By Josephine Dei-Kotei
According to Byjus.com Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties to make a profit. The most prominent example is setting up a business.
An Entrepreneur, on the other hand, is someone who has the ability and desires to establish, administer and succeed in a start-up venture along with the risk entitled to it, to make profits. The best example is starting a new business venture.
They are often known as sources of new ideas or innovators and bring new ideas to the market by replacing new with old.
This article looks at 10 things an entrepreneur can do to sustain his or her business through these trying business moments.
Mixing business with family
An entrepreneur should always make it a point to set boundaries when it comes to sustaining a business; especially when it involves family. A lot of prominent businesses have collapsed due to the influx of families nosing around its growth. Some will be positive and others negative.
Unhealthy competition
Competition in business is good but going overboard becomes unhealthy and bad for the young business especially when unethical strategies are devised against contenders. An entrepreneur must instead channel such energy into building a formidable brand.
Taking loans without the capacity to pay
When one brings to the market new ideas and sees a little success, there’s a temptation to pump in more cash; that is itself a good idea but how to get the money; when to pay back becomes a problem and then plunges the young business into debt.
Loans should only be taken when there are proper mechanisms to repay.
Audit
No matter how big or small a business might look, an entrepreneur should have a proper bookkeeping advantage and also make way for periodic auditing on stock, KPI tracking, and logistics. This will help the business owner know whether there is break-even or not.
Employing professional hands
Every business needs to strive but without the technical know-how, it can easily sink. An entrepreneur needs to have in the team one or two professionals who know the theoretical and practical knowledge of the business so to keep it afloat.
Pricing
Entrepreneurs who are keen on making fast returns should avoid throat-cutting prices. This can discourage clients and even create a bad identity for the brand. The most important thing about business is raking profits so a business owner should not hoard or ‘kill’ clients with prices.
Complement
Some products or services should be situated close to other businesses that will help your business get the attention it so much needs. Selling bread close to a fruit or natural juice outlet makes it easier for customers of the bread seller to complement it with the juice.
Exhibition
Whatever the business is, once it is legit, the business owners need to know about the product or service via exhibition or showcasing of products and services.
Social media
21ST-century businesses cannot thrive without riding on the back of all notable social media sites. These apps, with a handful of followers, can help share your products or services.
Influencers
Finally, It is prudent to get notable personalities to push your business both on traditional and social media sites. These influencers will rate your products or services to their followers and there you see a boom in your business.
