Awaken your entrepreneur's powers
You are used to observing the events related to your context while keeping this equation in mind: problem = opportunity. Sure, In developing countries, we are seeing the emergence of a new range of products that respond to the problems related to lack of resources (material, social, etc ...) example: Orange / MTN Mobile Money which change the way in which manages the money transfers.
But what if we tell you that, it’s just the start? We are going to list you 6 additional steps to really awaken your entrepreneur’s power.
“Anything that gets your blood racing is probably worth doing.”
Customers comes first
Starting a profitable business is related to how much you are able to provide specific and functional solutions to a targeted audience. It’s even advised to build a business around a persona profile, value proposition and customer relationship.
Casper
The company opened physical stores for their potential customers to test mattress instead of only.
Netflix
The audience receive recommendations based of his/her consomption patterns. By understanding the customers, Netflix is able to get recurring customers.
The company developed free courses which are supposed to help their target audience have a better understanding of Google’s products and then become loyal customers and ambassadors.
According to Sadie King from conscious-cook, “ an entrepreneur should practice the Law of Reciprocity” in other words, they should give constantly create value, which is going to lead to financial success
“You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.”
Find a niche and focus there
Providing goods and services to a market segment that has gone unserved reduces barriers to entry, enhance customer relationship and reduce competition.
Tesla
part of Tesla’s mission is, “to accelerate the advent of sustainable transport.” To that end, Tesla sells powertrain systems and components to other auto manufacturers.
Never neglect the brand’s power
A brand is much more than the logo and the color palettes, it’s deeply related to the value proposition. In other words, a brand identity helps your customers and your team understand how you differentiate yourself from the competitors.
Why is sooooooo important? Well, think about the standardisation which came to light during the industrial revolution, at first the companies were looking for a way to increase the productions and in order to do so, they developed standard items. Today, the market is flooded with much more products and information that we can consume. Then, the question you should ask yourself is “what does my solution provides better?” A brand is an expectation of experience, a perception that your audiences have about your company
Your company builds its brand, or rather the perception of its brand, with every customer contact, planned or unplanned. Every interaction, no matter how small it may seem, shapes your brand’s perception and drives your audience’s behavior.
Quality, quality and always quality
Good products
According to a Starbucks consumer case study, customers choose its brand of coffee over others both because of its quality and because of the company. Rated the fifth-most-desirable company in the world by Fortune magazine in 2014. It’s common for sellers of high-quality brands to spend more to persuade consumers to try their goods since the present value of a trial purchase is larger. The more successful companies are at pleasing customers during their initial experience with a product, the more likely they’ll be to see repeat purchases from those same people.
Motivated employees = good employees
The 700-person experiment, conducted in Britain by the Social Market Foundation and the University of Warwick’s Centre for Competitive Advantage in the Global Economy showed that productivity increased by an average of 12%, and reached as high as 20% above the control group.
The researchers also tracked how “real-world shocks,” such as mourning and family matters, affected workers. They found that there was a causal link between unhappiness and decreased productivity that had a lasting effect of about two years.
Vision
“Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world”
An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future. It is intended to serves as a clear guide for choosing current and future courses of action. If your vision statement says, "Our company wants to be number one in the industry," a common phrase you will find in many vision statements, you will leave investors and bankers underwhelmed. The vision statement should be a forward-looking view or a look at how the company would like to see itself a number of years in the future.
Wal-Mart
Saving people money to help them live better was the goal that Sam Walton envisioned when he opened the doors to the first Walmart more than 40 years ago.
IKEA
create a better everyday life for the many people. We make this possible by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.
Never stop innovating
You can’t discover unmet needs and propose viable solutions without continuously studying the ins and outs of an industry. Investigate potential government regulations, key industry players and national and international trends to further expand your knowledge base.
