How do you become a top company in the market and how can you stand out from the competition? For the Entrepreneurial Mind, there is of course no magic formula for this.
It always depends on the personality of the founder, the business model, the timing and of course a bit of luck. With these tips, you can still help entrepreneurial success.
Orientate yourself to the best in your industry
Do you know the saying: It is greenest in the neighbor’s garden? You can apply the same to your business world: deal with which company is the most successful in your industry. What makes your competition better? There will always be someone who is better, faster and more successful. Instead of developing envy, you should try to get to know exactly these people.
Compile a list of the most successful companies in your industry and try to get in touch with the managing directors. The good thing: It’s often easier to reach the bosses than you think. They are also often more willing to cooperate than some employees. Orientate yourself upwards if you want to optimize your entrepreneurial success. Find out what the others are doing better and draw impulses for yourself.
Love your job
Imagine your whole life was a museum and every minute of your life is exhibited on the same scale as a museum. Work would have the largest share. That is one of the main tasks that fictional businessman Thomas Derale poses for his mentees in the book The Big Five for Life by John P. Strelecky. He tries to make it clear that work is the biggest part of our life so we should have fun and not just serve the purpose of earning money.
He is right because with joy and passion everything runs much easier in life. But there is only room for this if you are not already in a bad mood and demotivated to go to work. Having fun with things and being able to laugh at things this will make it easier for you as an Entrepreneurial Mind.
Networking is essential
Relationships only harm those who have none a true sentence. You should have a good overview of your industry. It not only helps to know the competition, good relationships with service providers or suppliers are also worth their weight in gold.
Therefore the tip: Network wherever and whenever you can attend events of the chambers of commerce and associations, go to business meetings, maintain contact with your business partners at every opportunity. It pays off.
It is not enough to have an idea and start a company with it. In order to be successful as a company in the long term, you have to remain creative and constantly develop. Many entrepreneurs are afraid of change and new things because of the additional costs involved. And since you never know beforehand whether an idea will pay off, most of them only remain beautiful concepts on paper.
Tips for entrepreneurial
Accordingly, innovations are less about “what” than “how”. Companies that have a clear focus and pursue projects with determination are more successful with their new products. It is noteworthy that there is no significant relationship between financial performance and creative implementation.
The success of the innovation does not depend on the amount of money invested in research and development. It is particularly important here that you work with talented and qualified people who combine different skills in a functioning team and thus carry the idea. Good process management is also a requirement.
Make your workforce the winning team
Your employees are the heart and engine of your company. Investments and bonus programs in favor of employees are always more worthwhile than spending on new machines. Here are three things that will help make your people a team:
Check-In & Check-Out: This measure is particularly suitable for smaller companies or start-ups. At the check-in and check-out, the start of work is discussed with all employees about upcoming projects. This has two advantages: The entrepreneur has a better overview and the employees can better support each other and see which gear they represent in the operational process.
Team events: You might think that team events are the new term for company outing. But not only the name but also the content is a little different. The difference: Team events in the start-ups often occur unplanned after work or because of a project success and take place in a relaxed atmosphere. You can also plan these regularly.
Be spontaneous and human you know it yourself: Of course there are situations in which everyone wishes not to have to sit in the office. For example at 30 degrees in the shade or when the Germany game is running at 6 p.m. Here you can collect sympathy points with small gestures. For example, give out a round of ice in the heat. Or, exceptionally, extend the lunch break to two hours. That provides motivation.
Of course, these are not the last word on entrepreneurial success. After all, every entrepreneur has to go his own way. Only those who actually embark on this path have a realistic chance of success. Orientate yourself to your successful competition and try to draw learning effects from it. What are the others doing better? As banal as it sounds: love your job. If you do what suits you and is fun, your inner attitude and motivation for everyday work will also change. Go for networks and try to get to know all the key players in your industry. Stay innovative and try to keep developing. Don’t rest on success.