To start a new venture is one of the most challenging and rewarding thing you will ever do. Today most entrepreneur focus on innovative and more improved product in order to build a great business, they invest their money in great marketing campaign.
However, according to the father of business “Peter Drucker, “Purpose of business is to create customers. You may have check Site like Backpage for proper understanding regarding this. The reality is most concepts aren’t well worth the paper they’re written on. The brilliance is sometimes within the execution of plan, a thought, a concept, a plan, and an inspiration and not within the idea itself. So actually what it takes to build a business of your dream, I am not going to say that it would be easy but it is going to be worth it.
Here are some practical tips to build a great business of your dream
1. Become a great leader
The most important key factor in any business is a leadership. Without having a great leadership quality in you, you cannot build a great business. As a leader your ability to take charge, to make hard decisions, accept responsibility and to lead effectively, can have the greatest impact on the success of your business than any other factor. In tough times a great leader not sees for only survival. He still focuses on his customers, he pays attention to quality, and he invests his times in innovation. Berkshire Hathaway is among world’s biggest public companies because he has a great leader, “Warren Buffet”. Warren Buffet is considered the greatest investor and businessman on the planet. He is leading his company so well so that his company is in this position.
2. Hire effective and efficient people
If company is totally dependent on leader’s time, ideas, his energy, his health, then investors and customers are at risk. This was a real problem for Apple when news of Steve Job’s health problems leaked out. The stock price swung with public opinion about his prognosis. It was not until his team could demonstrate growth in his absence that Apple proved to stockholders that the company’s genius wasn’t entirely dependent on one remarkable person. As a great leader first make sure that you have the right people on your team before even creating the strategic direction of the company, and then determine if the employees are in the right position. If an employee isn’t succeeding in his role, the problem may not be that he is bad fit for the company. Instead, it could be that their role doesn’t play to his strengths and he is simply in the wrong position.
3. Make a great business plan
When you have a team of great people. You can make a great business plan with them. In offering make sure offer what people want to buy, not just what you want to sell. From starting to end, you and your team must research your potential market. You have to decide your revenue stream, your cost structure, value proposition, marketing of your product; also you have to focus on customer retention.
4. Confront the brutal facts
In every business there is always a problem when a problem arises, some choose to hide from the problem. But as a great leader you have to take that problem head on and not be afraid to make a change. A great leader is not afraid to listen to the data and to what his consumers are telling him. Once he is aware of a problem or a growing consumer trend, he acts quickly. He is willing to pivot the company to better fit his customers’ needs. American business consultant and the author of Good to Great discovered this concept. Every entrepreneur must read Good to Great. It is among the greatest business book.
5. Stay disciplined
Create a culture of discipline in which you need disciplined people with disciplined thought and action. Try to operate your business with discipline and consistency. Once you figure out what your framework is, you need to stay focused and stick to it. However, “Stop doing” lists are more important and necessary than “to do” lists to start a good business.
6. Build great customer experience
The golden rule for every businessman is this- “put yourself in you customer’s place.” We can explain secret of any great business success in a single sentence: “make your customers happy.”
After creating great experience to your customers you should focus on customer retention. Customer is a king of any business. Customers are key to your business success. Just keep in mind it is easier to keep your customers happy than attract new ones. Try to focus on your key customers and ask yourself how you can retain them and give them best experience.
So in order to build a great business first thing is that you need to focus on your self-improvement. You need to focus on your mind-set to be a leader. Then try to hire a great team so that with them you can make a plan for your business and always be in disciplined and find the all of your company’s brutal facts and find a solution for them. In addition you should focus on your customers.