If you’re trying to do badly in business, there are plenty of good examples to follow.
There are a lot of lessons learned, mistakes made, poor strategies and opportunities that sounded good on paper but the marketplace wasn’t quite ready for.
While it’s relatively easy to learn what not to do, the bigger challenge for entrepreneurship is trying to do things correctly. Here, there’s less guidance, less consensus and less of any kind of universal road map for business success.
Adding to the confusion is that there are all sorts of people telling you the right way of going about doing well. Some strategies make sense in theory for entrepreneurs, but others actually can make things worse, including some many of us instinctually believe.
Smart entrepreneurship strategies to learn (and bad habits to un-learn) include:
- Communicate. While it’s easy to not want to share your secrets with others, a good way to build trust with your employees is by letting them know what’s going on. You don’t have to give them every detail throughout the day but at least try to share what’s happening and what could be happening in the future.
- Believe the data – but not too much. Data doesn’t lie but it can be distracting. It’s a good way to show you’re on the right track as far as sales, online activity and interest. It can show that a campaign or message you personally like is also liked by customers, or may even be disliked. Customer response can encourage you to keep at it or try something different.
- Spread the word effectively. It’s tempting, especially for new entrepreneurs, to blow your advertising and promotional budget announcing your wonderful product and service to the world. While you may like the fanfare, your costly blitz may reach people who don’t care or will never care, so you’ve wasted money. Instead, good entrepreneurship plans can include seeking selective ways to target the best customers along with looking for ways to reach people without spending a ton of money.
For more suggestions to help your company grow, visit Fast Commercial Money.