There are many ways or methods one can build one’s business . In fact, they are numerous. However, in this direction, I shall give you ten ways to grow a business to an enviable status.
Step 1 Brainstorm , Select and Exercise on New Ideas .
Entrepreneurs must always be an avid reader, thinking and brainstorming to find new and improved products and services and ways to run their businesses.
To come up with quality ideas, successful entrepreneurs engage in several things including:
- Investing time and money in education. They read books , attend conferences and commit themselves to lifelong learning . Their best ideas flow from the new ideas and concepts they learn.
- Leveraging proven brainstorming techniques and using them with their teams.
Even more importantly than brainstorming new ideas, successful entrepreneurs are able to expertly judge their ideas and figure out which ones are worth pursuing.
Great entrepreneurs use several techniques when assessing ideas. They start by separating strategic ideas from opportunistic ideas. While opportunistic ideas may bring in short-term revenues, strategic ideas drive the company closer to achieving its stated mission. As such , successful entrepreneurs weed out opportunistic ideas.
Successful entrepreneurs also judge new ideas by determining their feasibility and market potential. They conduct either formal or informal SWOT analyses, looking at the idea in the context of the company ‘s strength and weaknesses, and in the context of market opportunities and threats.
Also, great entrepreneurs assess new ideas based on their opportunity cost. They understand that the time and money spent on new ideas means less time and money spent executing on existing ideas or other opportunities . These entrepreneurs determine early that the new ideas are worth pursuing.
Finally, once they determine that new ideas are worth pursuing , successful entrepreneurs are able to convert those ideas into executable acion plans.
As I shall be revealing later in this series, great entrepreneurs are able to establish reasonable goals and break these goals into smaller attainable action items that they and their teams can accomplish on a daily basis.
TO BE CONTINUED.