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According to statistics, 80% of startups fail. This is due to mismanagement and poor planning at the early stages of a business. As an entrepreneur, how do you learn to go about this?
There are four key principles to make a business grow. You can apply these as a part of your business decision making and work ethic to increase your chances of success. This is what you need to do.
In This Post:
Stand out from Among Competition
It is essential for any business to stand out from its competitors. In almost any business niche, you can find that those who are successful set themselves apart from the rest. An example would be seen in the home entertainment industry. During the popularity of VCD and DVD movie rentals, Netflix set themselves apart by offering monthly subscription services on a library of movies and TV series. They became a trendsetter in their own industry, which makes them a big home entertainment giant at present. Know what you can do to set apart your business from the rest.
Be Reliable at All Times
Reliability is something that any company cannot do away with. People want consistency in the quality of your product or service. That’s what turns first-time customers into repeat customers later on. Walmart is an example of this consistent delivery of quality. McDonald’s is an example of giving consistent quality. In every store, the fast food chain attempts to uphold the same type of food items consistently in a certain country. There is one supplier of meat, bun, and fries. People can rely on buying food from McDonald’s, expecting them to be of the same quality almost every time.
Be Open to Your Customers
Integrity is also a key component to any business’ success. Ever wonder why big-time corporations rise then suddenly crash all of a sudden? This is because of the lack of integrity between the people inside the company and how they project themselves to the consumers. Start right in your business by being completely open to your policies, and do no harm. Open your communication lines with the customers and make an effort to build relationships with them. Robar Boring Contractors, for example, builds relationships with their customers as they strive to improve client satisfaction.
Have a Cause That Extends Beyond Profit
A true business that helps the community does not only exist for profit but also contributes to the society as a whole. Maybe you may not be thinking about giving back right away. However, you should always be looking to find ways to be more socially and environmentally responsible in your decision-making.
Remembering these four key principles will lead to pure success. Pure success does not always mean your business is set towards making fast cash or even having the perfect model. It means that aside from your financial success, your business shows itself to live out its true values.
