The general consensus is that an entrepreneur is in business to make money. However most will possess a genuine love for the industry that they find themselves working in and the business to some extent will have found them. Entrepreneurs have to ‘like’ their business because they need to show passion and drive on a daily basis. That desire would be hollow, shallow and clearly transparent if it was not genuine.
This is a subject that I discuss in my book ‘Drive like a Real Entrepreneur’, which is available to purchase via my shop.
So while you may be interested to know that as an entrepreneur, loving your business is important, the subject of todays blog post post seeks to answer the simple question: What industries do entrepreneurs like most and wish to be in? This not an easy question to answer, but hopefully you'll enjoy reading some of my thoughts. This can clearly be segmented into two areas, the type and the model.
• Those businesses that engage new technology; this does not mean launching nor inventing the new technology but rather using it. The mobile devices that are around now can easily turn any ordinary function in to an extremely useful role.
For example; ordering your food at a restaurant via an ipad means; -The waiter can send the order to the kitchen so you get your food – very useful -To an automatic till so your bill is calculated accurately -To a central station so that systems monitor the demand for any product -To a central ordering platform so that stock is controlled -To accounts so that they know what the takings are This is across all restaurants in the chain. Reports and statistics can be automatically managed. This saves money, automates jobs and keeps tighter control. Apply this to your business
• Those business that have low barriers to entry; -low stockholding -low or no set up costs, such as employees or premises -access to customers via the internet at any time anywhere in the world.
• Annuity; by this we mean those businesses where the customer repeats annually or on a shorter timescale. The costs of putting on customers can be expensive and time consuming so once you have them on board, keep them.
• Based on time spent; you sell your expertise on time/ so your time needs to be valued and also considered valuable by the customer. So effectively while you may just fulfil a necessary need make sure that your customers see a value added.
There are many more types and models worth discussing, maybe you would like to share some of these with me on Twitter?
Next week I shall give you a conception of the Entrepreneur’s view of the election.