As you are aware each week I am writing a blog post, based primarily on the behaviour of entrepreneurs. As well as commenting on the behaviour that is required to be a successful entrepreneur, I have also been highlighting their key character traits, focusing on what it is that makes them successful (something I investigate further throughout my book, available here). It's worth assessing and interpreting what entrepreneurs are generally doing today (to make them successful).
How do they: • make their businesses operate profitably • become successful and take their business to that next platform • seek new opportunities and follow
It cannot be underestimated that an entrepreneur is responsible for his/her own livelihood and of course that of others who work with and for him/her, so their success has to be linked with integrity and a clear perception of the future.
So to make their businesses successful they have to understand the exact marketplace in which they operate and also, most importantly price the products accordingly. This should at least allow some critical mass to accrue to their business to allow the entrepreneur to create a business of value.
Having achieved this say, in the first 18 months of operation the question to be answered at this stage is then to what level can the entrepreneur take the business to and how? The answer is not always new products nor new markets, it may just be more of the same adding business to create a force and competitive edge in the geographical area in which they operate or the industry.
The key to any business is to seek opportunities. A number of people you may speak to would say what can I invent? There is everything anyone would want already out there. To do so, you need to be at the forefront of technological development or throw huge resource to a problem. Well, this is not so. What about thinking about a core service that is currently available or an industry that is popular, such as the music industry and matching that or a facet of it to the internet. Matching a service to a new channel of communication must be a winner!
In business there are similarities across the whole world, just different markets arising from the differing cultures. Churchill said famously that ‘the British and the Americans are one people separated only by a common language’. Though they do have different buying policies, you will find that Americans are easily sold to and buy as a result, the British buy when they have a need to fulfil. The American market is almost 10 times that in Britain. Take from these words what you wish to, but do not think that a product being marketed successfully in the UK will automatically transfer worldwide. It will not, without careful thought.
Next week I shall be sharing a blog on: '5 Signs You're An Entrepreneur'.