5 steps to success for the ENTREPRENEUR ~ John J Arent

To be a trendsetter, you need to have the traits of an innovator.  We talked about these traits in my recent blog:  

http://amgtconsulting.blogspot.com/2012/06/fostering-innovation-by-john-j-arent.html  The purpose of today’s blog is to list a couple of steps to help you realize success in your driving your business.  There are several steps involved but the good thing is that each one of these is totally learnable.

  

Vision ~ Your visualization of what you will be in the next 6 months, 1 year and five years from now.  It is not just a dream but a prediction of your success.  Putting this in writing helps but you need to keep it visible for you to reach it. 

Financial return ~ Many companies fail due to the fact that they start out without completely understanding what their costs will be and how much revenues they can produce.  You need to have a clear understanding of the various components that go into your income statement, your balance sheet, your cash flow systems.

Customer profiles ~ What do your customers want?  More importantly, what do they need?  Gaining insights into what makes your customer tick, what they like and the reasons behind what they would like to see in the future is incredibly valuable information.  Take the time and money, if necessary to invest in getting to know your customers.  It will be money well spent.

Invest in partners ~ Watching “Shark Tank” which is aired on TV on Friday evening, it is so important to have partners who have the skill sets that we may be lacking.  As mentioned earlier, financial return or ROI is so important but also having the right distribution systems in place.  First time ventures into new business often fail due to not having clarity or confidence in how you plan on getting your product to your customer. These experts will brings years of experience to your plan and help to avoid the many potholes that inevitably we will fall into.

Your front line will be your employees ~ Know who they are and what makes them tick.  Make sure that you “onboard” your staff so that they are familiar with your company culture, core values and ultimate goals.  Help them become a part of the team by allowing them to prosper and grow with you. Ensure that your employees have the skills and tools necessary to be successful.  Invest in their future…it will help the company achieve success.