Entrepreneur

Defining ideas, plans and goals for the organisation.

You must come up with strategies to develop your business and make it a success. You will set goals – long-term and short-term – to work towards, so your company continues to grow and achieve its intended goal.

Example: If you have set a monthly target for your sales, you will have to make a plan – how much will you invest for it, how many people you would need working on this target, what resources you will have to use, etc – to make sure that you achieve your goal.

Getting investments for your company.

Most entrepreneurs start their business with just an idea and no finance to back it up. It is your responsibility to get the necessary capital to run your company. You will have to meet with investors, pitch your idea/product to them, and explain to them why it is profitable for them to invest in your brand.

Example: If you’re an amazing cook but don’t have the money to open your own restaurant,  you would look for someone who believes in you and is willing to invest in your restaurant. They will fund the restaurant, while you keep the business afloat.

Keeping a watch on the market.

You will have to keep a close eye on the market to detect any changes in the demand, supply, or the policies of the industry to ensure that your company is not affected by any sudden changes. You should also be prepared to change up your processes to incorporate any changes that take place.

Example: If you’re running a restaurant, you would notice that most people today look for healthy alternatives. Knowing this, you would make sure to include a section in your menu that offers baked or roasted items. This way, you don’t lose out on customers.

Creating employment opportunities.

You cannot do everything on your own; you will need to hire talent to help you with your company. For this, you will first need to understand what processes and operations you need help with, and then look to hire suitable talent for those roles.

Example: If you’re looking for someone to join your sales team, you will first have to understand what you expect of this person. Once you know what you want from them, it will become easier for you to hire someone on the basis of their skill or past experience.

Leading your team.

You are the captain of the ship and must set goals, and motivate your team to achieve them. You will have to help your team grow by giving them constructive feedback on their work, and support ideas they come up with. Your team will be able to work better if they know they have an efficient and trustworthy leader.

Example: If one of your team members makes a mistake, don’t just apprehend them for it; take the time to help them see where they went wrong and show them how they can do better.

Maintaining relations with customers and clients.

To any business, customers and clients are a top priority. You need to maintain good relations with them, and ensure they are happy with the service you provide. You must make sure that you address and resolve any issues they face with the company, and keep them updated with the latest developments you introduce.

Example: If you’re running an online store, and you receive feedback from a customer about a lack of variety in sizes, you must ensure that you incorporate that request into your products to make the customer feel valued and trust your brand.

Collaborating with like-minded businesses.

Entrepreneurs constantly look to grow their business to reach out to as many people as possible. While you can do this by yourself in due time, you should also be open to collaborating with people in the same line of business.

Example: If you’re running a blog about lifestyle, you could collaborate with a food blog that provides healthy food recipes, or a fitness blog that helps people lead a healthier life. You could work on a post or a campaign together and double your reach.

Keeping track of your progress.

As someone running a business, you would set annual targets for your business. To ensure that you stay on the right track, you would have to make periodical – weekly, monthly, quarterly – checks, so you know at what pace your organisation is progressing, and which areas need more attention. These checks will help you figure out what works best with your audience, so you can put in more resources there and ultimately meet your end goal.

Example: If you’re running a blog and you set an annual objective of getting a thousand followers, you must keep a track of how many followers you have gained on a weekly or monthly basis. This will help you understand which of your posts – articles, videos, etc. – brought in the most engagement and followers so you can do more of those to achieve your goal.

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