6 Things to have and to note in driving a successful business
Passion: Passion is a strong feeling or mindset to do something, with the willingness or desire to constantly improve from lessons learnt. The moment you find your passion to do something, that moment you can then tell yourself you are ready, because quite frankly, there will be ups and downs, but how determined you are to continue, using learnings learnt from mistakes or failures to improve on the business will make sure continuity in that business.
Knowledge of the business: Understanding and having a good knowledge of your products is very important. I remember my bank training right before we hit the streets to sell the products of the bank to meet up my target, the trainer said, for one to be successful in marketing, you need to know your products. The trainer could not have emphasized on it any better, that knowing your product is key. To be a successful entrepreneur you need to know the products of your business and know what exactly is unique about your product or services to have an advantage over competitors.
Know your competition: After my bank training was over, I had to get more information on similar products from other well-known banks seen as competitors and compared their corporate banking packages and benefits to that of FCMB. There is always a slight difference in the various offers within competitors, all you need to do is compare and make use of the difference to gain more market presence.
Create a niche and know your target market: My bank training at FCMB, was on Business Banking products, and so my target market was corporate organizations. If you were to start a fashion designing business for instance, you need to find who your target customers are, either making bridals gowns for wedding occasions so you are known for that, or decide to make clothing that will cut across to everyone, which is the trending ready to wear, but yet the niche might be with the use of certain fabrics such as Ankara mostly women fashion now, or Atiku for the men’s fashion, something to know your business for and what makes you different from others.
Risk assessment: Every business needs this assessment to know how to mitigate the various risks that may occur in the cause of running a business. It is very important to conduct a risk assessment on the kind of business to venture into such as availability of the resources needed for your business, to avoid scarcity. Hence learn to find, analyze and check all possible risk. You can use SWOT analysis as discussed in my second and fourth post.
Patience: Lastly we all need patience. Success is a gradual process and you would need a lot of patience to embark on a business journey. The most important thing is that you have the drive, which will definitely keep you going. Kevin Hart is one comedian I really admire a lot, his success story is one to gain inspiration from. From selling shoes, he immediately realized he had passion for telling jokes and making people laugh. He started by performing at an open mic, until he got his discovery. Today he is an Actor, writer and recently invented an app which is exclusive and first ever comedy app called Laugh out Loud.
I made a request on Instagram, to know what the word “Passion” means, and asked that anyone attempting should also add what they are now passionate about. All entries will close by noon on the 1st of September 2017. The winner will be featured on my blog.
So feel free to visit my Instagram page @cutedumsy, follow and take part.
Thank you for reading.