How to Get Ahead in the Complex World of Entrepreneurship

“Competition is a good thing; it forces us to do our best.”
- Nancy Pearcey

You just launched your new business. Now, what? If you think that you can sit back and relax, you may need to think again.

Yes, starting a business is not easy. It requires a lot of research, planning, money, time, and sleepless nights. But once you get through this stage, you might be surprised to find out that this is probably the simplest part.

The real challenge begins when you’re already out there in the market with other businesses executing the same ideas as you. If you want to succeed, you simply can’t let them get ahead of you. Instead, you have to work on getting ahead of them while finding ways to protect your company from other outside factors that could potentially knock it down.

Here are some things you can do not only to survive but thrive in this competitive and complicated world of entrepreneurship.

1. List down your challenges.

Identify the obstacles you’re facing and might face in the future. Consider all possibilities and don’t leave anything out. Without knowing these, you won’t be able to formulate an effective strategy to overcome them.

Create different strategies for different circumstances. Be sure to think of the worst-case scenarios and come up with the best possible solutions. This may come off as too negative as we’re often told only to be optimistic. But there’s nothing wrong with being realistic and prepared.

2. Get to know your competition.

As the old adage goes, keep your friends close and your enemies closer. Though your competitors aren’t exactly that type of enemy, they still represent a significant part of your challenges. Knowing who they are, what they do, what unique offerings they provide and why customers have a preference for them can help you find your place in your industry.

Use all the information from studying your competitors to your advantage. Let them inspire you to create a fool-proof marketing strategy or develop a service that they have yet to offer. This will help you broaden your reach in the market, allowing you to attract new customers.

3. Form an efficient team.

You need all the help you can get if you want your business to succeed. However, it’s imperative that you make sure to pick the right people. Once you’ve employed them, provide your staff with comprehensive training. They have to be as familiar with your production routine and processes as you are to avoid any compromises in standards.

However, errors are always bound to happen. You can reduce the risks by talking to your employees - and sometimes more importantly, by listening to them. Communication helps solve problems, so encourage your people to communicate freely with you and one another.

4. Study market trends and innovate

Research is vital in all businesses. If you don’t know what's going on around you, you will be left behind. Getting to know the market helps predict future trends. It will also show you the gaps in your industry, which you can fulfill by launching new products and services.

Identify current trends and understand previous ones to determine what’s likely to come next. Stay on top of the latest innovations in your industry through relevant publications, podcasts, and other forms of media. Knowing where your industry is going can help you prepare for the future, find growth opportunities, and keep your business on an upward trajectory.

5. Promote your business

Having top-quality services is irrelevant if you don’t get people to use them. Customers won’t automatically find their own way to your doorstep. You have to reach out to them, grab their attention, and convince them that doing business with you is in their best interests.

Thanks to the Internet, marketing has become much easier than in the past. You can advertise your services on social media like Facebook, Instagram and LinkedIn, among many others. Learn everything you can about SEO and the most effective forms of digital marketing.

Entrepreneurship is fraught with keen competition. In this era of unprecedented technological advancement, you’re not just going up against companies on the other side of your street. You’re also competing with enterprises from other parts of the globe. Add unexpected events into the mix - like economic declines, trend shifts, and pandemics - and you are in for a crazy ride.

Getting ahead in the entrepreneurial world requires a lot of work. There is no time to be complacent. Your fellow entrepreneurs are also focusing on outsmarting their competitors - including you. So, you have to keep the momentum you have going or else you’ll fall behind and risk becoming irrelevant.

“I never dreamed about success. I worked for it.”
- Estee Lauder

Author:

@Dianne Claveria

Date:

07-29-2021

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