Photo by Bram Naus on Unsplash
While it can be said that not everyone is an entrepreneur, that doesn’t mean you can’t at least think and communicate like one. In this post, we are sharing five entrepreneurial mindsets that you can adapt for your business today.
1) Find a new market for an existing product
When it comes to growing your market share, one of the ways to do this is to find a new market for an existing product. This involves doing research in studying consumer behavior and buying trends to figure out where and how to expand your market. Pay attention to the needs of your consumers and segment them accordingly. By doing this, you might find a segment that you never considered before.
Not only will this increase your market share, but this will also appeal to different segments by giving them a product they never knew they needed. As a result, you will see an increase in sales and revenue, and happy customers to boot!
2) Network to communicate with your customers and build personal connection
Networking is probably the most common communication strategy that you can use to build up your clientele. Entrepreneurs do this as one of the main tactics to build personal connections for business. For anyone looking to implement this, start by attending industry mixers to meet people in the industry you work for. When at an event, make sure to focus on quality not quantity when building relationships.
However, make sure your networking efforts are getting put to good use. For one, make sure you are measuring the return on investment you are getting from your networking efforts. You want to ensure that the time, money, and energy you are spending equates to some new business. Additionally, you want to give something of value when making personal connections instead of just asking for something. Make your engagement a win-win for both parties to make sure the connection becomes a relationship.
3) Keep control of your vision with proper communication
As an entrepreneur, it’s hard to keep control of your vision the bigger your company gets and the more people that you hire. That said, it’s important to keep this vision intact and communicate it along to your executive team. A communication strategy must be put in place to ensure that it trickles down the organization in order to reach everyone. Employees are made aware of what the company is and what it wants to accomplish at the core without losing sight of the vision.
In order to skillfully execute this, make sure that employees are given proper messaging and training when they start at the company. In no time, they should be fluent on who the company is, its pillars for success, and its value proposition in the marketplace. Make these resources available to make sure that employees can easily reference them if they ever have to apply the messaging. By focusing on a communication strategy and personally connecting with everyone . in your organization, your vision will stay strong and achievable.
4) Understand the power of brand and communicating it internally and externally
A brand can take on one of two forms, a personal brand or a business brand. Successful entrepreneurs take the time to develop and communicate both. Take the time to take inventory to develop your personal brand, especially if you are the CEO of your own company. Make sure this translates to your digital social media profiles, as this is where people will be mostly interacting with you. Ask yourself how you want your digital-first impression to be and work towards that by creating content that mimics that.
On the other hand, the same must be done for your company. You need to make sure you have a strong value proposition and messaging so people get a sense of what you do and why they should care. You need to make sure all elements of your brand—content, design, and social—are representative of this value proposition. The more consistency you have, the better prospective customers will respond to you.
Both your personal brand and business brand must be internally and externally communicated to connect with and retain both employees and customers.
5) Focus your energy on what’s good for the business
Entrepreneurs make hundreds of business decisions a day. Each decision must be made with careful consideration to make sure that it’s the right one for the business. And not every opportunity you get will necessarily be the best for your business. You need to give discretion on what will be good and what won’t for the business. Often times, this comes down to instinct.
Business owners need to make sure their energy is focused on what matters most for their businesses, not take attention away from the vision. Go with your gut on what feels right, as this is often the right move to make. Most of the time, you thank yourself for doing so.
While we can’t all be entrepreneurs, we can certainly apply some of the same mindsets to our own businesses and lives. Before you know it, you yourself might be thinking like an entrepreneur for your own business.