By Telford Aduda
The only way to measure success as an entrepreneur is to measure whether your business has achieved its intended purpose. To achieve your goals, you need to make good decisions. Good decisions are based on your priorities as an entrepreneur. To be successful, you need to have a solid philosophy that serves as a foundation for your daily decisions. To avoid the risk of your business falling apart, your decisions should be based on the following priorities;
In an entrepreneurial journey, innovation is always the priority and usually the first thing to make an appearance during the brainstorming phase. It must be kept at the forefront of your mind during the entire course of business development. Without innovation, there is nothing to distinguish your business from other competitors. Innovation does not entirely mean that you are creating a new idea, it can also involves taking an older model and updating it for a new environment or even combining previous ideas together to come up with one better idea. You have to be able to increase your uniqueness in the field
All entrepreneurs get into business with monetary desires, which is always the driving factor. The problem comes in when an entrepreneur loses sight of the importance of profitability in favor of growing the business. Profitability (benefit) should always come first, then growth can follow. You should not channel all the incoming revenue toward purchasing new equipment or hiring new staff, focus on sustainability. Even if you start business for non-monetary reasons, profitability is still key. Without profit, you cannot improve your business, sustain yourself or invest in your own future. If you want to succeed as an entrepreneur, do not abandoned your focus on profitability.
This is always the ultimate financial priority in a business. It is a read of how much money you currently have and how that money is going to change in the near future. Managing your cash is important to ensure that all your bills are paid on time. Remember that profitability is not always the measure, some businesses have run out of cash and closed up shop even though they appear profitable on paper. You have to put measures in place to monitor your cash flow. Before making any major financial decisions, think critically about your in-hand cash and then implement procedural stopgaps that help your cash stay positive. For example, you can delay payments of bills and run credit checks on your customers to avoid non-payment issues.
The term culture is used to refer to the way people live and run day to day operations, interactions on both interpersonal and group levels and their social hierarchy. Every organization has a culture (a special way of how things are done). The culture of your business is what is going to keep your team working hard. Instituting a series of cultural changes, such as stricter scheduling rules and more bureaucratic processes might do more harm to your company’s morale than good. Before you act, think carefully about the cultural impact of your actions.
Most of the successful people at the moment did not just wake up one day and find themselves successful, they kept improving their lives day by day until they became who they are. In this ever changing world, business, customers and economies never stay the same for long. As an entrepreneur, you need to work hard to gradually adopt your business to the new circumstances. As you gain more experience as an entrepreneur, you must learn to make significant and steady improvements in your products, services, infrastructure, processes, branding, and marketing.