Not every business that is started succeeds. Many of them falter and close down. Some businesses which are started with ample capital and resources don’t do well. Certain businesses which are on shaky ground when they are started, pickup and do well.
A small business started with limited resources cannot cater to all markets. So focus on a specific, specialized market. As you get along you would become an expert in the field. Do what you can do best. Catering to specialized needs, you will be facing less competition.
A small business will have both advantages and disadvantages over a large business. You might find it unnerving to take on big competitors. One of the advantages of a small business is that you can give personalized service to your customers. It is possible to respond immediately to any problem.
As a small business cannot afford expensive advertising, you may have to depend on your existing clients to refer you to potential customers. Building up a good reputation is very important.
It is possible to make, tailor made products for your customers. You can give personalized attention to their needs and fulfill them. Impress upon the customer that you are giving utmost attention to their needs. Once you establish a rapport with the customer, they will desist moving towards your competitors.
Innovation is also very important. Keep abreast of technological advances, incorporate them in your product.
Any entrepreneur will have to be open to new ideas and quick to adapt them. You have to be self confident and be able to sort out problems as and when they arise. If your plans are not working you should be able to devise alternate plans. You cannot be an expert at every thing. You should recognize your weak points and see how best to overcome them.
No comments:
Post a Comment