These days whenever there is discussion on a topic which relates to successful entrepreneur, the names which strike everyone’s mind are Mark Zuckerberg, Steve Jobs or Larry Page. It is not possible for everyone to follow the same example, as everyone is not going to drop out of college to create Face book or Apple Computer. Also not everyone is in the field of Information Technology.
Yet there is no dearth of people who would simply like to quit their jobs and make a good living as owners of their business. There are an equally good number of students who would like to take career path of entrepreneurship rather than work for somebody else.
So while reading up to here many people may ask, “Well, I also want to earn money and get rich as an entrepreneur. What should I do?”
In other words, the question is “what are the Ideas to Earn Money as an Entrepreneur? Is it possible to make a million dollars or more?”
Ideas to Earn Money as an Entrepreneur
According to a survey, only a third of new businesses survive 10 years or more? So what should be done to make your small business thrive and not just survive? There have to be some laws of success which are universally applicable. Fortunately, it is not a secret anymore. Most successful entrepreneurs follow similar patterns and share comparable basic characteristics. Volumes can be written on the subject the secret of success in business, but for the most part, they boil down to the same major points.
Here is what we found out as the most common and practical ways to make your small business thrive and how to become successful entrepreneur.
Idea #1: Pick a different business
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Everyone is interested to know and jump into “the next big thing”. The next big thing could be making mobile apps or starting an e commerce venture to deliver groceries. But don’t you think that many people are working on the same / similar ideas at the same time. That could be HARD WORK and TOUGH COMPETITION. Don’t do it!
You don’t have to come up with the new thing or employ very innovative technology. Just do the old thing in a slightly better or simpler way than everyone else. It could even be too boring or hardly exciting for others but if you have faith in its commercial viability and think that you would enjoy it then go ahead!
Take the case of now so famous Baba Ramdev of India, who started the concept of teaching free yoga to the masses through yoga camps. His success took him to many cities and towns of India and later to many countries.
Due to his interest in Agriculture and Ayurveda (Indian medicine system) he started Patanjali Ayurved. This has been a phenomenal success in the field of FMCG products. Even the business of well established giants such as Colgate, ITC, Godrej Consumer Products and and Dabur have been impacted
As per Wikipedia, “As of early-March 2016, the company’s turnover has already crossed Rs. 45 Billion (US$670 million) and is cruising at a monthly rate of about Rs. 5 billion (US$74 million) to Rs. 5.5 billion (US$82 million)”
It is noteworthy that he is a yogi and today there are shops and stores at every one or two kilometres where you can find his products.
He offers better prices, newer products if not better quality standards and higher touch to his customers. If you too follow this idea Customers will switch to you.
Idea #2: Get 24 x 7 Publicity and Earn Trust
The technology savvy world we are living in and with the business practices you don’t have to going up and down the road looking for customers.
You may tell people about your products or services through blog or social media. Let the whole world be your territory than just the 10 or 50 km. radius of your physical existence.
Start blogging about what really are the benefits of your products and services. Then you can put posts on social media sites Face book, Google Plus, Digg, Pininterest, Reddit, and StumbleUpon, and sometimes the posts would go viral, getting you instant and free publicity.
Idea #3: Make Money While You Sleep
This is a further extension of the previous point. Simply put build a system or a machine capable of running on its own. Obviously if you work alone, there is only a fixed output which you can give even if you work 12 hours a day, seven days a week, for a stretch of one year without taking a single day off.
Rather devote your focus and energy on build money machines. Take your unique expertise and transform it into a system that runs without you to have a multiplying effect. There are many ways you can do it: Franchising, Blogging, Affiliate Marketing, Online selling, hire people, investing in stocks, investing in property etc.
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Idea #4: Eliminate the Middleman
If not always, it pays many a times to remove the middleman from the delivery chain. How you do it and what exactly you need to do, will depend on your industry and your business model. Whatever may be your strategy, the advantages are clear – it leads to reduction of costs, saving of time and better customer contact.
In this global information era, the “middleman” as it is facing extinction. A small business owner, you could gain substantial information about your customers just by taking away the role from someone else. This will definitely help you achieve a higher level of customer satisfaction by being your own middleman.
Idea #5: Always say YES to new business idea!
This is one of the most profitable ideas in the field of business. In fact, this should be the personal habit of every entrepreneur and business person who wants to progress.
Many years ago when I was heading a Head Hunting firm, a client asked us to do Market Research Surveys for them. I did not commit myself and discussed with a friend of mine who was already a successful business person. He immediately advised me to say YES to this and any other related assignment from any organisation. Encouraged by my friend’s advice, I submitted the proposal. Not only we got the business but we earned well. Soon this was added to the list of services and the returns have always turned out to be better than other services being offered by my firm. Imagine, if I had said NO!
Idea #7: Focus on Customer Service
Each customer, new and old, is a real human being who likes personal touch, promptness and basic courtesy while dealing for a product or service with you. Especially when you are a small business, there’s no excuse for having an average or casual customer service.
Your best references for new customers are your existing or old customers who are satisfied with your Customer Service. The best way to touch your old customers is to provide prompt service when they need it.
Customer service is the most reliable touch point to keep selling to them.
Succeeding as an entrepreneur is challenging as demands hard work, persistence, passion, perseverance, positive thinking and never say die attitude. Of course, cultivating these attributes requires an inherent motivation and some tips to get started. While we have shared some basic yet valuable tips above, it is up to you now to implement them successfully.
Of course, the fruits of success are not only sweet but they tend to set successful entrepreneurs apart.
Other useful articles on Entrepreneurship:
- Tips to do well in New Business Venture
- Easy Ways to Earn Money through Internet
- How to Start a Business with No Money
- Five Steps to Investing in Stock Market