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Entrepreneurs, who do you know in Indy?
It is debatable whether anyone is born an entrepreneur. It is entirely possible to become one with careful planning and good routines. Being an entrepreneur is not just about financial gain; a successful entrepreneur will want to influence and help their local community. Not everyone can become this sort of person; they need to be confident, bold and capable of taking risks when necessary. A true entrepreneur will be able to create their own success story even when starting with nothing. The following are essential steps that all budding entrepreneurs should follow:
You own way
To be successful it is essential to have a goal, something to aim for. A true entrepreneur will always keep this target in sight and will achieve it no matter what obstacles are placed in the way. It is essential to have self confidence and belief; to know that you will reach your target. One of the most important attributes to have to ensure this is possible is to not be afraid of failure but to embrace any setbacks and turn them into new projects and new ways of achieving the dream.
Beat the odds
It can be tough to make it in the world of business. There are a huge range of variables that can affect any business decision and change the course of a business at the drop of a hat. Careful planning will ensure that, no matter what the odds, you will be well prepared and should be able to take something good away from every encounter.
To be an entrepreneur you will need to be self-motivating and have a high level of energy. This will be essential when dealing with the challenges of creating a successful business. A belief in yourself and in the product you are selling will enable you to lead by example and show the business world what you are capable of.
No matter how good you are as an entrepreneur there will come a point when you will need assistance. The right mixture of professional and enthusiastic people will enable you to build your business rapidly and successfully. No matter how confident and capable you are it sometimes helps to have someone else there who can assist when there are issues beyond your standard remit.
The most important sign that you are successful is that you have customers! No business can mange without customers and you need to keep them at the forefront of your mind every day. Your product needs to cater to their specific need and you should have a business plan confirming the target market and how you will sell to them.
To be successful you will need to earn the respect of your peers and other businesses in the local community. The best way of achieving this is to have a strong code of ethics and morality and to make sure you always live by this code.
Attract your audience
The internet has opened up a global market place and many people will now look through the internet for the best deal. It is essential to know where your target audience is most likely to engage. Social media sites allow the option of reaching out to many people at once.
It is impossible to achieve anything in business without organizing your finances, time and productivity. Time management is exceptionally important and effective communication is vital to ensuring everyone knows what they are doing and when. If you are not organized then there will be many hours of productive time wasted.
Most entrepreneurs do not start with the sole goal of becoming rich. They create something because they have a love of the product or service and want to share it with others. Of course most start-up businesses have only limited funds and financial planning is essential to ensure the company has the funds to trade and become the success you dream of.
A competitive spirit is essential to stand a chance in the world of business. The ability to negotiate successfully will also be an additional skill which will be frequently utilized. There are many tricks to negotiating successfully but the most important one is to listen to the other party and try to help them achieve what they wanted. From this point you will be able to obtain what you need and the negotiation will be a win-win scenario.
By Davis Miller and TheGapPartnership.com!
Entrepreneurs can’t avoid negotiations, and that’s a fact they can’t omit.
Now that you’re established a company, hired employees and dealt with investors, it’s time to learn how to negotiate with them and help your start-up thrive. Experts agree that every entrepreneur should have a personal negotiating style. It’s important to set yourself apart from the competition because you want to people to see something different in you, something they can’t see in someone else.
Unfortunately, today’s business world is cutthroat. With the advent of the internet, only those that can value the power of social media will succeed. Having solid negotiation skills is fundamental for entrepreneurs; apart from dealing with investors and suppliers, you will be compelled to negotiate with customers and employees. It’s them you should convince that your start-up is worth checking out.
Company owners should want to be different. They should want to use strategies and employ ideas that nobody else has had the courage to adopt. They should also want to negotiate differently. Here are some unique tactics you might want to use to win people over.
Forget about money, focus on relationship
They say money is everything in business. Well, they’re wrong! Right now, social media is everything, and you don’t need a lot of money to market your company on Facebook as long as your ideas are catchy and insightful. When people see something they genuinely like, they will instantly want to share it on the Facebook/Twitter page with their peers. During a business negotiation with another important company in the same domain, it’s best to work on win-win agreements. “You help me, I help you; you scratch my back, I scratch yours” – this should be your motto.
Negotiate and be willing to accept a lower deal
Not every company would accept a bad deal, although if you’re a new start-up, you should get all the help you need. Let’s assume you’re a shoe company with little online exposure. What can you do to make your brand famous? Be ready to spend some money before seeing returns. Here’s a golden tip to help you make a profit: negotiate with fashion bloggers – fashion bloggers have thousands of fans, so sending them shoes for free and asking them to give you a tag can boost your sales.
Basically you’re losing a few hundred dollars to get more fans. But if these new fans will like your product, they’ll be more than happy to buy it. This is how most starting companies do business. They negotiate by agreeing to a deal where they have to pay in order to see returns.
Find leverage and use it wisely
Negotiations are not about exploiting a counterpart’s weakest points. Sometimes, they’re about using an advantage to get what you want, and maybe more. Having leverage can instantly help your business thrive. If your new start-up offers something unique (let’s keep the shoe company model and assume you manufacture shoes with removable heels in different colors and shapes), this means the entity you’re negotiating with will want to have it.
And since there aren’t many shoe companies out there to offer women shoes with removable heels, this means you have leverage. Use that advantage to your favor, but try not to seem greedy. Work on a deal that can bring you benefits, but maintain a professional relationship with your opponent as well.
Don’t assume win-win deals are for losers
Sadly, many business people think that win-win deals are for losers. It’s because they assume you’re negotiating for nothing, so what’s the point of doing it in the first place if the end result is a 50/50 offer? Now let’s look at the bright side. Mutual agreements foster professional relationships; apart from building connections you have high chances of doing business with those people again. In business, relationships are fundamental. They’re necessary for your company’s success, although if you’re not being careful they can also destroy you.
If you’re an avid entrepreneur who dreads negotiations, you should consider a few negotiation trainingsessions. The internet is your oyster; search for seminars, watch tutorials with professional business people, or subscribe for a complete training assembly. The secret to mastering negotiations is to find the courage to speak up; as long as you can do that, in time all your fears and emotions will fade away.