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Succeeding in Entrepreneurship

Mike Koenigs discusses some key strategies for entrepreneurial success

Before venturing into a business, profitability plays a big part. Although the return on investment of any business plays a crucial role, it should not become the main focus. Some of the often overlooked things in business determine its failure or success. These are commonly known as success strategies. Let us look at some of the common strategies used by successful entrepreneurs.

Focus on Cashflow
Successful businesses give a lot of attention to the cash flow. An entrepreneurial firm that operates with negative cash flow is likely to fail. Negative cash flow indicates that the business is working on credit, which is an indicator of poor performance. To avoid the problem, the business should ensure that it cuts on expenses and focus on increasing revenue. One of the strategies used in this case is cutting on unnecessary expenditure. A business that keeps a positive cashflow pays its employees in time and pays any other bills without delay.

Getting Intimate with Customers
A customer is considered to be the most important person in a business. Their first experience determines whether a business survives or not. A common success strategy used by the best performing business is getting intimate with the customers. This refers to the process of interacting with the customer to get honest views concerning a product or service. Before raising prices of commodities, the business might get on the ground to get opinions from the consumers. Besides getting their views, it also explains to the consumers the unique features of the new products. Involving the customer before making a crucial decision allows you to gauge the likelihood of succeeding in the venture. It also gives you a better understanding of the market forces and competitors. For instance, customers will mention the unique features in your competitor’s products… more


 
 
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