Five steps for business to generate success and improve brand

SHARED FROM:

METROBIZ TUESDAY 20 AUGUST 2013

ENTREPRENEURSHIP INSIGHTS BY PAM SIOW

BUILDING A SUCCESSFUL BUSINESS

 

1. Be a better version of your best competitor

One hard truth about business is that innovation is incredibly difficult.  In reality, almost all successful business does not have unique business offerings.  The trick is to copy their mightiest competitor, become a better and faster version and thus effectively fulfilling the market’s needs.

2. Create a sample version and sell it

Produce a market sample and progressively improve over a set of timeline.  The most cost-effective way to receive feedback is to launch a scaled-down product in a particular market segment and observed the response.  Delaying launching for too long to accommodate too many changes will just eat your resources without earning any money.

3. Outsource everything else

The key roles of bosses are to manage, develop business and conduct marketing and broker sales deals.  Those who try to do everything on their own usually fail because they are too busy with operations to do anything else.  Act like a real boss by allowing other people to handle the day-to-day functions while you focus on the sections that brings in the most revenue.

Remember

You are only one person with a limited amount to time and strength each day

And it is not possible to do everything yourself

 

4. Embrace your critics

The greatest gift that business owners can receive is criticism from those who hate everything about your business.  These critics tend to have some truth

In achieving success

Look past the venomous tone

And

Overcome yourself to see the issues that are plaguing the market

 

Pick up the key points of information and create the best products for the market and gain the desired success.

5. Fail it forward

The real and most valuable commodity in business is bravery. It is about having courage to

·         Face failure

·         Learn from it, and

·         Keep soldiering on

Failure is as important in our business journey as the victories.  Failure gives us a chance to learn from our mistakes and make our business bigger, better, faster, and stronger.  Great success will come if you are brave enough to decisively take the calculated risk.