How to Succeed as an Entrepreneur

Chess Pieces Succeed as an Entrepreneur

As an entrepreneur, if you want to be successful in business then you need to learn and understand the one truth that all major companies understand: the true purpose of business.

Business is an institution much like government and education, except that business is unique in the fact that it overlaps in all areas. The reason why is because business is fundamentally an institution of service. Business is all about satisfying the needs and wants of consumers, and the largest businesses are the ones that are the greatest servants to society.

Consider how Coca-Cola provides a product, service, and experience to almost the entire world. Coca-Cola actually modifies its products to suit the tastes of individual regions and countries. Why? Because they are customer service orientated, since being a better servant to consumers is good business.

All highly successful companies understand this truth, which is why topics like Researching Your Target Audience, Customer Relationship Management (CRM), and Creating Shared Value are such hot topics in the business world.

Service = Money

Consider a typical job: you are paid for your service to your employer. Now consider a business: they are paid for their service to consumers. The wealthiest businesses in the world are the ones that are the greatest servants to society, because people are willing to exchange their money (which has value) for a product or service they consider valuable.

Rather than being about providing "just a service," it is about providing a valued service. The highest paid employees of a company are the ones whose skills are the most highly valued. The companies who make the most money are those who provide products and services that are either widely valued (breadth) or highly valued (depth).

If you want to succeed as an entrepreneur, then you need to learn to be successful at satisfying customer wants and desires. This statement is why Researching Your Target Audience is so important. If you try to deliver your product or service to someone who does not want or need it, then they will not buy. In addition, undesired advertisements and sales pitches can do more harm than good.

The Biggest Mistake Entrepreneurs Make

The biggest mistake entrepreneurs make is focusing on their own personal needs and wants. They want to make money, and they want to be successful, so they attempt to push their product onto others who are not interested. This mistake results in no one buying, and creates a negative perception of the entrepreneur's young brand.

The typical beginning entrepreneur mindset is "I will try to sell to everyone." They try to cast their fishing net wide in order to catch the few good fish in with all the bad. Selling with no understanding of who your interested audience is or what they want is no different than gambling. In addition, it is a waste of both the entrepreneur's time and the uninterested consumers.

Succeed as an Entrepreneur

Customers are the life of a business. Without customers, no business can survive. However, many businesses now recognize that repeat business is essential to succeed in this increasingly competitive world.

Anyone who wants to succeed as an entrepreneur must satisfy the needs and wants of interested customers, and then continue to satisfying those needs and wants. In the business world, this is called Customer Relationship Management (CRM), and it is becoming increasingly important the more competitive the world becomes.

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