yourself clear and achievable goals. The second step is to devise a timeframe that includes the different stages of the process, such as research, product or service trials, production and marketing. The time you allocate for each task should be reasonable and achievable. You need to ensure that your time is used effectively throughout every step.
The mistake that many entrepreneurs make is to rush into launching their products or services. They are so excited by their ideas that they move too quickly. Unfortunately, this often leads to mistakes and potentially failure. It is essential to take the time to research the market properly and consider aspects such as materials, potential safety risks, any laws or regulations relating to the type of product or service you are trying to sell and whether you have any direct competition. Without taking the time to research each of these issues, you could potentially run into obstacles along the way.
A successful entrepreneur always thinks ahead and plans strategies to overcome potential difficulties they may face along the way. They are proactive rather than reactive and planning helps to improve productivity. There are many different aspects of your entrepreneurial venture that you may need to plan for, and one example of this is resources.
Depending on the type of product or services you plan to sell, you will need different resources at different stages of the process. These may include information technology equipment, work space, materials or machinery. Plan when you will need each resource, what it will cost and if there will be any problems relating to the availability of a resource or acquiring specific items.
Many people see themselves as entrepreneurial and truly believe that their ideas have the potential to make them successful. However, not all entrepreneurial ventures reach the level of success expected and some are just downright failures. Using these tips will improve your chances of becoming a success as an entrepreneur.