Business lessons from 5 successful entrepreneurs....!!

Business is an indispensible part of our lives. It not only essential for our survival but also to improve our standard of living.... business in order to be successful....there are many things which has to be kept in view of ..... actually... making the same mistake which others have made doesn't makes any sense ....in other words wasting our time by repeating the mistakes which other made should not be allowed....that's the only reason for my today's post...yup!!! I have made a post today on business lessons by entrepreneurs ........I have bought 5 business lessons....

Do comment me your views...in comment section below...also share my post so that other peolpe don't repeat the same mistake.....👇👇

5business lessons from successful entrepreneurs....that every businessman shouks know...!!!

1)Learn four vital values and skills. You must possess these skills to be a good entrepreneur:

• Patience: Only patience and your endurance will help you to get along your tough periods to welcome the good times.

• Improvisation:  Sometimes you will face a sudden blockade when your automation is at full speed. You have to quickly perceive the deviation of the situation and take instant decisions to get hold of the situation.

• Confidence: Sometimes you will fall in uncomfortable situations and quitting might seem the right option. Your self-confidence will rescue you in those times.

• Loyalty: Whatever your business is, it won’t last long unless you remain truly loyal to your customers and employees.

-Andrei Vasilescu, CEO and Digital Marketing expert of DontPayFull

2).Ask crucial questions before you start.Too many startups overestimate how much demand there will be for their product or service. Even though you may love it, not everyone is going to like chocolate-covered olives. So the most important questions to ask are:

• How large is your potential market?
• Who are your competitors and do they have similar products or services?
• What part of their business model can you improve upon?


Ask your friends and family for their opinions, run surveys and conduct focus group meetings to generate some authentic opinions on how well-received your product or service will be.
-Kristin Marquet is the founder and managing director of Creative Development Agency


       

3).Think about lifetime service delivery to customers. If you’re going to create a solution, you should be able to deliver it for the next 10 years. That’s the only way to generate ongoing cash flow.

Don’t ask one customer to pay $500,000 but ask 500,000 customers to pay $1.00. If all customers contribute on a regular basis, you will grow your business for sure. I almost went broke not following this advice.
Another biggest change I made was to hire people to do everything for me so that I have time to think. Starting up doesn’t always mean you have to do it all alone.
-Walt Bayliss is the owner of Universal Media Online
     
            

4).Business is 80% sales. Sales are the best indicator that your business is striking a chord with customers and meeting a real need (that they’re prepared to pay for). (Like you), I’m the type of entrepreneur who would prefer to spend my time designing and building new products and features. However, it takes an incredible amount of hustle to pitch and explain your business, convince your target market to try it and eventually decide to purchase.    This means that the most important role of an entrepreneur is to talk to customers – on the phone, in person, and via email or messaging platforms. Be prepared to spend a vast majority of your time in sales-mode. In one of my previous businesses, we tried to employ experienced salespeople and at one point we even attempted to outsource the sales function.                                       

      It wasn’t until I embraced sales myself and spent a large portion of each day making sales calls that we really understood what was going through customers’ minds and what needed to change.


Sales are really the ultimate feedback from the market and the sooner you can get this feedback, the sooner you can make changes to your business, product or message to get that elusive ‘product-market fit’. Take it from me, if you can’t make sales, something needs to change!
-Fiona Adler writes about entrepreneurship at DoTheThings.com and is the founder of Actioned.com 
                                                                                                                                                                         

5).Success comes from opportunities, not ideas.

 There are lots of good startup ideas, but new entrepreneurs will find success from opportunities where they have a special advantage. For startups in established markets, find some non-obvious insider knowledge about a high-value problem. For startups in new markets, like the Blockchain, speed to market is the threshold to become an “expert”.
And, of course, new entrepreneurs need to understand what it would take to build an MVP (minimum viable product) – the cheaper the better. Most importantly, entrepreneurs need customers; as long as they’re building and planning, they just have an idea; once they can get someone to pay for the product, then they have a startup.

-Mike Vladimer is the co-founder of the IoT Studio at Orange Silicon Valley



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