the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
"the new business opportunities have encouraged entrepreneurship on a grand scale"
Many new entrepreneurs are overwhelmed with new things they have to handle. They tend to find themselves lost in the new world they find themselves in. If an entrepreneur wants to make a success of his/her business, it is important to define business goals. Goals should be evaluated every so often as the business grows. This post will show some examples of goals that entrepreneurs have set for themselves.
Actively seek out like-minded individuals
Being an entrepreneur has many benefits, but feeling connected with others isn't usually one of them. An entrepreneur works in hours alone and has his/her idea that others might think is unachievable. There are many haters out in the world who would want to make an entrepreneur feel bad about his/her work out of envy. This feeling of isolation can severely impact productivity and personal health.
Make sure to make a point to connect with like-minded individuals actively. At Treehouse Society, there are many dreamers and doers. This is a supportive environment for entrepreneurs, freelancers, and dreamers alike.
Launch the First Product
Make sure to launch a minimal viable product (MVP) first to get customers feedbacks as soon as possible. There is always time to go back and change the MVP after customers' feedbacks.
Of course, any entrepreneur wants to grow the sales and revenue for his/her business-- but what is a reasonable growth rate? Some say that a meager 15% increase per year is worth celebrating. In fact, in 5 years, that annual 15% growth rate would mean that the business has doubled. Rather than shooting for rapid growth rates, work toward slow and steady increases in sales that allow the company to grow safely. Growing too quickly can be a dangerous game but if done correctly, it could be very rewarding.
Cut Problem Clients Loose
Not all money is good money. Don't waste previous time and resources on managing and catering to demanding customers and clients. An entrepreneur should always look at the big picture during customer acquisition. Sure, a customer who is willing to pay top dollar for your services is great, but if they are going to be high-maintenance, that extra money may not be worth it. Firing problem clients will free up more time to focus on other customers- the ones who respect your time and boundaries.
Make Time for Personal Growth and Learning
Continuous learning is the minimum requirement for success in any field. There will never come the point, no matter how successful one is, when learning and growing won't be beneficial. This doesn't mean that everyone should be in school at all times, but one should attend conferences and workshops, read books, insightful blogs, and industry publications as regularly as possible. While it is certainly important to stay on top of industry knowledge and news, make sure personal growth isn't neglected. It is never too late to learn a new hobby or develop a new interest, both of which can contribute to a healthy, well-balanced lifestyle.
Setting goals is an integral part of choosing the business that is right for you. After all, if your business doesn't meet your personal goals, you probably won't be happy waking up each morning to try to make the business successful. No matter if your personal goal is the freedom to do what you want, or financial security, setting a business goal for it will be helpful to attain those goals.
Related: How to Test Your Startup Idea in a Coworking Space