Small business entrepreneurship is the art of creating, innovating and taking risks to turn an idea into an opportunity which brings income. The amount one invest’s in an idea or business determines the size of the business intended.
When we talk about small business entrepreneurship, we are talking about a business idea or an establishment which starts small and grow’s big. In the today’s world, there are so many companies which recruit thousands of staffs to work for them. These companies when started were not as big as they are today, some started in a one room apartment, some by hawking and retailing small businesses on the street, etc. they grew from small to a multi-million dollar company. Starting small and growing big is one good characteristic every entrepreneur must have. When you start small and grow big it helps you to learn how to manage risks as it comes, but when you start big you may find it difficult managing big risks that you don’t understand and this alone has destroyed so many startups.
How can one start a successful small business and grow it into a multi-million dollar company? This is one very good question a lot of people do ask and below I will be discussing few things one needs to consider and put into action in order to achieve this.
DEFINITION OF PURPOSE:
No matter the type of business you wish to start, it is very important to understand that everything in life has its own principles, a pathway to success, and the first thing is a definition of your desire, your purpose.
Defining your purpose helps you to understand what you really want, whether you want only money or you want to grow a future. Don’t enter a business solely because of money but instead add value by providing a solution to a problem, an answer to a question, an easier way to work, a faster way of doing something.
Facebook is a classic example, they wanted a platform where people across companies can socialize in one place.
Microsoft wanted every average person to be able to easily own and use a computer.
Uber found an easier way to transport human beings and goods from one place to another.
Airbnb made it easier to travel and sleep comfortably.
Ford wanted the average family to drive a car.
LG makes it easier and convenient to acquire electronics
What do you stand for, what is your purpose in doing your business, what do you want to be known for? All these are very important questions you need to ask yourself before starting any business.
Set an objective for yourself based on where you see yourself in a few years from now (from 2 -15years). And make sure your objectives are simple and achievable. Don’t plan for what is beyond your strength, but no matter the giantness of your dream always believe you can achieve them all, just start small and before you know it, you will grow big.
Make sure that your business objectives amongst others must cover these areas; profitability, productivity, customer services, growth, core values, cash flow management, employee retention, etc.
Planning is the key to a successful business when you plan it helps set and stick to your goals. It allows you to use and create time for what you desire and focus on what will get you there.
Good planning gives you freedom because it puts you in the driver’s seat, it allows you to work deliberately being clear on your message and purposes in life.
When you plan and don’t discipline yourself then you have not done anything because here work done is zero. Self-discipline is a key factor for every entrepreneur. When you discipline yourself, you learn to live a fulfilled life. A life where you get results and things works out accordingly as you planned.
Talking about self-discipline, just imagine somebody who starts a foodstuff retail business, while running the business, he or she ends up every month eating more than 50% of his market, such person can’t achieve results, or maybe you start a coaching or consultancy or retail business and the time customers are in your office waiting for you, you’re busy either sleeping or taking your baths.
When you discipline yourself, it helps your body to adjust to business circumstances or conditions.
· FIND A BUSINESS SUPPORTING ENVIRONMENT:
Every business has its own right environment and this information alone can help you become successful in growing your small business into a multi-million dollar company within less than three years if fully utilized.
When you want to start any business, it is very important to find the right environment for your business so that your establishment can grow healthy. But most question small entrepreneurs do ask is how do one find the right environment?
Finding the right environment is very easy and simple, all you need to do is to define your customers, who are those that will patronize you? Where can you find them? How do you render your services to them?. If you can get all this correctly answered, then, you’re on the right track.
KNOW YOUR COMPETITORS:
I have noticed that most companies that neglect competitors they lack professionalism and at times end up not improving themselves or their product. It is only few that grows and follow current trends.
As a businessman, you must know your competitors, understand how they run their business and why people prefer them to you. This information will help you become creative in bringing a favorable marketing solution to your business.