Some Strategies by Successful Entrepreneurs 02

1. Using Microscope and Telescope

It is kind of a necessity for an entrepreneur to have a microscope and telescope at the same time (Alex McMillan 2003). An entrepreneur should really have a steam ahead is the one that can learn from the past and also see good in the future – which means being a person who is very flexible and takes many different perspectives before coming to decisions. The long-term strategist and visionary is blended with the practical, active person.

2. Be Decisive - but Explore all Options

One must learn in business how to wait and be patient. It is good to take most the available opportunities but not all opportunities are to be taken. For a successful business he/she must spend much time before taking a decision.

3. Be Flexible – for a Wider and Multiple perspective

For a successful business, trying different approaches are also sometimes key for success. Looking the challenges from a different point of view often produces ideas. Giving everyone in the organization an equal chance to have their say –brainstorming – can be one way for having multiple ideas for the successful business.

4. Always have a PLAN B

Sometimes just thinking ahead is not enough for a successful business person. Another commonality among the successful entrepreneurs is having a plan B for their business. So, often when their competitors think that they have caught them out they would show that they had made emergency plans for exactly that kind of situation.

5. Spread the Word and Moving Fast

The most effective, reliable and cheapest marketing is the word of mouth and personal recommendation. People who are buying on recommendations are also less likely to bargain on price as they are almost already convinced of quality and service of the product and/or service. Also it requires to move fast, as business is always about deadlines and meeting them is critical for success and a good impression on the customers. We know that Microsoft has spent years developing and improving an operating system for common use. Although in the earlier version there were some bugs but it still offered more than its competitors, which shows their commitment of moving fast and getting feedback from the customers which lead to enhancements.

6. Keep things Simple and Keeping the Strengths

It is also a responsibility of an entrepreneur to keep the operations of the business simple for everyone working in the organization so that they might not feel that structure or working of the organization is something like extraordinary for them (especially when the firm is growing, so to minimize the internal turmoil in the firm) and must consider people and the working staff as their main strength as it is people who are the real assets and strength of the organization. Other than that the business owner must also look not only to makes the materialistic strengths more powerful but also try to look deeply into the business operations and minimizing the weaknesses.