We have also completed our series of articles on Starting A Small Business and on Growing Your Business, and the links provided will take you to the first articles of those series if you missed them.
In this week’s article, we are (hopefully) going to recognise that your business has reached the mature stage in its life cycle, and look to renew the cycle before it drips into the next stage, which is the stage of decline!
But first, let’s refresh our memories to talk about the four stages of the business life cycle: –
Those of you who have been following me or have undertaken my online courses know that I have worked as a Business Consultant and Coach to small business owners all over the world for the last 30 years. I have studied in Business Schools and undertaken all kinds of business and finance courses, but this practical experience has given me the unique opportunity to see what works, and what doesn’t. It has allowed me to study success, and to tease out the habits, formulae, and steps to create a truly great business.
I have distilled the 5 personal changes anyone who wants to be a highly successful entrepreneur needs to make. Why make your own mistakes to learn from, when you can painlessly follow these 5 necessities that have been worked out from real-world experience?
This is the fifth personal change that you need to make to become a highly successful entrepreneur. If you have missed out on my earlier blog posts on the first 4 changes you need to make, get over to my website at teikoh.com to catch up.
This is part 4 of a 5 part series on the personal changes you need to make to become a highly successful entrepreneur.
These are the “habits” that I have distilled from highly successful entrepreneurs that I have had the privilege of working with, from all over the world, over the last 30 years of my career as a business consultant. Success doesn’t just happen – successful people do things in a certain way and I have found that if you can systematise what they do, you can reconstruct what they do.
If you missed parts 1, 2 and 3, go to my website at https://teikoh.com to catch up and discover the first three personal changes you need to make to become a highly successful entrepreneur. This is about mind-set, and you need to change your mind-set in these particular ways to ensure success.
So let’s get to the fourth personal change you need to make to become a highly successful entrepreneur.
Have you ever wondered what it takes to become a highly successful entrepreneur?
I’m lucky because over the last 30 plus years, I have worked with people who have failed in business – as well as people who have created the most successful, sustainable and long-lived businesses, so I have been able to observe and learn.
While having a great business idea is essential, while being able to access capital is important, having watched the most successful entrepreneurs in action, I firmly believe that it is their mind-set that creates their success. I have studied my successful clients and I believe there are 5 fundamental personal changes that are required.
What are these 5 personal changes you need to make to become a highly successful entrepreneur?
It’s a tough world for small business out there right now. When you see global interest rates at record lows, you know the world economy ain’t exactly “booming”!
So if you own a small business and you see customers saving money and choosing wisely about how, where and when they spend their money, what can you do?
Well luckily we have three lessons we can learn from previous tough times.
The first lesson is how to cope with disruption. We know that whenever political, economic social, technological, legislative and environmental changes take place, old business models get disrupted. Take the old manufacturers of camera films – their business was being disrupted, so what did they do…or not do?
Then there’s the lesson about how people talking about you can carve a niche for your business. Early Apple computers became beloved by early-adopters because they “heard” so much about them.
Finally, what about the lesson from being able to provide customers with certainty. How many remember Coca Cola’s foray into “new” taste?
In a tough business world you have to innovate, stay relevant, and make sure people remember you – and you have to do it over and over again.
In a disrupted competitive market, small players can win if they offer a better customer experience.
Social media, depending on your small business, can be multiple times more effective than traditional advertising.
Find the right balance between flexibility and having established processes so that customers experience certainty, but also have a tailored experience.
Why don’t you go over to teikoh.com to check out more tips, tools, and resources to create powerful strategies, show leadership, and grow your business? Sign up by giving me your name and email and I’ll send these free ideas to your inbox every week. And trust me – I hate spam so I will never trade your details to anyone else!
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