A Timely Reminders for Entrepreneurs
Entrepreneurship is time and labour-intensive. It is a complex act of creating a business, developing and managing it to generate profits. It is way more than just an idea.
Entrepreneurship involves individuals from all parts of the work ecosystem, using the best tools and skills, to work together to achieve the ultimate goal of making a it happen.
The word "Entrepreneurship" is actually the beginning of much bigger words like A.I., Blockchain, Automation, Data, Digital Transformation Singapore, etc.
Now, you’re probably feeling like a thin piece of paper about to be engulfed by the raging flames. But fret not, let’s break it down into a simple basketball game!
Pass The Ball
You are in the court and your opponents are on all sides. It is going to be an intense game but remember, you are not alone.
Entrepreneurship, like basketball, is not a one-man show.
To run a business, you need more than just you, an individual.
The court is your market and the players are your resources. You have to leverage well on them to overcome whatever your opponents throw at you. You need to know how to manage your people to their full potential and to use your assets to their best capacity.
In a typical business, you will have a leader by the name of a CEO and the different positions (departments); finance, marketing, operations, etc. Unless you are a superhero, it is almost impossible for you to handle all the tasks by yourself and that is where your people management comes into play.
Let your team members be part of the operations and allow them to shine! Create a dream team and entrust them to work their magic with you giving some advices as and when needed.
Time is such a valuable commodity especially for a start-up; act quick and stay ahead of others. It's not ‘me’ against the competitor but ‘us’ against them. So yes, pass the ball!
Show Your Best Tactics
It’s match point. You are standing clear for the hoop and the ball is in your possession. You have two choices: to shoot the goal or to let your opponent intercept the ball. What will you do?
Offense may sometimes be the best defense.
In your entrepreneurship journey, you need to know how to sell your product or service. You may have the best product in the world but if you are not selling it, you will not score (make profits).
Good marketing is essential for your business to strive. Marketing is your voice and you have to be heard. It creates brand awareness and that is the first step to turning your potential customers into real buyers.
And like all communication, it has to be two-way.
Customers, likewise, want to be listened to and therefore, you need to prove that your business considers for them and your product is the proof. Show off your product and sell its value to your customers. In addition, marketing builds a relationship and like all of them, commitment is important; to build trust and loyalty.
Good marketing differentiates you from your competitors and makes your customers stay. Your market is competitive so make your stand, gain a competitive advantage over others and be the market leader.
EDM Marketing, facebook advertising, Google ads, etc.; marketing costs money but always remember that it is a long term investment. You did not train for nothing and sometimes all it takes is to make sure people know about your best moves, before the 3-pointer can be in.
Review The Game
Ball is in and the game is over. Will you simply just celebrate your win or will you choose to learn something more than just victory? It is often easily overlooked but reviewing the game is crucial.
You need to know what went well and what could have been done better. And the same goes for entrepreneurship. The market is constantly changing and it is important for your business to grow. Do not be complacent.
Reevaluate and analyse the past progress of your business and learn from the experience. Know your strengths, celebrate them and develop them to be your competitive edge against your competitors. Understand your weaknesses, learn from them and strengthen them.
As the common saying goes, ‘history always repeats itself’.
You certainly do not want to make the same mistake again in your business and be at the wrong side of the history.
After every "big game", review the game and aim for a better score in the future.
Entrepreneurship is like a game of basketball. A tactical strategy is needed to develop your business and to stay competitive against others. So work out your game plan and let the game begins!
Tip: Do not forget to acknowledge your opponent (sometimes) for the good game regardless of the results. Respect is afterall earned in sportsmanship and entrepreneurship.