The newbies in every business are known for their desperation to
\nmake sales at all cost. But the truth is that no business is sustained by being
\ndesperate. It is the meticulous understanding of the industry and sector you’ve
\nchosen to operate in and the market that brings profitability, sustainability
\nand scalability.<\/p>\n
I can relate to the newbie desperation because it happened to me
\nin my early years in the accounting service industry. Just like most startups,
\nthere was this push to make sales even at cost price provided there is cash
\nflow.<\/p>\n
There is no substitution for understanding your industry as an
\nentrepreneur. It is a critical element in the life of every business.<\/p>\n
Tips on how to Understand Be Ready to Learn<\/strong><\/p>\n Having a natural ability, does not take the place of learning in Note: As an entrepreneur, you have to be ready to continually learn, The Ideal or Every entrepreneur has to fight the battle of ideal or minimum Determine Your Hello entrepreneur! It is not everyone that is your customer. Every Keep Proper Records You cannot grow your business without a defined system of Ask for Customer Feedback<\/strong><\/p>\n Criticism hits differently depending on who receives it. An Finally, understanding your industry\/sector has no close Understanding Your Industry …<\/p>\n","protected":false},"author":1175,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[366,328,348],"tags":[962,1061,1060,1059,1057,1058],"class_list":["post-39693","post","type-post","status-publish","format-standard","hentry","category-for-startups","category-how-to-start-a-business","category-operations","tag-brandbuilding","tag-buildingbusiness","tag-customerfedback","tag-relearn","tag-targetmarket","tag-unlearn"],"yoast_head":"\n
\nYour Industry<\/strong><\/p>\n
\nthe life of an entrepreneur. The business terrain is filled with twists and
\nturns and with the continuous improvement of technology, it is very important
\nthat you continuously learn about your industry so that your ideas don’t become
\nobsolete. It is like a man peddling bicycle up hill, he has to be intentional
\nin every act. There are free courses online even with the lean budget or no
\nbudget at all there is always a way out.<\/p>\n
\nunlearn and relearn. <\/p>\n
\nMinimum Range Philosophy<\/strong><\/p>\n
\nrange philosophy. We live in a society where the odds are stacked against an
\nentrepreneur especially at the startup phase. As the odds are stacked so are,
\nthe opportunities stacked for the eyes that can see and perceive. Yes, there is
\nan ideal situation for in fact, every entrepreneur that has the passion for the
\nofferings to the target market has got the minimum range for a start already. Once,
\nthe little at hand is well utilized, doors will be opened for greater things.
\nThe problem is the ability to win the battle of ideal or minimum range
\nphilosophy. The society itself is not ideal. Therefore, you have to make use of
\nthe minimum range of resources in your hands to sustain your idea beyond the
\nminimum range.<\/p>\n
\nTarget Market<\/strong><\/p>\n
\nsegment of the market requires a certain capacity to meet the needs of that
\nsegment. Hence, you have to define the segment you want to play in and try to
\nbecome a master in that segment. Remember, there are giants in every sector so
\nyou have to identify the gap in your sector where the giants are probably not
\nplaying in yet and plug that gap.<\/p>\n
\nof Transactions<\/strong><\/p>\n
\ntracking your progress and the application of lessons learnt in every
\ntransaction. Lessons can only be applied when proper records are kept especially
\nas it regards to financial activities since cash is the lifeblood of every
\nbusiness. In addition, if you keep proper records, you can develop a very
\nstrong database of customers for effective and efficient marketing resulting in
\nincreased volume of sales.<\/p>\n
\nemployee might not attach any emotion to customer’s negative feedback but the
\nbusiness owner sometimes take it to heart. The purpose of feedback is to help
\nan entrepreneur continually improve his\/her products and services. Customer
\nfeedback should also be used as a learning tool and if implemented it can keep
\nexisting customers and attract potential customers.<\/p>\n
\nsubstitute no matter the amount of resources at the disposal of an
\nentrepreneur. It is an ongoing exercise to help businesses meet customers’ needs, increase sales volume, create more niches and beat competition.<\/p>\n","protected":false},"excerpt":{"rendered":"